Owner Comments:
Lyman Allen #7.05 (KM #165) - Mintage 471
Proof mintage for this year was limited to 471 sets making this the rarest of all of the Proof 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.
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, while far from perfect, is still a very attractive coin. In spite of the spots and light rub, it still exhibits a full proof luster and semi cameo effect. This coin was purchased raw and self submitted to NGC. I was hoping for better, but the PF58 grade is an appropriate one given its condition.
Date acquired: 2/10/2007 (raw coin)
Date graded: 5/24/2010 (self submitted to NGC)
References
- Shafer, N. "United States Territorial Coinage for the Philippine Islands." Racine, Wisconsin: Whitman Publishing Company, 1961.
Rev. 11/27/2015