Lot 1577
1879 $5 Liberty. PCGS graded Proof 64 Deep Cameo Plus. CAC Approved. In a new PCGS Secure Shield holder. A lovely gem coin that should be PR65DCAM. Only 30 proofs minted. Pop 1; the finest gold DCAM graded at PCGS. Struck with preciseness only now and then found on Proofs of this vintage, the hair curls and hair bun are needle-sharp while the eagle displays its feathers as though it were before a live audience of dignitaries. This boldly detailed representative is mostly vivid gold in color with sleek, bright metallic frosted features including all stars and letters in the legends. The contrast is cameo-deep and resplendent.
Die characteristics for the Proof include: Date below center, irregular at base of 8 and top of 9. Die polish at ERT, eye (very pronounced), and ear. Reverse of 1866-78. Only 30 made, 20 on January 25, 10 on November 22. Probably 8 to 10 survive (PCGS # 98474) .
Historic note: The U.S. Mint was reopened to the free mintage of gold after the hiatus of the Civil War and Reconstruction, on January 2, 1879. In celebrating the event General James A. Garfield (later President) stated in an address delivered in Chicago:
"We shall hear echoes of the old conflict, such as the 'barbarism and cowardice of gold and silver' and the 'virtues of fiat money'. The theories which gave them birth will linger among us like belated ghosts, but soon will find rest in the political grave of dead issues."
Garfield warned that the 'periodic craze' of fiat paper money might sweep over the country from time to time.
Estimated Value $40,000 - 50,000.
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