Auction Name: 2026 January 14 - 17 FUN US Coins Signature® Auction

Lot Number: 3348

Shortcut to Lot: HA.com/1390*3348

1867 $20 JD-1, Low R.7, PR66 Ultra Cameo NGC. The 1867 proof Liberty double eagle is a classic rarity in the U.S. gold series, and any public offering is a noteworthy event for series specialists. John Dannreuther estimates a surviving population of just 10 to 12 examples in all grades, which corresponds exactly with the PCGS CoinFacts estimate of 10 to 12 specimens extant. We have listed the 12 examples we can trace in the roster below. Two of those coins are included in the National Numismatic Collection at the Smithsonian Institution and another specimen is in the collection of the American Numismatic Society. Heritage Auctions is privileged to present this spectacular PR66 Ultra Cameo example, which is tied with one other coin at NGC for finest-certified honors, in this important offering.

Mintage and Distribution
The Philadelphia Mint struck a large mintage of 50 proof Liberty double eagles in 1867, to accompany a smallish production of 98,575 business-strike examples. New Chief Coiner Archibald Louden Snowden was a collector-friendly official who obviously hoped to market the proofs to prominent dealer and collector contacts. Unfortunately, few contemporary collectors could afford to acquire the high-denomination gold coins, which could only be purchased as part of complete gold proof sets. To make things worse, paper currency was still depreciated, as it had been since the start of the Civil War in 1861. The cost of a complete proof set, including all the gold, silver and minor coins issued in 1867 (face value $43.54) was a staggering $58.40. It seems likely that many of the proofs went unsold and were melted after the end of the year, accounting for their rarity today.

The proofs were delivered in two batches, the first group of 25 pieces on March 5, and a second batch of 25 examples on July 2. A single obverse die and two reverse dies were used to strike all the proofs. The obverse die shows a tiny pit in front of the curl and Longacre doubling on the stars and bust, making it possible to distinguish between proofs and prooflike business strikes. This was the only use of the obverse die, but one of the reverse dies was used again to strike all the proof twenties through 1876 and the other reverse die was used to strike the 1865 double eagle pattern Judd-452.

The 1867 Proof Twenty on the Numismatic Scene
The 1867 proof double eagle began appearing at auction as early as lot 829 of the Seavey Descriptive Catalog (William Strobridge, 1873), where it was offered as part of a complete gold, silver, and minor proof set. Although Strobridge intended to sell Seavey's landmark collection in a regular auction, the sale never took place, because Boston collector Lorin G. Parmelee purchased the entire collection intact before the date of the sale. Seavey published the catalog anyway, because of its educational value to collectors. Public offerings of the 1867 proofs have always been few and far between. Most early offerings were as part of complete gold proof sets, because the coins were sold that way from the Mint. Most of those sets were broken up by the 1920s, however, and recent appearances have been as single coins. It has been more than a decade since any example of the 1867 proof double eagle has been publicly offered, so the auction appearance of the present coin is anxiously awaited by advanced collectors. The auction price realized record for the issue belongs to the PR65+ Deep Cameo PCGS specimen from the Henry Miller Collection (Heritage, 1/2011), lot 5280, which realized $276,000. We would not be surprised to see that record fall when this magnificent PR66 Ultra Cameo example is offered in our upcoming FUN Signature Auction.

The Present Coin
The coin offered here first surfaced as part of a complete gold proof set in lot 151 of the Major William Boerum Wetmore Collection (S.H. & H. Chapman, 6/1906):

"1867 $20, $10, $5, $3, $2 1/2, $1. The $3, $2 1/2, $1, very rare. Complete set."

The lot realized $80, to prominent Washington, D.C. collector John M. Clapp. Clapp retained this coin, along with the rest of his collection, until his death, and passed his holdings on to his son, John H. Clapp. The younger Clapp expanded and improved the remarkable family collection until his death in 1940. Super- collector Louis E. Eliasberg purchased the entire collection from the Clapp Estate in 1942 for the staggering sum of $100,000, with Stack's acting as agent. Eliasberg retained his legendary collection, including this coin, until his death in 1976. The gold portion of his collection was sold in a blockbuster auction by Bowers and Ruddy in 1982, where this coin passed to well-known proof specialist Ed Trompeter. It has mostly traded privately since that time, with its last public offering in 2004.

This spectacular Premium Gem proof exhibits razor-sharp definition on all design elements, and the richly frosted devices contrast profoundly with the deeply mirrored fields to produce a startling Ultra Cameo effect when the coin is tilted in the light. The impeccably preserved orange-gold surfaces show no mentionable distractions and overall eye appeal is terrific. Although the NGC Census lists two examples in PR66 Ultra Cameo, it is possible that both those citations are for this same coin. This coin possesses a remarkable combination of the highest available technical quality, outstanding eye appeal, and an illustrious pedigree. We expect intense competition from series specialists and Registry Set enthusiasts when this piece crosses the auction block in January. This coin is pictured on the NGC Census website. Census: 2 in 66 Ultra Cameo, 0 finer (10/25).

