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Lot
2418

1895 $20 PR64 Cameo PCGS....

2008 October Dallas, TX Signature US Coin Auction #1117

 
Sold for: $48,875.00 (includes BP )
Bid Source: Internet bidder
Auction Ended On: Oct 24, 2008
Item Activity: 11 Internet/mail/phone bidders
988 page views
Description:
Stunning 1895 Liberty Double Eagle, PR64 Cameo
1895 $20 PR64 Cameo PCGS. In January 1895, the U.S. government nearly ran out of gold. In A Guide Book of Double Eagle Gold Coins, David Bowers recounts, "The gold reserve, intended to be $100,000,000 as a backing for paper money, had dribbled down to the less than 8 millions in available gold coin in the Sub-Treasury of New York. That very day more than $3 million in gold was withdrawn from the Sub-Treasury in New York for export to Europe." Treasury officials estimated that the reserve would be completely depleted within 48 hours. Facing bankruptcy and depreciated currency, the government turned to a consortium of New York bankers led by J.P. Morgan for relief. Meeting in great secrecy, the financiers agreed to help, and more than $8 million dollars in gold coins was deposited in the Sub-Treasury by February 13,1895. A panic was averted, and the Mint proceeded to coin 1.1 million business strike double eagles in 1895.
The acute shortage of gold coins in the government's reserves had a profound effect on priorities at the Mint in 1895. Resources were devoted almost exclusively to business strike coinage. No patterns were produced, and proof coinage of the double eagle was limited to a paltry 51 pieces. Today perhaps half that number survive, with several specimens impounded in institutional collections and many seen in impaired condition. A search of auction records reveals that Heritage has handled one other 1895 proof twenty in the last decade. That coin was also PR64 Cameo, but certified by NGC, in the 2005 FUN sale (Heritage, 1/2005), lot 30545. The piece was part of a gold proof set, with each coin individually offered. Other significant specimens known include the PR65 Garrett/Bass coin and the Gem proof Pittman example.
This PR64 Cameo example offers glorious orange-gold coloration with premium eye appeal. There are enough pedigree markers to conclude that it is none of the three coins mentioned above. Chief among them is a tiny, triangular planchet indentation to the left of the 1 in the date, possibly as produced. A series of near-microscopic, dotlike ticks appear in a straight line before Liberty's lower nose and star 4. Another contact mark is noted on the reverse, just below ED. Again, these tiny markers are mentioned only for pedigree purposes. Much more importantly, the strike is expectedly bold, with generous field-device contrast yielding the coveted black-on-gold appearance. The appeal of this stunning rare coin is strictly high-end. Expect a premium bid to win this prize. Population: 1 in 64 Cameo, 0 finer (9/08). (Registry values: P2) (#89111)

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Bidding Guidelines and Bid Increments

Guides and Pricing Information:

Previous Prices from Heritage Auctions
Lot Date Grade Service Realized
Auction 360, Lot 30545 Saturday, January 15, 2005 64 NGC $36,800.00
View prices realized from this item in other grades (you must be signed in)
PLEASE NOTE: All prices realized reflect the final hammer price PLUS the buyer's premium in auctions that charge a buyer's premium. Each item has a notation at the top of the listing indicating whether that lot included a buyer's premium. All information listed is intended to be as accurate as possible, but errors are possible. Please use this guide carefully and inform us of any inaccuracies.
Price Guide*
Grade Coin World
(Coin Values)
Numismedia
Retail
Numismedia
Wholesale
Numismedia
NGC (nmn)
Numismedia
PCGS (nmp)
PCGS
Price Guide
PCGS+
63 $35,000 --- --- --- --- $36,500 $41,000
64 $65,000 --- --- --- --- $61,000 $70,000
65 $130,000 --- --- --- --- $110,000 ---
*All information listed is intended to be as accurate as possible, but errors are possible. No item may be returned or refused based on this information which is provided as a service to our customers. You should contact each pricing source directly to determine the accuracy of this information.
Population Guide
Service Grade Population in this Grade Population of Higher Grade Population in All Grades + Mintage Engraver
PCGS Not available from PCGS 0  
NGC 64 3 3 9 -
CAC 64 2 0 2 -
*This information is provided and owned by PCGS. Its display and use are subject to the licensed agreement between PCGS and Heritage Auctions.
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Photographs:


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