VERY RARE PCGS/CAC PR64CAM 1869 $5.00—ONLY 25 STRUCK; LIKELY AROUND A DOZEN KNOWN

The first decade or so of Proof With Motto half eagles are as rare—or even rarer—than the No Motto Proofs produced during the waning years of the Civil War. As an example, the 1869 is considerably scarcer than an 1863, 1864, or 1865 half eagle as a Proof, yet it is priced at about half as much in PR64 and PR65 grades. This is understandable given that the No Motto Proofs are rarer as a type with only the three aforementioned dates even remotely available to advanced collectors. That said, I can make a compelling case that coins such as this PR64 1869 are undervalued in today’s market.

PCGS has graded a total of seven Proof 1869 half eagles in all grades. These are as follows:

• PR, no designation: (2) 63, (1) 64

• PR CAM: (1) 62, (1) 64, (1) 65

• PR DCAM: (1) 65

Compare this to the three Civil War dates and you’ll be surprised by the numbers graded:

• 1863: 30 struck with a total of nine graded including three Gems

• 1864: 50 struck with a total of 18 (!) graded including two Gems

• 1865: 25 struck with a total of 12 graded including two Gems

Even taking into consideration the population figures being significantly inflated by resubmissions, the 1863-1865 Proofs are likely less rare than the 1869 from both grade rarity and absolute rarity.

This coin has been off the market for at least a decade, and I recently repurchased it from a client. While not quite a Gem, the appearance is very nice for a PR64 with just a few wispy lines seen in the left obverse field. The contrast between the devices is as strong as on any Proof 1869 half eagle I have seen.

Only one 1869 half eagle in PCGS PR64CAM has ever sold at auction. This coin was last seen in 2012, and it was marred by a large thread that was struck through by the Mint on the reverse.

The coin I offer is likely the third best Proof 1869 $5, after the PCGS/CAC PR65CAM that brought $69,000 as Heritage 4/2012: 5272 and the NGC PR65★ which brought a record price of $71,969 when it was sold as Goldberg 6/2016: 1446.

This coin offers true rarity, exquisite appearance, and proven value in one neat package.

PCGS Price Guide is $75,000 for an 1869 $5 in PCGS PR64CAM, while the CAC price is $66,000.

CAC has approved just three Proofs of this date: a PR62, this PR64CAM, and a single PR65CAM.

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