My 1903 USA/Philippines Proof Set is one of the highlights of my collection. I am delighted that NGC has finally created a competitive category for this set. Please visit and enjoy the photos and descriptions.

1903 was the first year of issue for United States coinage for the Philippine Islands. Coins were issued in seven denominations; Half Centavo, One Centavo, Five Centavos, Ten Centavos, Twenty Centavos, Fifty Centavos, and Peso. Proof Sets consisting of one coin of each denomination were produced at the Philadelphia Mint in 1903, 1904, 1905, 1906 and 1908. The 1903 Proof Set had a mintage of 2,558 sets.

In 1903 the mint had not yet developed the special protective packing used for modern proof sets, and over the years, the condition of many of the surviving proof coins have deteriorated due to improper storage and improper cleaning.

Proof Sets were not sold in any sort of protective packing or cases but were contained in plain paper coin envelopes and each coin was wrapped individually in thin tissue paper. This method of packaging has contributed to the micro thin hairline scratches seen on most proof coins as well as the heavy toning often seen. GEM coins are quite RARE and all are very scarce due to the low mintages. (Allen 2008)

The specimens in this set range from PF64 to PF66 and have an average grade of PF 65.43. All of the coins have above average eye appeal for their grade. In terms of Grade Rarity the coins range from VERY RARE (R-7) to ULTRA RARE (R-9).

The highlights of this set are the blazing red Half Centavo (PR66 RD) and One Centavo (PR66 RD) from the Dr. Greg Pineda Philippine Collection. Full Red Bronze Proofs in this grade are ULTRA RARE and these amazing specimens are among the finest known.

PROOF SET TRIVIA

The face value of the seven coins in a Philippine Proof set is 1.865 Pesos or $.9325 in U.S. Dollars. Adjusted for inflation that would equal $22.33 in 2010 U.S. dollars. In 1903 the original selling price for a Philippine Proof set was two dollars per set of seven coins. Adjusted for inflation that would equal $47.90 in 2010 U.S. dollars. In the 2012 edition of "U.S./Philippine Coins" by Lyman L. Allen a 1903 Philippine Proof Set in PF65 is listed at $2900.00

Vist my 1903 Proof Set at:

http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=143078

The coin pictured is the reverse of my 1903 Peso. The picture really does not do the coin justice as it fails to capture the beautiful iridescent blue, gold, and red toning.

To see old comments for this Journal entry, click here. New comments can be added below.