1904 $20 PR65 Cameo PCGS. CAC....
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It is possible under several circumstances for winning bids to be between increments. It is also possible for an existing bid to be outbid by less than a full increment, sometimes by only $1. This usually happens when two bidders feel that a lot is worth about the same amount, but one places an off-increment bid. Generally when this happens, the Current Bid was much lower than the high secret maximum bid when the off-increment bidder placed his bid.
For example: On Tuesday, you bid $1500 against Bidder A's Maximum Bid of $1000, raising Current Bid to $1100. Then on Thursday, Bidder B, seeing a Current Bid of $1100, guesses the final price and decides to bid $1501, outbidding your Maximum Bid by $1. You would now have to bid $1600 through Heritage Internet bidding or $1550 on Heritage Live (if available for the auction) to possibly win that lot. Next time, maybe you'll bid $1502 and outbid Bidder B by $1!
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This lot is being sold without a consignor reserve. (Note: By law, consignors may still bid under certain conditions, but they are responsible for paying the full Buyer's Premium and Seller's Commission if they do.)
A reserve has been posted on this lot, but no bids have met the reserve. The current bid has been set to the reserve amount, and the next bid will meet the reserve.
Reserves have been posted for this auction, and there is a reserve on this lot that has already been met.
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Five pieces have been certified by PCGS in circulated grades (two in PR55 and three in PR58). As late as the 1920s, proof double eagles carried little premium over face. Dealers such as B. Max Mehl would acquire gold proofs as part of an estate, then deposit them into a bank instead of adding them to a price list at a meager premium. There were few collectors of large denomination gold proofs until the 1930s, when gold was prized as a tangible asset yet became difficult to legally hold or acquire.
The major services have grade only one example as Deep Cameo or Ultra Cameo, by NGC as PR65 Ultra Cameo. The present piece is designed Cameo but displays impressive cameo frost, particularly on the portrait but also on the eagle and scrollwork. The devices possess a warm glow that contrasts nicely with the darkly mirrored fields.
As expected of a specimen striking, this proof has essentially full details. Even the curls in the hairbun exhibit exemplary definition. Prolonged study beneath a loupe locates a few faint hairlines on the outer plastic of the encapsulation, but the coin itself is splendidly preserved. It is tied for the honor of finest PCGS-certified. Population: 7 in 65 Cameo, 0 finer (3/09).(Registry values: P2) (NGC ID# 26ES, PCGS# 89120)
Service and Handling Description: Coins & Currency (view shipping information)