Full Red GEM PROOF Half Centavos are EXTREMELY RARE and this specimen is the finest that has been offered in many years. In the past five years this is the first time that I have seen a PR66 Red Half Centavo offered at a major auction. As soon as I saw this rare beauty I knew that it had to be mine.

All Red Proof Half Centavos are truly special coins. This is clearly demonstrated by the NGC and PCGS population reports. If you look at the total number of Proof Half Centavos graded by NGC and PCGS, for the entire Half Centavo series, 23.3% are BN, 55% RB, and only 21.7% RD.

Full Red Gem Proofs represent an even smaller percentage of the total number of certified coins (17.3% in PF65 RD and above, and 8.9% in PF66 RD and above).

The actual number of certified Red Gems is incredibly small. For the entire Half Centavo series NGC and PCGS combined have certified only forty PF65 RD, thirty-three PF66 RD, and nine PF67 RD specimens. In fact I believe that the actual number of certified Red Gems may be considerably smaller than the population reports indicate as crossovers and coins resubmitted in the hopes of obtaining a higher grade have undoubtedly resulted in some specimens being counted more than once.

Reviewing the Proof Half Centavo series by date we can see how rare these coins actually are in PF65 RD or higher:

1903 (Mintage 2,558) 6 PF65 RD, 13 PF66 RD, 6 PF67 RD, Total (PF65 RD - PF67 RD) 25

1904 (Mintage 1,355) 4 PF65 RD, 3 PF66 RD, Total (PF65 RD - PF66 RD) 7

1905 (Mintage 471) 1 PF65 RD, 3 PF66 RD, 1 PF67 RD, Total (PF65 RD - PF67 RD) 5

1906 (Mintage 500) 14 PF65 RD, 4 PF66 RD, 2 PF67 RD, Total (PF65 RD - PF67 RD) 20

1908 (Mintage 500) 15 PF65 RD, 10 PF66 RD, Total (PF65 RD - PF66 RD) 25

Red Gem Proof Half Centavos appear in major auctions even less frequently than these minuscule numbers would suggest. In fact over the last five years I have seen only two Full Red Proofs come on the market, a 1905 PCGS PR64 RD, and a 1908 NGC PF65 RD.

FIVE YEAR AUCTION HISTORY FOR RED PROOF HALF CENTAVOS:

1905 Half Centavo PCGS PR64 RD, Ex Eliasberg (Combined NGC/PCGS Population 2/5): Heritage Auctions - 2007 January New York Signature World Coin Auction #425, Lot #52594, Sold for $747.50; Heritage Auctions - 2010 January Dallas, TX Non-Floor World Coin Auction #3007, Lot #26822, Sold for $747.50; Ebay 1/30/11, Sold for $645.53

1908 Half Centavo NGC PF65 RD (Combined NGC/PCGS Population 15/10): Cookie Jar Collectibles, Philippine Mail Bid Sale XVI (11/30/2011), Lot #505, Sold for $550.00

Incredibly the Dr. Greg Pineda Philippine Collection Auction offered four Full Red Proof Half Centavos:

Lot # 5461 - 1905 Proof Set (included a PR64 RD Half Centavo)

Lot # 5464 - 1908 Proof Set (included a PR64 RD Half Centavo)

Lot # 5664 -- 1903 Half Centavo PR66 RD and 1903 Half Centavo PR65 RB

Lot # 5669 - 1908 Half Centavo PR65 RD

Since I already own a 1905 Half Centavo in PF64 RD and a 1908 Half Centavo in PF65 RD I zeroed in on Lot # 5664 and its very desirable 1903 PR66 RD Half Centavo.

The auction catalog listed an estimated price of $200 - $300 for this lot. Obviously this was a gross underestimate of the lots FMV. The newly published 2012 edition of the Allen catalog lists the 1903 Half Centavo in PF65 at $200. That would be a reasonable FMV for the 1903 PR65 RB specimen in this lot.

Estimating the fair market value of a coin as rare as the 1903 Half Centavo in PR66 RD is a much more difficult task. The Allen catalog only lists prices for proof coins up to PF65. Furthermore the Allen catalog prices for PF65 coins are for RB specimens not Full Red coins. Previous editions of the Allen catalog have suggested that certified PF66 coins should be priced from 60% to 90% higher than the listed PF65 price and that Full Red Bronze Proof coins may be priced at 50% to 75% more than the prices listed. Using those criteria a 1903 PF66 RD Half Centavo would have a FMV of $480 - $665.

Another method of estimating the FMV for a coin with no recent sales records is to compare it to the selling prices of similar coins with equal rarity. The 1903 Half Centavo in PR66 RD has a combined NGC/PCGS population of 13/6. This is slightly rarer than the 1908 Half Centavo in PR65 RD which has a combined NGC/PCGS population of 15/10. Since a 1908 PR65 RD Half Centavo sold at auction last year for $550 it is reasonable to assume that a 1903 Half Centavo in PR66 RD should have a FMV of at least $550.

Using these two methods my estimate of the combined FMV for the two coins in Lot # 5664 (1903 PR66 RD Half Centavo and 1903 PR65 RB Half Centavo) is $680 - $865.

The final hammer price for Lot # 5664 was $575 ($661.25 with buyer's premium). If you subtract the $200.00 FMV for the 1903 PR65 RB Half Centavo my actual price for the 1903 PR66 RD Half Centavo would be $461.25.

I am truly delighted to add this exceptional coin to my collection. The auction catalog described this specimen as among the best examples that Dr. Pineda had in his collection. I am sure that when you see the attached picture you will agree.

The 1903 PR66 RD Half Centavo has a combined NGC/PCGS Population of 13 with only 6 specimens graded higher. In PR66 RD this coin has a grade rarity of R-9 (ULTRA RARE).

I have added this coin to the following Registry Sets:

USA/Philippines Type Set (Expanded Edition) http://coins.www.collectors-society.com/WCM/CoinCustomSetView.aspx?s=9238

Half Centavo http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=77008

USA-Philippines, Proof http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=51344

USA-Philippines, Complete http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=68602

For additional information on this coin and photo of the reverse click here: http://coins.www.collectors-society.com/JournalDetail.aspx?JournalEntryID=11649

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