1899 $2 1/2 PR68 Ultra Cameo NGC....

Description

Stunning 1899 Quarter Eagle, PR68 Ultra Cameo

1899 $2 1/2 PR68 Ultra Cameo NGC. For various reasons--some quite obvious--certain issues are subject to multiple resubmissions to third party grading companies. The result is that the population data is less valuable as a research tool. Garrett and Guth comment in their Encyclopedia of U.S. Gold Coins: "The certification services have graded more than 250 examples of the 1899 Liberty Head quarter eagle in proof. Obviously, this includes rampant resubmissions. There are probably around 100 examples of the date known in proof." Considering the total mintage of 150 1899 proof quarter eagles, the Garrett-Guth estimate of extant survivors is consistent with the level of attrition typically observed with turn-of-the-century proof gold issues. The same authors documented just 49 auction appearances for this issue between 1991 and 2005, with the grades of those coins averaging PR63. And that's where the current offering parts company and enters a league of its own.
Jet-black fields burst into a display of brilliant reflectivity when rotated under a light source. The resulting contrast with the excessively frosty devices makes for a stunning show of beauty and unimaginable preservation. NGC's grade determination was obviously further influenced by the bold strike of this specimen. The resulting aesthetic quality seems incomparable, even though NGC has recorded eight examples at the PR68 Ultra Cameo level (11/08). However, as stated above, the Census Report data is clearly skewed to the high side, caused by resubmissions of those in pursuit of a higher grade.
At the PR68 Ultra Cameo tier, one would assume that the submitter would accept the lofty grade and be satisfied. Such is not the case. Since 2004, the population at this level has increased four-fold. Were the six additions to the Census Report new coins or simply resubmissions? That question can only be answered by the original submitters. We also note that five pieces have been awarded the seemingly impossible grade of PR69 Ultra Cameo within the series of proof Liberty quarter eagles. The dates of those Superb Gems are concentrated around the 1899 issue: one 1898 coin, three 1900 examples, and one 1901 piece. Therefore, one can easily conclude that it is possible for an 1899 PR68 Ultra Cameo Liberty two and a half to eventually make it into a PR69 Ultra Cameo holder, especially considering that the distinction between the two grades is nearly indistinguishable.
The current specimen is the finest 1899 proof quarter eagle to ever cross the block at Heritage. That's significant when one considers the mindboggling parade of rarities we have offered over the years. The next finest pieces were two PR67 coins that were part of two separate auctions over 10 years ago. Additionally, this piece represents only the second PR68 Ultra Cameo Liberty quarter eagle--regardless of date--to be offered in one of our sales. The other coin was an 1894 example that was part of our July 2005 Signature Sale held in conjunction with the ANA convention in San Francisco. All things considered, aggressive bidding competition is sure to ensue when this Superb Gem proof is called at auction.
(Registry values: P2)

Coin Index Numbers: (NGC ID# 288N, PCGS# 97925, GSID# 8578)

Metal: 90% Gold, 10% Copper
Weight: 4.18 grams
AGW: 0.13oz

Note for clients in the European Union: This lot is considered by the European Union to be “investment gold”. We believe that it meets the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC and thus should be exempt from import VAT regardless of the selling price. Any questions or concerns about VAT should be addressed to your accountant or local tax authority.

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