Owner Comments:
Lyman Allen #16.05 (KM #168) - Mintage: 471
Proof mintage for this year was limited to 471 sets making this the rarest of all of the Proof Pesos. 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.
It is interesting to note that as in 1903 and 1904, 1905 proof sets were only minted on order. Obviously the novelty had worn off, and collector interest had declined so significantly that only 471 sets were ordered. By the end of 1905, all sets had been acquired by collectors and none remained for future purchase from the mint.
This coin is very well struck. It has dark toning from long storage in the original mint packaging, but not as dark as the images make it appear and the underlying luster is magnificent. From the toning patterns, it is easy to see that the Peso was sandwiched between four of the 6 smaller coins in the set. It's easy to see where they protected the surface of the coin, particularly the legs and feet of the figure which appear to have been covered by one of the smaller coins. This coin is a great example of the rarest of US/Philippine proof coins.
Date acquired: 7/21/2013 (Already graded by PCGS)
References:
- Shafer, N. "United States Territorial Coinage for the Philippine Islands." Racine, Wisconsin: Whitman Publishing Company, 1961.
Rev. 11/26/2015