SOLD
23,500.00USD+ (4,112.50) buyer's premium + applicable fees & taxes.
This item SOLD at 2017 Mar 16 @ 13:54UTC-5 : EST/CDT
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1856 Flying Eagle cent. Snow-3. MS-64 PCGS (Eagle Eye Photo Seal) OGH. Gem Unc (13: 4,4,5).
An outstanding example of the original 1856 Flying Eagle cent in Mint State format graded as a Mint State by PCGS. This certification as a MS coin (PCGS coin number 2013) is important as PCGS has been reluctant to issue attributions based on this die pairing as mint state coins. Most 1856 Flying Eagle cents are graded as Proof (PCGS coin number 2037). As such, collectors desiring a true mint state example in a mint state designated holder have a rather fixed population to choose from. Additionally, many coins designated as MS are actually Proofs.
The research on the subject is detailed extensively in Rick Snow’s “Flying Eagle and Indian Cent Attribution Guide, 3rd Edition,” 2014. The Snow-3 die pair is identified by Snow as having a repunched 5 in the date and a reverse die having no centering do below the upper left serif of the N in CENT. This issue, although found with prooflike fields, typically shows evidence of normal production, such as strike doubling and softness of detail on the edges of the devices. After looking at nearly all examples that have been on the market since 1990, Snow is 100% positive that the Snow-3 should be classified as a mint state coin in all instances with the exception of a unique specimen strike known as “The Bluebird”.
The timeline of the striking of the 1856 Flying Eagle cent covers many years. A few trial strikes and proofs were struck in late 1856. The coin was a new design and a new size struck in a new metal. A simulated press run was needed to test how the coins would strike up under normal conditions. The coins struck in this press run are the Snow-3 die pair. At least 634 examples were struck and these were then distributed to The President, members of Congress and others of influence. The goal was to get the enabling legislation passed. The result was the Act of February 21, 1857.
These proved to be very popular coins. By 1858, the value of these coin in auction was $2.00. This caught the attention of the Mint who were beginning to actively sell coins of past dates and the current cent patterns. The 1856 were restruck beginning in 1858 in quantities approaching 2,000 pieces. These were struck in Proof format, as desired by collectors. Today, these are mostly from the Snow-9 die pair. This was a large mintage to be struck in Proof format, so it is not surprising that many are found with subdued fields and die cracks. The enhanced quality of the mint state format pieces compared to the lesser quality of the Proof format coins has resulted in confusion in the truth of this issue over the years.
The present example is well struck with prooflike fields. There is a slight streak though the planchet which is visible on both sides. This is due to a slight deviation in the alloy in the planchet strip. As the deviation is rolled out it elongates and the result is a two-tone effect. There are hardly any marks of any size to mention. The coin is in a 1989 “Plastic collar” holder. Only 35 grading events have been recorded by PCGS with 16 in grades higher. This population figure is meaningless and serves only as an upper end of the true population of this coin. A survey of the last three auction sales of MS64 PCGS examples, from 2011 to the present, shows that none of them were properly attributed – they were Proofs (Snow-9 die pair) in mint state holders. You must go back to 2008 to find a Snow-3 die pair in a MS64 folder. That coin sold for $37,375 (Heritage 2/08:3037).
PCGS Coin Facts
Auction Location:
9800 International Drive, Orlando, Florida, 32819, United States
Previewing Details:
auctions.kagins.com
Sales Tax on currency to non-dealers and coins under $1500 shipped to CA or $1000 to MD per tax accountant
Taxes:
| Tax | Rate | Desc. |
| FL |
6% |
Florida Sales Tax |
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
17.5% |
Additional Fees:
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Terms and Conditions of Sale (Continued)
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