1787 N19-Z Fugio Cent PCGS AU58 Raised Rims Reverse W6975 R4

1787 N19-Z Fugio Cent, Reverse Label with Raised Rims, STATES UNITED, W6975, R5.  From the Stacks Bowers sale of the Julianna Rose Collection of Fugio Coppers, sold on 03/04/10 as lot #85 and described as: “1787 Fugio Copper. Pointed Rays. W-6975, Newman 19-Z. URS-6. STATES UNITED, Label with Raised Rims, Large Letters in WE ARE ONE. AU-58 (PCGS).  One of the most distinct reverse dies of the Fugio Copper, Newman Z displays what appears to be raised inside and outside edges of theband as well as raised edges to the letters in STATES UNITED. In point of fact neither features are raised, but they appear as such due to the removal of material between the edges of the letters and the edges of the band. Another curious feature for this reverse is the presence of extra ornamentation at each side of the cinquefoils. Finally, the letters in the inscription WE ARE ONE are hand cut and exceptionally large in comparison with the punched letters seen on most other reverse dies.  Reverse Z is known paired with three different obverse dies, all three of which varieties are very scarce-to-rare in numismatic circles. Newman 19-Z is in the latter category, the coin in this lot representing our first offering of an example in recent memory. An attractive AU with minimal wear and few blemishes, otherwise medium-brown surfaces also reveal faded-rose luster in a few isolated areas around the centers. All devices are boldly defined from a generally well-centered strike, and there are no post-production detractions apart from a few small, faint carbon spots. Planchet flaws (as struck) are minor, although they are evident on the obverse at the letter O in FUGIO, over the lower-left portion of the sundial and at the rim after the sun. Another equally minor planchet flaw is noted for the central reverse. Certainly among the finest and most appealing survivors of this popular Guide Book variety and rare die marriage.  PCGS# 895.  Provenance: From the Julianna Rose Collection of Fugio Coppers.” The coin sold in that 2010 auction for $11,212.50, and then re-appeared on 04/02/6 as lot #3569 at Heritage where it sold for the seemingly bargain price of just $7,625.  According to the PCGS certification# 895.58/21950517, there are 5 coins at the AU58 grade level, and just four coins graded higher.