(Ex. Heritage 3/15/2007: 2000) While the important "Byron Reed" pedigree alone could ensure the desirability of this extraordinary proof Liberty half-eagle, there is no question that the coin's allure could stand on its own technical merits, which are certainly impressive. To begin with, the contrast between the fields and devices is outstanding. Even though the fields are not truly deeply "mirrored", they are highly reflective and possess an inherent texture quite unlike the unchanging flatness of a modern proof. It is as if the fields of the dies had been carefully hammered and burnished to a fleecy sheen, rather than being polished flat (though of course, we know such was not the case). Your humble cataloger disputes previous descriptions that suggest the fields are "glassy". They unquestionably possess unique tactile character.All devices, including letters, stars and the rim and denticles, posses bountiful, finely textured frost, with minor exception including Liberty's eye socket and the most deeply recessed areas between the eagle's feathers. Naturally, these areas correspond to the highpoints of the dies, where buffing would have effaced the texture. Per Breen, the recessed areas between the stripes are scrupulously polished.
Minting technology by 1888 had certainly advanced to the point where the finest production could rival even the best coins of today, and examination of the quality of the strike here does not disappoint. Every single star is meticulously detailed, right down to separation of the segments at the center of each. One also notices that most of the star points were carefully strengthened on the die by careful repunching. Not even a single denticle shows weakness on either side, and the eagle's eye socket is surrounded by an exceedingly thin raised line that would not even appear on a coin produced with a mundane strike. Every segment on the eagle's talons is separated. Most assuredly, great care was taken in the production of this piece.
Preservation is important with a marvel such as this, as what good are great pains taken in production by the mint if future generations are careless of their efforts? Fortunately, this Byron Reed proof is stunning in that regard. Original brilliance has been retained on both sides, with an appearance that has only slightly toned over the years. It is as if the coin fell from the dies just yesterday! While handling marks are relegated to only the most trivial possible ticks in front of Liberty's face, magnification reveals a series of extremely thin, wispy hairlines that can be seen on the lower left obverse field. But this is truly nitpicking commentary, as this coin is utterly pristine at normal viewing levels.
At present, NGC records report only two coins in higher grade, while PCGS shows none even at this grade level. Attesting to the extreme rarity of this proof issue as a whole, only eight coins in total have been certified by the two leading grading companies.