Stack's Bowers & Ponterio
August 2021 ANA Auction 16-21 Aug 2021
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VENEZUELA. 1/2 Bolivar, 1889. Caracas Mint. PCGS VF-35 Gold Shield.
KM-Y-21. Tied for the finest example of this VERY RARE date certified by PCGS, long considered the key to the Republican coinage series of Venezuela. The example offered today exhibits mild tone over lightly marked surfaces, wholly original and indicative of nothing but honest circulation. This emission is exceptionally difficult to obtain in any grade and is destined for the finest of Venezuelan coin cabinets following sustained and very spirited bidding.
KM-Y-21. Tied for the finest example of this VERY RARE date certified by PCGS, long considered the key to the Republican coinage series of Venezuela. The example offered today exhibits mild tone over lightly marked surfaces, wholly original and indicative of nothing but honest circulation. This emission is exceptionally difficult to obtain in any grade and is destined for the finest of Venezuelan coin cabinets following sustained and very spirited bidding.
In 1889, conflicts between the national government and the mint came to a head. Disputes rose over the mint striking more coins than were authorized, and as a result, operations were ceased. Officially 80,000 1/2 Bolivar (50 Centimos) coins were minted in 1889, an amount in and of itself low compared to previous and subsequent years. While it remains unknown exactly how many were released, it seems likely that significant portions of this small denomination were melted.
Aside from its tiny initial release, two other factors contribute to the 1889 1/2 Bolivar's rarity as well. The first is that the coinage itself was not well-designed, with its very low relief doing little to protect the designs from wear. Additionally, the 1/2 Bolivar denomination, which was a mainstay in circulation due to its low face value, would remain legal tender, with its same weight and silver content, for another 70+ years, giving it decades to be worn slick or melted down.
Today, only three specimens are known around the AU/UNC grade, one of them being in an institutional collection. About five examples fall into the VF/EF tier, most of which show some sort of damage. The rest are below VG, many of which were acid treated to help reveal their worn-away dates.
Because of this - for decades - the 1889 1/2 Bolivar has been considered the apex of any republican collection of Venezuelan issues. Simply put, it is the rarest circulating coin struck during Venezuela's modern era.
Estimate: $15000 - $30000