It is true that the present 1862 does not meet standards for the GEM level in any case, but as far as correct attribution is concerned, the base of "1" in the date is centered over a pair of denticles, whereas proof strikings always have the base centered over a single denticle. Thus, we already know for a fact that the coin is more desirable from the standpoint of type format. Technical considerations come into play next, and emphasize why the correct attribution is so important: this coin has strike quality that is almost beyond belief for an example intended for circulation. It is literally as well struck as any proof your cataloger has ever seen, and no other circulation example that your cataloger has examined approaches this level of refinement. Interestingly, the planchet displays extensively striated fields on both sides, showing that the dies had been heavily polished just prior to production. Such striations are not uncommon for the date and type. And, both Liberty's and the eagle's portraits are nicely frosted, the culmination of these attributes being a coin with fascinating prooflike sharpness and quality, but distinctly circulation strike character. It is easy to guess that in years past, especially when a less informed market may have valued proofs higher, this would have been sold as a specimen striking.

A few scattered hairlines on either side are inevitable for a coin this size, and there is a small area of abrasions left of the eagle's beak, but the rims display no noticeable rim nicks, and the toning is light and inoffensive throughout, with a touch of rim toning all the way around, widening left of the date exergue. A professional grading service might disagree, but common sense should prevail in this instance and override the minor caveats. MS-61 PL seems like a realistic, understated grade for the collector who knows to trust his own instincts more than the rigid business-oriented opinion of a grading service. (PCGS# 006952)

This lot may contain an item not certified by ANACS, PCGS, or NGC. While Scotsman Auction Co. is typically conservative in our descriptions of items not certified by one of these companies, we cannot guarantee our grading estimation will match their grade. We highly recommend that collectors seeking items certified by a third-party grading service only bid on items that have already been certified. No lot can be returned because of a variance in judgment with regards to grade.