Watch List notes:

United States, 1903/1904, $2½, EF40; United States, 1903/1904 $2½, EF40, Very rare encased $2.5 US gold piece. From our own research we believe this piece to have been presented to executives at a Chicago department store during the holiday season of 1904. We have not seen any encased gold come through our shop in our 62 years in business. The encasement was produced by Martin & CO, a Chicago die sinker and engraver active in the early 20th century.
The piece shows wear consistent with having been a much beloved pocket piece for many years.