Owner Comments:
Lyman Allen #1.04 (KM #162) - - Mintage: 500
Proof mintage for this year was limited to 500 sets. Other than the 1906S Peso, no coins were produced for general circulation in 1906.
Unlike the three previous years, the 1906 proof sets were not made to order. Philippine Governor-General Henry C. Idle authorized 500 sets to be struck to satisfy the small collector demand for these sets. These sets were offered for sale by the Bureau of Insular Affairs into the early 1930s'.
The seven coin Philippine proof sets were produced at the Philadelphia mint from 1903 through 1908 (excluding 1907), and were sold to the general public for $2.00 per set. At the time these sets were produced, there was no protective packaging. Each coin was individually wrapped in tissue paper and placed in a plain paper coin envelope. As a result, many proof coins exhibit micro thin hairline scratches as well as heavy toning. When combined with very low mintages, and low initial sales to the public, it's easy to see why fully gem proof coins are very rare.
This coin is a nice, well struck example of this rare proof only issue, and still exhibits a little bit of red on the obverse. Both sides of the coin exhibit a blue iridescent toning that does not come through in the scans.
Date acquired: 4/04/2008 (already graded by NGC)
References:
- Shafer, N. "United States Territorial Coinage for the Philippine Islands." Racine, Wisconsin: Whitman Publishing Company, 1961.
Rev. 12/13/2015