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1820 O.106 (Unique as Proof). Square Base 2, No Knob on 2
From Stack's October 2006 New York Auction, Session 1 on Oct 17, 2006
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 1820 O.106 (Unique as Proof). Square Base 2, No Knob on 2. Choice Brilliant Proof. An extraordinary coin that has highly reflective fields and well frosted devices. The toning is classic russet and blue over gun metal gray, as seen on so many of the Eliasberg silver coins. Examination of the surfaces will discover a few tiny handling nicks, to be expected on a coin from this period and of this grade. The obverse die was carefully prepared as the devices show contrasting frost when compared with the mirror fields. Traces of die rust are found in the field left of Liberty's face and neck, and above her cap. On the reverse, the frosted surfaces expand beyond the confines of the devices in two areas, one behind the eagle's neck, the other along the leading edge of the wing below the beak of the eagle.
Although Walter Breen defines a Proof as not having any trace of frost in the fields, he nevertheless studied this coin sometime in the past and declared it a Proof in his Proof Encyclopedia. Interestingly, this same reverse die was used to coin Proofs and circulation strikes of 1820 and 1821. When examined the present coin displays substantial field reflectivity, and at a glance has the commanding presence of a Proof issue. No other examples are even rumored to exist in Proof format of this die pairing, although a 'Prooflike' example has been reported. David Akers examined the present coin and stated that he did not think it qualified as a Proof, although several other experts (notably Q. David Bowers and Walter Breen) believed it to be a Proof. As is so often the case in numismatics, such pieces must be judged on their own credentials, and there are no definitive rules which clearly divide Proofs from non-Proofs.
Die diagnostics present on this coin include the following features, a thick raised guide line along the denticles from 10:00 to the 12:00 o'clock position, raised lumps below the 'I' of UNITED are elongated and merged together into a patch. Another feature is the long broken horizontal die scratch which skips through the left wing of the eagle, extends into the field, disappears then starts lightly again in the middle of the field pointing toward the left base serif of the 'T' of UNITED. Another raised die lump is located in the field below the lower left point of the scroll, and two more die lumps are found between the fourth and fifth vertical stripes in the shield. These features are also seen on circulation strike examples, but on the present coin are much more sharply defined.
The edge lettering was carefully applied and much crisper and clearer than usually encountered. The strike is sharp on Liberty, but several stars lack their central radial lines. The reverse lettering and devices are generally sharp. It appears that this coin was struck a single time using highly polished dies, and was likely the very first coin struck using this die pair. The reflective die polish extends not only between the vertical shield stripes, but is found within the letters of the motto and between the denticles. A foremost rarity and American Classic.
It appears that there are just four Proof 1820 Half Dollars known, and the present coin is the only Proof of the O.106 die pairing. The other three examples are all the O.108 variety. Two others are noted by Breen, both appearing in the 1895 Winsor Sale as lots 498 and 499 are the O.103 and O.105 variety, neither of which has been confirmed in a century, although the ''O.105'' may be the T. James Clarke coin noted below which is in fact an O.108. A census follows:
1) O.106. The Present Coin. Louis Eliasberg, Sr., Collection (Bowers and Merena/Stack's, April 1997, lot 1773 at $24,200); unknown prior.
2) O.108. The John J. Pittman Collection, Part II (David Akers, May 1998, lot 1473); Lichtenfels I Collection (Kreisberg & Schulman, February 1961, lot 2748); (possibly) Virgil Brand.
3) O.108. T. James Clarke Collection (New Netherlands #47, April 1956, lot 1245); Charles H. Deetz Collection, Part II (Stack's, November 1946, lot 1189).
4) C. A. Cass 'Empire' Collection (Stack's, November 1957, lot 1308); R. T. McPherson Collection (Stack's, February 1953, lot 843); Dr. C. A. Allenburger Collection (B. Max Mehl, March, 1948, lot 753); S. H. Chapman.
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