While 50 Proof half eagles were struck in 1867, many of these were melted due to lack of collector demand, and today the number known is likely as few as 10-12; this figures includes at least two which are impounded in museums and another one or two which are impaired. The finest known for the date is likely the PCGS PR66CAM which sold for $74,750 in Heritage’s December 2009 auction; a figure which seems cheap by today’s standards.

This is a very well-made black and white example with strong contrast between the frosted devices and the mirror fields. A small group of hairlines in the left obverse field, likely from the coin rubbing in an old wood cabinet, is the sole reason this coin does not grade at least Proof-65. The eye appeal is spectacular for the grade and this example probably has the strongest known cameo contrast for any Proof half eagle of this date.

Proof half eagles struck prior to 1880 are under-researched but in my experience nearly all have lower survival rates than generally expected. Very few Proof 1867 half eagles have come onto the market in the last two decades and many of the auction appearances are for coins which have appeared and reappeared multiple times.

An NGC PR64DCAM sold for $48,300 as Stack’s 3/09: 5929 and it didn’t have the exceptional eye appeal which this piece does.

Here is an extremely important coin for the specialized collector, or a great With Motto type coin for the collector sophisticated enough not to settle for a common date in an uncommon grade.