Photo Credit: Atlas-Numismatics
France, 1848 AE Essai 10 Centimes, PCGS SP65RB, Maz-1315, Iridescent toning
Buy It Now Price: $395 (price as of 2016; item no longer available)
Pros:
-This is a bronze French 10 centimes essai from 1848. "Essai" is a French term for a pattern or trial, a specimen coin struck by a national mint for test purposes.
-Essais often have unique designs that were never used for circulating coinage, as is the case with this 10 centimes trial piece.
-Because essais are test strikes, mintages are very low and generally fluctuate anywhere from a handful of specimens to a few hundred. This extreme rarity enhances the desirability of trial pieces.
-The obverse features a crowned, laureate bust of Liberty executed in the finest neo-classical style. The reverse is a simple, yet elegant wreath enclosing the denomination and date. A mid 19th century French artistic sensibility really shines in this art work.
-This specimen is impressively large for a bronze fiduciary coinage, with a diameter of about 30 mm (1.18 inches) and a weight of about 10 grams. It is about the same size as a U.S. large cent from the same time period.
-This essai coin has a rich, red-brown patina on the devices (raised surfaces) set off by stunning violet-blue toning in the fields (recessed surfaces). It is difficult to overstate how gorgeous this coin is. Toning this magnificent positively impacts value.
-This coin is certified by the well-regarded third party grading service PCGS. It has been assigned a grade of MS-65, or mint state 65, on a scale of MS-60 to MS-70. A score of 70 represents perfection while 60 is a very banged up, but still uncirculated piece. MS-65 is a very high score for an almost 170 year old coin and is equivalent to Gem Brilliant Uncirculated. The PCGS certification also guarantees the authenticity of the specimen.
Cons:
-This essai is struck from bronze instead of a precious metal like silver or gold. If it had been struck from a precious metal, its desirability would be substantially increased, but so would its price.
-Because the coin is French, there may be somewhat limited collector demand in the future. I see this as being the only significant investment risk associated with the piece. Of course, if this coin was a more highly prized U.S. issue, I would also expect the price to be about 10 times higher, if not more.
-A mere 10 years ago it was possible to purchase many 19th century French essais for only $100 or $200 each. However, as with many investment grade antiques, prices have increased substantially during the past decade. Given this specimen's PCGS certification, superb condition and unparalleled eye appeal, $395 seems like a very equitable price.
