German States
Bavaria. Ludwig III Proof 5 Mark 1914-D PR64 Cameo NGC, Munich mint, KM1007. Unlisted in Proof, and rarely-encountered as such, this flashy example features icy-white surfaces full of eye-appealing flash and delicately-frosted design illustrations that are crisply defined throughout. Despite a few instances of isolated tone and a wisp or two across the fields, this selection appears worthy of the Gem designation.
Estimate: 800-1200 USD