Owner Comments:
Lyman Allen #4.01 (KM #164) - Mintage: 2,558
Mintage for the first year of US/Philippine proof coin production was limited to 2,558 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.
This particular coin has spectacular eye appeal. The fields are highly reflective, and the devices are almost cameo like in appearance, particularly on the reverse. Coins like this one are always difficult to portray in pictures. In hand, you can move it around with respect to the light source and really experience the contrast between the mirror surfaces and the the devices. Any two dimensional representation gives just a glimpse of the potential beauty. Some slight haze and spotting may have kept this coin from attaining a PF65 grade. There are no noticeable scratches or marks in the fields or devices, with one possible exception. The planchet appears to have been flawed below the 19 in the date on the reverse and above the letters "E CE" in FIVE CENTAVOS above the male figures head on the obverse. The flaw appears almost like an embedded wire wrapped around the edge of the coin on the fields, but disappears beneath the letter "C" and some of the denticles. It's a most curious anomaly, and one that I am not able to explain. I'd be happy to hear from anyone that can shed some light on what may have caused it!
Varieties: None cataloged for this proof issue.
Date acquired: 3/15/2005 (raw coin)
Date graded: 11/12/2012 (self submitted to NGC)
References:
- Shafer, N. "United States Territorial Coinage for the Philippine Islands." Racine, Wisconsin: Whitman Publishing Company, 1961.
Rev. 1/2/2016