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Lot
5336

1892 $20 PR64 PCGS....

2012 May 30- June 3 US Coins Signature Auction- Long Beach #1171

 
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Auction Ended On: Jun 1, 2012
Item Activity: 10 Internet/mail/phone bidders
899 page views
Location: Long Beach Convention Center
100 S. Pine Avenue
Long Beach, CA 90802

Description:

1892 Double Eagle
Deeply Gleaming Near-Gem Proof
1892 $20 PR64 PCGS. This historic date is a rarity as a business strike with an unusually low mintage of only 4,300 pieces. It must be called extremely rare in proof, with a reported Philadelphia production of a mere 93 pieces. Modern numismatic researchers believe that perhaps 25 proofs survive in all states of preservation. Twenty dollars was a substantial amount of money in the Gay Nineties, and few collectors of that era were willing to tie up much larger sums required for even a partial date run of proof double eagles. A confident America was gearing up for the gala celebration of the 400th anniversary of Columbus' discovery of the New World when coins of this date were struck, but the disastrous Panic of 1893 soon devastated the nation's economy. The United States was plunged into one of its worst business depressions in history, leading to innumerable business failures and forcing the dispersal of many coin collections formed in more prosperous times.
The present example boasts dazzlingly bright orange-gold surfaces displaying the delightful orange-peel texture prized by experienced collectors of U.S. proof gold. The contrast between fields and devices on the obverse is somewhat less vivid than on the more assertively brilliant reverse. Careful study under magnification reveals some light hairlines of minimal visual importance. This coin is "hallmarked" by a single tiny black freckle in the field just below the eagle's tailfeathers that emerges under a loupe. PCGS has certified only three examples of this date in PR64, and only four have received a higher proof designation (4/12). This exciting coin would be hard to match for quality and harder still to exceed for sheer appeal.(Registry values: P2) (NGC ID# 26ED, PCGS# 9108)

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