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Lot
7619

1862 $10 PR64 Cameo PCGS. CAC....

2011 August Chicago Signature US Coin & Platinum Night Auction #1158

 
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Auction Ended On: Aug 12, 2011
Item Activity: 5 Internet/mail/phone bidders
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Location: Marriott - Chicago O Hare
8535 W. Higgins Road
Chicago, IL 60631

Description:

1862 Liberty Eagle, PR64 Cameo
Only 35 Pieces Minted, Perhaps 12 Survive
High-Contrast Example
1862 $10 PR64 Cameo PCGS. CAC. The mintage of proof eagles was sharply reduced in 1862 to just 35 pieces, down from 69 examples the year before. It is doubtful that more than half of this mintage found buyers, due to the financial pressures of the Civil War, and many coins were melted after the end of the year. In their Encyclopedia of U.S. Gold Coins 1795-1933, Jeff Garrett and Ron Guth estimate only about one dozen specimens survive today. Two of the known examples are impounded in the National Numismatic Collection in the Smithsonian Institution, and another is in the collection of the American Numismatic Society, further reducing the supply of coins available to collectors. PCGS has recorded nine submission events, which likely include some duplications, with six coins certified in PR64, and three specimens in PR64 Cameo (6/11). Auction appearances are few and far between for the 1862 proof eagle. The only record we can find in the last five years is the magnificent PR65 Ultra Cameo NGC specimen offered in the Dr. Robert Loewinger Collection (Heritage, 1/2007), lot 3136, which realized $115,000.
The present coin is one of the finest certified at PCGS, with profound cameo contrast and extraordinary eye appeal. The deeply mirrored fields display only a few hairlines and microscopic contact marks, while the design elements exhibit razor-sharp definition throughout. A light golden-brown color spot above the eagle's head makes a good pedigree marker. We expect spirited bidding when this lot is called, as a comparable specimen may not become available for years.
Ex: Baltimore "93 Auction (Superior Galleries, 7/1993), lot 900.(Registry values: P5) (NGC ID# 28EY, PCGS# 88798)

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