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Lot
7697

1892 $20 PR64 Deep Cameo PCGS. In 1892, the Philadelphia ...

2004 August Pittsburgh, PA Signature Sale #352

 
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Auction Ended On: Aug 20, 2004
Item Activity: 7 Internet/mail/phone bidders Number of Bidders
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Description:
Nearly Gem Proof 1892 Double Eagle, Ex: Pittman
1892 $20 PR64 Deep Cameo PCGS. In 1892, the Philadelphia Mint coined 93 proofs in addition to 4,410 business strikes for a total of 4,500 coins. Few of these survive today, especially from the proof coinage. Walter Breen suggested between 18 and 22 Proofs were accounted for, based on his notes and experience. David Akers, writing in the Pittman Collection catalogue, suggested that only 20 to 25 proofs were accounted for. This coin, by the way, is from the Pittman Collection.
In his catalogue, Akers explained the relationship between mintage figures and survival: "It is important to recognize that a mintage figure for any Proof issue represents only the number struck, not the number actually sold. it was common practice for the Mint to strike a number of Proofs (how the figure was determined is not known) and then use this existing supply to fill orders throughout the year. At year's end (usually January or February of the following year, to be exact), the unsold pieces were melted. Now, in 1892, it certainly was not very likely that 92 [sic] people willing to pay $20.50 for a Proof Double Eagle (face value plus a $0.50 'proofing' charge), and so it is probable that half, or even fewer, of the original mintage were actually distributed."
This is a another magnificent proof double eagle from the present offering with only a few very faint hairlines in the fields. The fields have lightly wavy texture, called "orange peel" texture by Akers. The contrast between fields and devices is exceptional. This will be a highlight of the next owner's collection, without a doubt.
Ex: Max L. Justus (11/22/59); John Jay Pittman (David Akers, 10/97), lot 1164.
From The Greenwich Collection, Part Two.(#99108) (Registry values: P2) (NGC ID# 26ED, PCGS# 99108)

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