Heritage’s August auctions featured The Louisiana Lagniappe Collection of Proof Lincoln cents with top-graded examples of the three eras of Proof Lincoln, Wheat reverse cents: the Matte Proof coins of 1909 to 1916, and the brilliant Proof issues of 1936 to 1942 and again from 1950 to 1958. The unnamed collector spent 18 years completing the set, with Heritage writing, “The quality of each individual coin conveys the long journey from conception to top-ranked set.”

Tops in the collection was a 1909 Lincoln, Wheat, V.D.B. reverse cent graded Proof 66+ red by Professional Coin Grading Service with a green Certified Acceptance Corp. sticker that realized $66,000 at the Aug. 14 Platinum Night session.

The issue is famed for having designer Victor David Brenner’s initials prominently featured beneath the stems of the heads of wheat on the reverse.

Although the Proof mintage has traditionally been stated at 420 pieces, the actual number produced was potentially higher. The “Red Book” lists a mintage of 1,194 coins, with a footnote that 400 to 600 pieces were actually issued. It is a key in the series, and the offered example is among the finest graded, with distinctive luster, a razor-sharp strike, and even, rich, copper-orange color.

Because Mint State examples often resemble Matte Proof examples, knowing the diagnostics of the dies used to strike the Proof Lincoln cents of the 1909 to 1916 era is important.

An October 1983 article on Matte Proof Lincoln cents, by Leonard Albrecht, in The Numismatist remains a key source of information on these issues, noting the different looks Matte Proofs can have: from a satiny finish characterized by a very fine but slightly subdued luster to a deep matte finish with a dull, granular luster.

The Matte Proof 1909 V.D.B. cents show deep matte surfaces, sharp detail, and sharp, squared off inner and outer rims. Die polish is visible on and in front of Lincoln’s nose, while a single die scratch behind Lincoln’s coat, towards the R in LIBERTY is seen on the Matte Proof coins. Matte Proof reverse dies for this issue show a crescent-shaped die chip to the right of M in UNUM.

The collection’s 1909 Lincoln cent with the second, no initials reverse, which became standard, graded Proof 67+ red by PCGS and approved by CAC, sold for $20,400, while a particularly stunning 1910 cent in PCGS Proof 67+ red and carrying the CAC “green bean” sold for $22,800.

Heritage’s cataloger wrote regarding the 1910 cent: “Lovely pumpkin-orange hues adorn the luminous surfaces, while more vivid copper-orange and mint-greenish color appears in the margins beneath a loupe.”

Reviving Proof sales in 1936

The Philadelphia Mint revived Proof strikes in 1936, offering both brilliant and satin finishes. The brilliant finish — with familiar deeply mirrored surface and often frosty devices — would be used until another hiatus in Proof issues started after the 1942 issues. Some of these issues are rare with any degree of cameo contrast between the fields and devices, like the 1939 Lincoln cent.

The collection included the sole example of the date with a PCGS Cameo designation. Despite a mintage of 13,520 coins, nearly all the Proof coins are uniformly reflective. This one was likely among the first struck from the dies, graded Proof 65 red Cameo by PCGS, with a concurring green CAC sticker, and it sold for a relatively modest $2,160 on Aug. 12, not far from the $2,585 it sold for in January 2017 at a Heritage auction.

The year 1958 marked the final year of the Lincoln, Wheat cent design. With Proof sets revived again in 1950, the Proof sets of 1958 saw 875,652 sets sold. Examples of the sets’ cents with fully red surfaces are the norm, but ones with Deep Cameo contrast are rare, and the collection’s example, graded PCGS Proof 68 red Deep Cameo is one of just seven in this grade with one finer. It sold for $9,300 on Aug. 12. The population of these has largely been stable, with the offered coin selling at Heritage’s January 2018 Florida United Numismatists auction for $6,600, with the same population number then as now.

Rarely seen with a Deep Cameo designation, this 1958 Lincoln, Wheat cent graded PCGS Proof 68 red Deep Cameo realized $9,300 on Aug. 12.

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