The original mintage figure for Proofs of this date is not known for certain. I have read estimates of as few as 25 being struck but I think this is a bit too low and my best estimate is that somewhere in the area of 50-75 were made; today there are around two to three dozen known with nearly all in the PR60 to PR63 range.

The 1856 half dollar is exceedingly rare in Gem Proof.  Nearly all survivors have been cleaned at one time and most have either been dipped or are so deeply toned that they are not attractive. The present example is one of the two nicest Proof 1856 halves that I have owned and it has an interesting back story.

I first owned this coin back in the late 1980′s/early 1990′s and it was part of a collection of Proof 1856 coins that I helped to assemble and later sold. When I first owned this coin, it was housed in a green label “rattler” holder and it stayed as such until a few years ago.  I then broke it out and attempted to get this coin in a PR65CAM holder which is, in my opinion, where it belongs. It is superbly toned with deep lilac centers framed by fiery electric blue rings at the peripheries and this color is similar on both sides. The underlying surfaces are reflective and vibrant with no hairlines of note and an absence of the mint-made plachet irregularities which plague Proof silver coins of this era. There is a good deal of contrast seen between the devcies and fields but due to the toning on the coin, PCGS doesn’t recognize it as a Cameo (which is a shame as this almsot seems to encourage someone to dip it…).

The last PCGS PR64 1856 to sell at auction was the vastly inferior Goldberg 5/06: 2925 coin (dipped white and with some hairlines) that brought $12,075 in a market that is less appreciative of true rarity than today’s. This is a truly impressive and very important coin for the collector of early proofs who appreciates beauty and rarity.

CAC has approved one in this grade with none better for non-cameo coins. They have also approved one PR64CAM and one PR65CAM