USA-Philippines proof coins are very special treasures. When these much sought after coins are offered in the marketplace, it is generally at one of the major auctions held in conjunction with a national coin show. Imagine my surprise when I found a Top Pop (NGC Population 1/0, Combined NGC/PCGS Population 6/0) 1905 PF66RB One Centavo on eBay. The coin was offered by Aspen Coins in an eBay auction that ended 12/3/2012.

The 1905 USA-Philippines Proof Set had a mintage of only 471 making it the lowest mintage USA-Philippines Proof Set. Over the years improper cleaning and storage has greatly reduced the pool of GEM Quality survivors particularly for the bronze coins.

This specimen is unique in that it is the only 1905 One Centavos that NGC has graded PF66RB. NGC graded a single specimen PF66RD but no specimens have graded higher. The combined NGC/PCGS population for the 1905 One Centavo in Proof 66RB is six specimens with none graded higher.

As soon as I saw this coin on eBay I put it on my watch list and placed a bid. Given the rarity of this coin I expected fierce bidding and a final sale price well above book value. The 2012 7th Edition of U.S./Philippine Coins (better known as the Allen catalog) lists the 1905 One Centavo in PF65 at $650.00. Although Allen does not give prices for grades higher than PF65 a general rule of thumb is that proof 66 coins have a FMV 60% to 90% higher than the PF65 book price. Given this guideline the FMV for a 1905 One Centavo in PF66RB should be between $1040 and $1235.00. Of course Top Pop coins sell for whatever the market will bear and frequently sell for well above this guideline.

My bid of $1040 was at the low end of FMV so I expected that I would be outbid at any time. Every day I checked my computer expecting to see that I had been outbid. To my surprise not only was I not outbid but the final hammer price for this Top Pop beauty was only $420.00. Wow a PF66 coin at well below the PF65 price. To say that I got a great bargain would be the understatement of the century.

The specimen is certainly among the best surviving examples of this rare proof coin and well deserving the 2243 Registry points it was awarded.

I have added this coin to the following competitive Registry Sets:

1905 Proof Set: http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=143085;Ranking=ngc

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

One Centavo: http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=51347;Ranking=ngc

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

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