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Splendid 1892 Ten Dollar, PR65 Ultra Cameo

1892 $10 PR65 Ultra Cameo NGC. As one would expect, the 1892 proof ten is rare. But for a date where the mintage started out as only 72 pieces in 1892 it is unusually difficult. For some reason, attrition seems to have taken a heavier-than-usual toll on this issue. Of the 72 pieces struck, there have been only 33 grading occurrences as non-Cameo, Cameo, and Ultra/Deep Cameo coins. When resubmissions are subtracted from this total, probably no more than 25 or so individual proofs are probably known today. This is significant because the rule-of-thumb for proof gold from this era is that around half the mintage usually remains today. Which leads one to the conclusion that either the mintage was incorrect (not very likely) or several proofs were used in the channels of commerce and worn down until unrecognizable as such.
As with all proofs of this issue, the date is low in the exergual area. The fields show slight evidence of the orange-peel effect often seen on proofs from this era. The fields are deeply mirrored and the devices are predictably heavily frosted, yielding a stark cameo contrast on each side. This piece is identifiable by slight planchet porosity on Liberty's portrait as well as in the left obverse field. Another, more noticeable area of porosity is located on the reverse above and to the right of the D in TEN D.
This is one of the finest examples known of this rare proof issue. Only one other Ultra Cameo Gem has been certified (a resubmission?). There are also three PR65 Cameo pieces that have been graded (one by PCGS and two by NGC), and there are no Gems certified as non-Cameo.
(Registry values: P2) (NGC ID# 28FX, PCGS# 98832)

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Auction Dates
August, 2007
Internet/Mail/Phone Bidders: 7
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