Roster of 1867 Proof Double Eagles
This roster was expanded from a list compiled by Ron Guth and the Numismatic Detective Agency.
1. PR66 Ultra Cameo NGC. Major William Boerum Wetmore Collection (S.H. & H. Chapman, 6/1906), lot 151 (as part of a complete six-piece gold proof set); John M. Clapp (per John Dannreuther); John H. Clapp; Clapp Estate; Louis E. Eliasberg, Sr. in 1942, via Stack's; United States Gold Coin Collection (Bowers and Ruddy, 10/1982), lot 918, $44,000; Ed Trompeter Collection and later his Estate, sold privately to the partnership of Heritage (80%) and Sil DiGenova (20%) in 10/1998 for an estimated value of $135,000; subsequently sold to an unidentified Heritage customer; Philadelphia Signature (Heritage, 8/2000), lot 7574, $36,250; Greenwich Collection, Part I (Heritage, 6/2004), lot 6373, $195,500. The present coin.
2. PR65+ Deep Cameo PCGS. Henry Miller Collection / Tampa FUN Signature (Heritage, 1/2011), lot 5280, $276,000.
3. PR64+ Deep Cameo PCGS. James A. Stack, Jr. Collection. Prior provenance unknown.
4. PR64 Deep Cameo PCGS, CAC. "...having been in a European Collection for more than a century..." (per the following catalog); Central States Signature (Heritage, 4/2012), lot 5348, $138,000; Chicago ANA (Stack's Bowers, 8/2014), lot 13259, $129,250; FUN Signature (Heritage, 1/2015), lot 4402, $129,250.
5. PR64 Cameo Uncertified (grade per Jeff Garrett). Mint Cabinet, acquired in the year of issue as part of a complete Proof set; National Numismatic Collection at the Smithsonian Institution (accession #1985.0441, Id Number 1985.0441.0692).
6. Choice Brilliant Proof Uncertified. Adolphe Menjou Collection (Numismatic Gallery, 6/1950), lot 1805; believed to have been purchased by Amon G. Carter, Jr; through his heirs to the Amon G. Carter, Jr. Family Collection (Stack's, 1/1984), lot 877, $30,800; Kevin Lipton (per John Dannreuther).
7. PR63 Uncertified. Carl A, Johnson et al Collections (B. Max Mehl, 5/1933), lot 508; Floyd T. Starr Collection (Stack's, 10/1992), lot 1285, $13,200; Silvano DiGenova (per John Dannreuther).
8. Brilliant Proof Uncertified. Nathan M. and Louis G. Kaufman Collection (RARCOA, 8/1978), lot 920, $13,000.
9. Brilliant Proof Uncertified. Hebbeard Collection (Harlan P. Smith / Bangs & Co., 4/1883), lot 380 (as part of a complete 6-piece gold Proof set); John Work Garrett Collection / Johns Hopkins University Collection (Stack's, 3/1976), lot 416, $16,000.
10. PR62 Uncertified (grade per Jeff Garrett). Josiah K. Lilly Collection, donated intact by Lilly's estate in 1968 to the National Numismatic Collection in exchange for a $5.5 million tax credit; National Numismatic Collection at the Smithsonian Institution (accession #283645, Id Number NU.68.159.0348).
11. PR62 Cameo PCGS. King Farouk (The Palace Collections of Egypt) (Sotheby's, 2/1954), lot 181 (as part of a large lot); Abe Kosoff, sold privately for $410; John Jay Pittman Collection, Part I (David W. Akers, 10/1997), lot 1146, $9,350; Pre-Long Beach Sale (Superior, 2/2001), lot 4674, $6,325; Long Beach Signature Sale (Heritage, 10/2001), lot 9685, not sold; Santa Clara Elite Coin Auction (Superior, 7/2005), lot 576, $40,250; ANA Signature (Heritage, 8/2014), lot 5743, $38,188.
12. Proof. Purchased directly from the Mint in 1867; J. Colvin Randall; Randall Estate; J.P. Morgan; Museum of Natural History NYC (1902-1908); transferred to the American Numismatic Society on April 10, 1908 (1908.93.378).

Additional Appearances
A. Proof. Heman Ely Collection (W.E. Woodward, 1/1884), lot 948, part of a six-piece gold proof set.
B. Proof. George Seavey; Seavey Descriptive Collection (William Strobridge, 6/1873), lot 835, part of a complete proof set; Lorin G. Parmelee Collection (New York Coin & Stamp, 6/1990), lot 1354.
C. Proof. Thomas Cleneay Collection (S.H. & H. Chapman, 12/1890), lot 416, part of a six piece gold proof set.
D. Proof. David S. Wilson Collection (S.H. Chapman, 3/1907), lot 327, part of a six piece gold proof set.
E. Proof. William H. Woodin Collection (Thomas Elder, 3/1911), lot 1364.
Proof. James Ten Eyck Collection (B. Max Mehl, 5/1922), lot 319.
F. Proof. J.F. Bell Collection (Stack's, 12/1944), lot 827.
G. Proof. William Cutler Atwater Collection (B. Max Mehl, 6/1946), lot 1259.
H. Proof. C.S. Wilcox; sold to Virgil Brand in 1897 as part of a complete six-piece gold proof set. Brand Journal #16831.

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