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Lot
3226

1887 $20 PR64 Cameo NGC. Third in the series of three ...

2004 Orlando, FL (FUN) Signature Sale #336

 
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Auction Ended On: Jan 7, 2004
Item Activity: 8 Internet/mail/phone bidders
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Location: Orlando, FL
Description:
Cameo PR64 1887 Double Eagle, A Very Rare, Proof-Only Issue
1887 $20 PR64 Cameo NGC. Third in the series of three very rare, proof-only issues from the 1880s, the 1887 had an original mintage of only 121 pieces. However, it is very likely that some of these were never released and were later melted. Given the fact that there are around 25 survivors, it would seem logical that 50 or so pieces were melted. While the 1887 is the third rarest of the fabled trio of proof-only issues from the 1880s, it necessarily must still rank among the "rarest of the rare" in the entire double eagle series.
This is a magnificent coin. Only the slightest hairlines are seen in the fields, and other than that the only surface flaw we see is a shallow scrape in the right obverse field just above the bun in Liberty's hair. The fields are deeply mirrored and go absolutely "black" when angled away from the viewer. The devices are heavily frosted, and quite honestly, we don't see why this coin doesn't qualify as a Deep Cameo.
Among the more notable examples of the 1887 to be offered in recent years are:

Dallas Bank Collection (Stack's/Sotheby's, 10/01), lot 101, where it brought $54,625. Cataloged as "Choice Brilliant Proof."

Bass II (Bowers and Merena, 10/99), lot 1899, which realized $41,400; Gaston DiBello (Stack's 5/70), lot 1271. Graded PR64 by PCGS.

Byron Reed Collection (Spink America, 10/96), lot 170, which brought $41,800. Cataloged as "Choice Proof."

The Eagle Collection PR66 NGC coin (Heritage, 1/02), lot 4150. That coin brought $69,000.
This near-Gem qualifies as a mid-Condition Census example of this very rare and highly respected proof-only date. (#9103) (Registry values: P5) (PCGS# 9103)

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I would also like to thank your auction company for the promotion of the auction and was pleasantly surprised by the number of bidders who attended, as well as the prices realized. It was a pleasure doing business with you.
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