4 Piece Gold Proof Set. 1912 $2.5 Indian NGC PF66, 1912 $5 Indian NGC PF67, 1912 $10 Indian NGC PF66, 1912 $20 St. Gaudens NGC PF66. Any Proof striking of the gold denominations introduced in the early 20th century (as part of Theodore Roosevelt’s project to improve the artistic look of American coinage) is a rarity. Compared to earlier Proofs, mintages were much smaller, and overall collectors seemed to dislike experiments conducted by the Mint at the time. As a result, many issues are extremely hard to find in premium gem condition, and the four Proof gold coins struck in 1912 are no exception. The present offering, especially in this condition is so rare, that when we view auction catalogs of the last fifty years there are only a few offerings of similar Proof gold sets of 1912. No doubt, most will have been broken up when resold, and it will be extremely unlikely that this offering is repeated in the near future.

One of the most famous events that occurred in 1912 was the sinking of the RMS Titanic on her maiden voyage from Europe to New York, in April of that year. Now almost a century later the story is known by virtually everyone, and it is considered fascinating, if not almost unbelievable. The ship that was deemed unsinkable sank after hitting an iceberg in the Atlantic Ocean, and thousands of men, women and children died. Up to this day, the disaster stands as one of the most well-known and well-publicized shipwrecks in human history. Other events of 1912 included the admission of New-Mexico and Arizona as states to the United States and the election of Woodrow Wilson as the 28th President of the United States.

Matte Proof coins have been steadily rising in price, and more and more collectors have become interested in these seldom-offered, low-mintage rarities. We are much delighted to offer this extremely rare set, an opportunity which very well could be one of these “once-in-a-lifetime opportunities”. While putting such a set together by buying individual coins is already extremely difficult, assembling a set in this condition is nearly impossible, and would no doubt take many years to complete. Without doubt, this offering represents one of the greatest opportunities for the specialist of 20th century gold.

1912 Proof Gold Production: As in the previous years, Proof gold coins were produced at the Philadelphia Mint, although in very limited numbers. Official records of the Mint indicate that the following were struck of each denomination: $2.50: 197; $5: 144; $10: 83 ; $20: 74

Each one of those low-mintage rarities is included in the present set, and each of the coins is in premium condition, increasing its rarity even more. The visual appearance of the early 20th century Proof gold coins varied from year to year and even from coin to coin, as the Mint continued experimenting with different finishes. This is very evident when the coins in this set are viewed side-by-side, although they were struck in the same building, most likely on the same day or close to the same day, the appearance of each individual piece is different. These pieces are the so-called “Matte Proofs”, also named “Sandblasted Proofs”. The process was developed in France, in the 19th century, and employed by various Mints in Europe by the turn of the century. It was done by blasting fine sand on the dies, before they were put into use, or by giving the dies an acid treatment. This process created a dull, granular surface, fully opposite to the reflective Proof coins that the Mint had created in the second part of the 19th century.

The sandblasted Proofs proved to be extremely unpopular with collectors, who preferred the reflective Proofs of yesteryear. The Mint, at the same time, tried to alter the look of the coins by giving the coin different finishes, such as the “Roman Finish”, between fully reflective and matte. However, none of these proved to be a success, and in combination with the outbreak of World War I completely ceased gold Proof production (with some very rare exceptions) after 1915. As has been mentioned before, the appearance of every individual Proof gold coin made during this era, was different. As a general rule, however, those of 1912 will have a very fine granular surface and light mustard- to orange gold coloration.

Individual coins in this set

Indian $2.50, NGC PF66 – The 1912 Proof quarter eagle is one of the scarcest Matte Proof coins of this denomination, on par with later issues with lower mintages, like the 1913 to 1915 Proof quarter eagles. It seems that either demand from collectors was very low this year, or that the Mint anticipated more sales than it realized. The true answer most likely is a combination of both, with the addition of the remark that some pieces no doubt ended up in circulation, and that some might even have been exchanged at banks for ‘greenbacks’, during the gold recall of the 1930s.

Whatever the true reason is, we estimate that no more than 50 to 60 Proof quarter eagles dated 1912 are still known to exist, in all grades. With no in-depth study necessary, ever numismatist will realize that this is an extremely low number for any issue from the United States Mint. Now almost a century after these enigmatic issues were produced, offerings are nearly as rare as the coins themselves, as very few Proof 1912 quarter eagles have been offered at public auction in recent years.

