and it sold too!

Two of them did.
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&_trksid=p4340.l2557&hash=item4ab257f7f5&item=320819689461&nma=true&pt=Coins_US_Individual&rt=nc&si=rcUp720bAszy8MvcLPkgy6h1X4c%253D&orig_cvip=true&rt=nc#ht_2242wt_1270


$6,195 for a proof flying eagle. That might not be a bad price...but look at the condition. It's corroded heavily and gouged.

 

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I don't even know if there were proofs made that year, it says nothing about a proof 1856 flying eagle in the red book. I also don't know if that's a good price or not, but it looks like there was only 2000 minted that year.

EDIT: I guess I should have read more. There were proofs struck.

 

It makes you wonder what happened to it. I didn't even realize PF40 was even a grade. I thought proof started at 60.

 

there's no accounting for taste

 

I've seen a circulated proof Morgan, forget what TPG graded it. But it was graded PF-50. So it happens. A proof that has had handling will still grade as proof, so long as it's still distinguishable as a proof. That flying eagle, however, I'm not seeing anything that screams proof. But others may have a better eye than me.

 

Proof is a minting process and not a grade. Proof coins can be graded from 01 all the way to 70.

BTW, that coin lists on NGC for $6,000 in good 04 (that would be PR-04)

 

Heres a list of proofs that were sold on hertiage, even a PR 10

http://www.ha.com/common/search_res...6&N=790+231+51+308+66+69&Ntt=proof eagle 1856

 

Coin looks like it has been dug.

 

If this was just an impaired proof, this would be a good price for this coin. But being so heavily corroded, scratched and obviously cleaned, I think the seller did well.

I always thought the of the 1856 as being artificially high priced. 2000 pieces is not a small mintage at all when it comes to early proofs. My 1865 three cent piece proof had a mintage of about 500 and commands not nearly this kind of money. I remember reading somewhere that some collector hoarded nearly half of the 1856 flying eagles in a effort to drive the market price up, I guess his plan worked.

 

All 1856 FEs are proof, IIRC, and they are all highly valued, even corroded impaired examples.

 

My Guide Book of US Coins professional says that there were 1500 proofs minted and 800 circulating coins minted.

 

Either way, the 1856 Flying Eagle is a rare coin and a must have for collectors of that (Short) series.

 

Quite possibly the ugliest $6000 coin ever.

 

Years ago I turned down an AU cleaned 1856. The dealer wanted $2200 for it. I thought he was too high.

 

+1. These weren't minted for circulation as far as I know. It's a shame it wasn't stored under better conditions.

 

I disagree - I'm a certified taste accountant - ready, willing and able to pass judgement on all matters of taste!

 

That may or may not be true. There are huge disagreements by the experts on this one. Some say there are as few as 15 proofs. They don't even know when the were struck. A '56 may have been stuck as late as 1858 as a presentation piece, but folks disagree as to whether they are proof or not.

Normally a Snow 5 will get a proof designation, and Snow 9's also. but I have seen Snow 9's in business strike holders. I am not sure but I think most folks believe the Snow 9's were the later year restrikes

As for the Snow 5's, they are thought to come from the original run and are very rare. I have also seen Snow 3's get graded as proofs also. So the water is real murky about this issue.

Anyway, if you are looking for a 56 FE in any condition, be prepaid for some real stcker shock. I don't even think the price on the original was a bad deal.


Mike

 

If I was grading this coin, I'd at least upgrade "Scratched" to "Gouge" though.. :thumb:

 

uggh! Oh, how many coins we've turned down that were "too high" at the time. I remember WELL the time I could buy 1909-S vdb's for $250.

 

Part of the reason it is murky is because PCGS couldn't consistently tell the business strikes from the proofs (sometimes calling die varieties that only come proof as MS and vice versa.) Finally they got fed up and announced that from that point on ALL 1856 FE would be labeled as proof no matter what they were.