Owner Comments:
Lyman Allen #1.05 (KM #162) - Mintage: 500
As in 1906, the 1908 proof sets were not made to order. 500 sets were authorized to be struck to satisfy whatever numismatic interest might exist for these sets. The 1908 sets were also available for purchase from the Bureau of Insular Affairs into the early 1930's. Due to the poor sales of proof sets in 1905, 1906, and 1908, future proof coinage was discontinued making this the last of the proof Half Centavos.
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.
I bid on this coin on a lark, with a very low expectation that I would win the auction. Much to my surprise, my conservative, yet reasonable bid was the highest and I won it. I was so surprised that I even wrote a journal entry about it. (https://coins.www.collectors-society.com/JournalDetail.aspx?JournalEntryID=11029)
None of the pictures do this coin justice. There is much more underlying red surface than any of them would indicate. It is one of only two graded at this level with no RB examples graded higher. There are six graded PF65RD and three graded PF66RD, so while not the finest available, it is still a much better coin than I ever thought I would obtain.
Date acquired: 3/31/2012 (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