A true premium gem, strong magnification truly reveals the special nature of the sandblasted surfaces. Thousands of microscopic facets are seen, and without magnification a semi-reflective appearance can be discerned on the nearly flawless surfaces of the coin. No spots are visible on either side, and the only grade limiting factors are so small that mentioning them individually would be useless. Like the other coins in this set this is a coin which truly needs to be viewed in hand to be fully appreciated.

Indian $5, NGC PF67 – While not as rare in the set as the quarter eagle is, the 1912 Proof half eagle is far away from common, or even ‘rare’. Examples in all grades are very rare, and offerings in any grade, are infrequent. Many specialists differ in opinion how many pieces are known of this issue, or of the other 1912 Matte Proofs. In the past, some have mentioned numbers as low as 15, with more modern scholars being in the 80 to 90 range. We think that the number of individual coins that are really known would total approximately 50 pieces, but say that with the remark, that many of these are still in collections that have not sold for decades. If this is not the case, the actual number of coins known to exist might be drastically decreased in the future.

Even if the true number of pieces known will be completely different from our thoughts, we can assure you that this is a very rare coin, which is seldom encountered at any grade. With its low mintage, the possibility of hoards are large accumulation is ruled out, and every single piece that is fresh to the marked will be highlighted during its first sale. However, we think that almost a century after being struck, that chance will be very slim.

In appearance this coin is very similar to the quarter eagle of this set. Its coloration is virtually the same, and under strong magnification the matte surfaces will display thousands of facets, all in different shapes. This gives a semi-reflective appearance to this coin, making the finish of this 1912 half eagle one of the most beautiful of all matte Proofs, one which is not easily repeated. All design elements, as can be expected from a Proof, are sharply impressed and the overall eye-appeal is superb.

Indian $10, NGC PF66 – With a mintage of just 83 coins, it should not come as a surprise that this coin is very rare in all grade, as is the case with all coins in this set. When the certified populations of this date in Proof format or studied, it appears that this issue is among the rarest of this type in Proof, a situation which is similar to the other Proof gold coins of this year. The reason for this is unknown, but has been speculated, as has the total number of pieces that are known of this issue. From auction appearances, we think that approximately 35 to 40 Proof eagles of this date exist in all grades, with very few certified above the gem level.

Collecting Matte Proof gold coins of the early 20th century has become increasingly popular with both collectors and investors during the last few decades. However, this was not always the case, as has been widely publicized in many references. At the time that these enigmatic pieces were struck collector demand for them was low, as these people did not appreciate the dull surfaces that come with matte Proofs. While mintages did not decrease radically compared to previous years, it does appear that much of the mintage remained unsold and was later melted. This gives a reasonable explanation for the rarity of every matte Proof gold coin.

The present piece is a premium gem, and is one of an extreme limited number certified as such, if the population reports have to be believed. One should not forget that many high end coins are resubmitted on multiple occasions, creating the possibility that some coins appear multiple times in the population reports, especially in grades such as the present coin. That coin has nearly flawless surfaces, which are granular and under strong magnification reveal thousands of reflective facets. Sharply impressed and problem-free, both sides are of premium quality, and the eye-appeal is excellent.

Saint-Gaudens $20, NGC PF66 – The largest coin included in this set and the largest denomination, struck for circulation by the United States Mint, a matte Proof Saint-Gaudens double eagle never fails to impress. While its gold content, nearly an ounce of pure gold is not important for the present coin, it does add something special to the present offering. Large and impressive, this is the most well known survivor of the project by President Theodore Roosevelt in the early 20th century, to redesign the Nation’s gold coinage. While the other denominations were also changed the Saint-Gaudens double eagle has survived and is now considered by many to be the most beautiful coin design ever made in the United States.

While the other coins of this series are considered to be among the least available within the context of the series this is not the case for the double eagle. Because of its high face value, few collectors could afford to buy double eagles, and mintages of Proof coins were generally small. Of the 1912 matte Proof a relatively high number have survived. However, a coin with an estimated 30 to 35 pieces known to exist in all grades (at most) cannot be considered to be common by any standard.

On matte Proof coins such as the present, the design by Irish born Augustus Saint-Gaudens is easily appreciated, if not loved. The granular, slightly dark surfaces give a special effect to both sides of this coin. Together with the orange-yellow coloration the eye-appeal is excellent, and not a single blemish is worth mentioning. The design is further highlighted by a needle-sharp strike, with even the tailfeathers of the eagle on the reverse complete, a detail lacking on virtually every circulation strike of this design. This impressive gold coin completes an absolute magnificent gold Proof set, and an important offering of matte Proof gold coins.