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Lot
10419

1892 $20 PR65 Deep Cameo PCGS. Only 93 proofs were struck of the Double Eagle in 1892, in addition to 4,410 business strike...

2005 July San Francisco, CA (ANA) Signature Auction #382

 
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Auction Ended On: Jul 28, 2005
Item Activity: 12 Internet/mail/phone bidders
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Location: San Francisco, CA
Description:
Outstanding 1892 Double Eagle, Gem Proof 65 Deep Cameo
1892 $20 PR65 Deep Cameo PCGS. Only 93 proofs were struck of the Double Eagle in 1892, in addition to 4,410 business strikes for a total of 4,503 coins. As David Akers pointed out in his commentary in the Pittman catalog, it is important to distinguish between the number struck and the number actually distributed, as unsold pieces were usually melted at year's end. It is very probable that only half of the published mintage was sold to well-heeled collectors of the day. Given that scenario, that would mean that somewhere in the neighborhood of only 40-45 pieces were sold, that putting the number of survivors today in line with the estimates given by Breen and Akers. Walter Breen suggested between 18 and 22 proofs were accounted for today, based on his notes and experience. David Akers, writing in the Pittman catalog, suggested that only 20 to 25 proofs were accounted for.
This is a magnificent proof striking. The fields show illimitable depth of reflectivity and go absolutely "black" when angled away from the viewer. The devices are very heavily frosted and provide a stark cameo contrast on each side. The surfaces are virtually without flaw with the orange-peel texture usually seen on proof gold from this period. As for an identifying pedigree marker, there is a tiny planchet flaw below the eagle's right (facing) wing just beneath the stand of the R in AMERICA. An outstanding piece and undoubtedly worth a king's ransom to secure for a type set of proof gold. Population: 2 in 65 Deep Cameo, 2 finer (6/05).(#99108)(Registry values: P2) (NGC ID# 26ED, PCGS# 99108)

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