Owner Comments:
Mintage: 471 (PROOF ONLY ISSUE)
Composition: Silver
Fineness: 0.9000
Weight: 13.4784g
ASW: 0.3900oz
Diameter: 30 mm
Edge: Reeded
The 1903 - 1906 Fifty Centavos was designed by Filipino artist Melicio Figueroa. The obverse design features a young Filipino woman standing to the right in a flowing dress while striking an anvil with a hammer held in her right hand. Her left hand is raised and holding an olive branch. In the background is a billowing volcano. The reverse design depicts an eagle with spread wings perched atop an American shield.
At a weight of 13.4784 Grams of .900 Silver (ASW: 0.3900oz) the Large (30 mm) Fifty Centavos, minted from 1903 through 1906 had a silver content equal to the U.S. Barber Half Dollar. With an official exchange rate of two Philippine Pesos to one U.S. dollar it was not long before the value of the silver content in the Large Fifty Centavos exceeded its face value and many were melted during the great silver melts of the period. In order to prevent the melting and export of U.S. Philippine silver coins the weight, and fineness of all four silver denominations was reduced in 1907. It is estimated that less than 20% of all 1903-1906 silver coinages exist today in any grade.
Business strikes of the large Fifty Centavos were coined at the Philadelphia Mint in 1903 and 1904 and the San Francisco Mint from 1903 through 1905. Proofs of the Large Fifty Centavos were made in very limited quantities at the Philadelphia Mint from 1903 through 1906.
The 1905 U.S. Philippine Proof Set had a minuscule mintage of only 471 sets making it the lowest mintage U.S. Philippines Proof Set. In the early Twentieth Century Proof sets were not sold in any sort of protective packaging or cases but were contained in plain paper envelopes and each coin was wrapped individually in thin tissue paper. This method of packaging has contributed to the micro thin hairline scratches seen on most proof coins as well as the heavy toning often seen. Of the original mintage of 471 few remain in their original pristine condition and SUPERB GEM examples are exceptionally rare.
This SUBERB GEM (PF67) specimen is among the finest certified examples of this rare date. NGC has graded only four coins in this lofty grade with none graded higher. PCGS has graded four 1905 Fifty Centavos in PR67 with none graded higher.
This specimen has absolutely fantastic eye appeal with brilliant iridescent Bronze, Peacock Blue, and Purple toning, over pristine mirror surfaces.
Heritage Auctions describes this specimen as a "stunning example of this Proof-only issue. Spectacular, gleaming, multi-hued surfaces, with fully struck devices and no notable imperfections. A small mintage of only 471 pieces. None have been certified finer by either NGC or PCGS."
Ex. Heritage 2013 January 6-7 Ancient & World Coin Signature Auction - New York #3021, Lot #22440
NGC Population: 4/0
PCGS Population: 4/0
Combined NGC/PCGS Population: 8/0