This Judd-104 was made in medallic alignment, with Liberty's head directly opposite "OF" on the reverse. It appears to be at the 26 degree rotation mentioned in some references, which would indeed qualify it as "die alignment IV". PCGS states "Res" on the slab insert, assuredly meaning "restrike"; however, persistent examination of the reverse finds no obvious trace at all of the die crack that should connect MERI. At most, there [i]may be[/i] the slightest hint of a raised line connecting "E" and "R", but that should not be enough evidence all by itself to ascertain a "restrike". It is entirely possible that this is actually an original proof striking. Obverse die diagnostics include some very tiny rust pits scattered toward the rim between the second and third stars, blatant rotated repunching of the fifth and eighth stars, and a tiny raised die defect centered below "18", three-quarters toward the rim. The lower hand displays amazingly sharp detail, including fully delineated fingernails, and there is a short, convex die scratch paralleling the outstretched index finger, about a millimeter distant. (As an aside, your cataloger doesn't recall anyone else mentioning that Liberty shows only three fingers and a thumb on the lower hand.) Of course, the designer's name is omitted from the base of the portrait.

As expected of the PF-62 grade, quite a number hairlines are scattered across the coin, their presence substantially downplayed by the patina. The net result is minimal reflectivity in the fields, with no obvious cameo effect visible. While past mishandling undoubtedly is responsible for the hairlined surface, the good news is that the surfaces are essentially completely free from any marks whatsoever, really with not even a single tiny tick to serve as a pedigree marker. That is rather astonishing for a coin of this heft, struck during the mid-nineteenth century, and obviously handled at various times throughout its existence. (PCGS# 011446)