Owner Comments:
Lyman Allen #4.05 (KM #164) - Mintage: 500
No Centavos, Five Centavos, or Proof Sets were produced in 1907 due to the high demand for new reduced size silver coinage in 1907. 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 Five 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.
This coin is a well struck, fully brilliant proof and exhibits great eye appeal. It is a well preserved specimen of this rare issue.
Date acquired: 12/02/2012 (already graded by PCGS) probably from the justhavingfun collection.
References:
- Shafer, N. "United States Territorial Coinage for the Philippine Islands." Racine, Wisconsin: Whitman Publishing Company, 1961.
Rev. 2/8/2013