Owner Comments:
Lyman Allen #16.03a - 1904/4 (KM #168) - Total mintage: 1355 (Variety mintage unknown)
Proof mintage for this year was limited to 1,355 sets. 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.
Proof sets in 1904 were struck on order. In addition to the 1,355 regular proof sets, another 10,000 uncirculated sets were ordered by the well known numismatist Farran Zerbe to be sold at the Philippine Exhibit at the Louisiana Purchase Exposition in St. Louis in1904. Supply far exceeded demand for these uncirculated sets, and only 3,254 were sold at the exposition. The remaining 6,746 sets were shipped to the Philippines where another 500 were sold by the Treasury. The 6,246 unsold sets were ultimately released into general circulation.
Although it was not originally attributed as such on the holder, it can easily be seen that this is the repunched date variety. The substantial doubling of the "4" can easily be seen in the close-up scan. The 16.03a is the only proof coin variety listed by Lyman Allen in his book ";U.S./ Philippine Coins - 6th Edition 2008 - 2009."
This coin was actually purchased raw as a 1904 "Prooflike" Peso, so I was greatly pleased to discover that it was not only a proof, but the variety as well! The entire surface of the coin is mirror-like with no toning or spots whatsoever. Despite the handling marks which kept it from grading above PF58, it has great eye appeal and a "WOW" factor that is difficult to capture in a photograph and impossible with a scanner. The reflections in the reverse (from left to right) are the light bulb, the lamp shade, and the camera lens.
Date acquired: 6/6/2005 (raw coin)
Date graded: 12/15/2007 (self submitted to NGC)
Date attributed: 9/28/2016 (resubmitted to NGC for attribution)
References:
- Allen, L. "U.S./Philippine Coins" 6th Edition 2008-2009 published by Lyman Allen Rare Coins Virginia City, NV 2007
- Shafer, N. "United States Territorial Coinage for the Philippine Islands." Racine, Wisconsin: Whitman Publishing Company, 1961.
Rev. 10/11/2017