This unique reverse trial was produced by passing the planchet through an 'upsetting machine' both before and after striking according to Judd. The result was to make the coin very concave. This idea, from J.T. Barclay, was designed to prevent the devaluating of gold coins by making it harder for unscrupulous types to remove some of the gold
from the resulting thinner planchet.
The trial is ex Woodin-1914 ANS, Newcomer ?, Farouk, Judd, Kagin 11/64, Kagin 5/69, Bowers and Ruddy's 11/73 Terrell sale, 95 ANA, Bowers and Merena 9/97, 98 ANA, 99 ANA, Heritage 7/03, Southern collection, Simpson-Heritage 1/21 - PCGS64BN.
Photo courtesy of Heritage.