1856 1C Flying Eagle PR(PCGS#2037)

March 2018 Baltimore U.S. Coins Auction

拍卖行

Stack's Bowers

批号

2183

等级

PR65+

价格

334,383

详细说明

Classic 1856 Flying Eagle Cent A Lovely Gem Proof 1856 Flying Eagle Cent. Flying Eagle. Snow-9. Proof-65+ (PCGS). CAC. Gold Shield Holder. This is a beautiful example of the ever-popular 1856 Flying Eagle cent. Presenting a uniform golden-brown appearance at indirect viewing angles, direct lighting calls forth vivid highlights of reddish-rose and silver-gray that provide truly memorable eye appeal. The strike is razor sharp from the rims to the centers, the surfaces expectably smooth for the premium Gem grade assigned by PCGS. Otherwise satiny in texture, the persistent viewer will be rewarded with hints of modest reflectivity in the fields. A lovely specimen in all regards that is worthy of the strongest bids. A historically significant issue, the first year Flying Eagle cent was initially prepared as a pattern in late 1856 and early 1857 to illustrate the new small size cent in copper-nickel composition, which was envisioned as a replacement for the costly (to produce) large copper cents first struck in 1793. Later in 1857, and continuing through at least early 1860, the Mint struck additional examples. The later strikings were initially meant for distribution to Congressional leaders, Mint personnel and others in government posts, but by 1859, if not late 1858, Mint Director Colonel James Ross Snowden was striking 1856 Flying Eagle cents expressly for distribution to contemporary collectors who had become fascinated with the nation's first copper-nickel cent. According to Rick Snow (A Guide Book of Flying Eagle and Indian Head Cents, 2006), the 1856 Flying Eagle cent had become so popular during the late 1850s that prices soon reached $2 per coin, sparking the nation's first coin-collecting boom. Snow-9 is the most frequently encountered die marriage of this classic issue, and it accounts for the vast majority of Proofs struck for collectors from 1856-dated dies circa 1859. The exact striking period for these coins is unknown, and production may have begun as early as 1858 and likely continued into 1860. We also do not know how many 1856 Flying Eagle cents were prepared during this later striking period. The coins were not part of a regular issue and, hence, the mintage was not reported by Mint personnel. Most of the coins that Director Snowden began selling to collectors in 1859 were struck in Proof format, as above, the number extant suggesting a mintage on the order of 1,500 pieces. Interestingly, this newly created supply flooded the market and caused prices to plummet, eventually reaching a low of 25 cents per coin. The Mint clearly overestimated contemporary demand, so much so that prices remained below $2 per coin well into the 1870s (again per Snow). Today, however, the popularity of the 1856 Flying Eagle cent is as strong as ever, and this lovely Gem is sure to have no difficulty finding its way into an advanced cabinet. Provenance: From the Marc Kravit Collection. PCGS Population: 1; 6 finer in this category (Proof-67+ finest). PCGS# 2037. NGC ID: 227A. Click here for certification details from PCGS.