1906 $20 JD-1, High R.4, PR66 Cameo PCGS. CAC....

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1906 Double Eagle, PR66 Cameo
Tied for Finest of the Issue
Rare in Cameo; No Deep Cameo Certifications

1906 $20 JD-1, High R.4, PR66 Cameo PCGS. CAC. Yellow-gold toning graces the design elements and rim, with a slightly deeper hue on the obverse and more of a wheat-gold complexion on the reverse. Some striking weakness is present, with a few undefined strands of hair right of the ear and at the end of the headband, as well as flatness at the scroll ends and eagle's head. However, this represents just a few details of the intricate design of America's largest circulating gold coin denomination. Pedigree can be established by a few errant hairlines northeast of the eagle's head, southwest of the tail, and northwest of Star 13 on the obverse. However, it must be noted that these are only visible under magnification and thus do not in any way detract from the eye appeal of this exquisite Cameo proof, as the Select Gem grade suggests.

By 1906, the death knell was sounding for the Liberty Head design. It had been used since the double eagle's introduction in 1849, and the smaller gold denominations had used their variant since 1838 for the eagle, 1839 for the half eagle, and 1840 for the quarter eagle, making them over two-thirds of a century old when they were retired in 1907 (quarter eagle and eagle) and 1908 (half eagle), respectively. Their demise was ushered in by President Theodore Roosevelt's desire to improve the aesthetic quality of American coinage, drawing inspiration from ancient Greek coinage. The result was some of the most widely-regarded American coin designs, among them the Indian Head Eagle and Saint-Gaudens Double Eagle.

These design changes brought with them a new format for proof coinage - the Matte Proof. The Mint's official position was that the new eagle and double eagle designs were too intricate for proper polishing and unworkable due to their concave fields, and for the quarter eagle and half eagle, the sunken relief design made proper polishing impossible. The new process was met with near-universal condemnation from the collecting community, and led to the quick discontinuation of proofs in 1916. All it took to end the Classical proof era in October of that year was one terse letter from Mint Director F.J.H. von Engelken to Superintendent of the Philadelphia Mint Adam Joyce, which only occurred one day after Joyce's request.

While the golden age of proofs ended with the discontinuation of brilliant proofs at the end of the Liberty Head series, its decline had begun a few years earlier. In 1902, the Mint had reduced the level of cameo contrast found on proofs due to a new manufacturing process. This caused a delineation between the highly contrasted and desirable proofs of the 1890s and the 20th century examples that do not often reach the Cameo or Deep Cameo level. However, the present offering is a rare exception. Neither PCGS, nor NGC, nor CACG have awarded the highly desirable Deep or Ultra Cameo designation to a 1906 proof double eagle. Furthermore, Cameo coins comprise just 35% of the certified population, a quantity that of course could include resubmissions that overestimate this proportion. Furthermore, among these Cameo coins, the present example is tied for finest known, with with two certified at PCGS, three at NGC, and one at CACG, resubmissions once again notwithstanding. The combination of the inherent beauty of this piece, combined with its historical context and position at the top of the list of survivors make it an incredible opportunity for the Proof gold specialist.
Ex: The William D. Plumley Collection; Central States Signature (Heritage, 4/2012), lot 5362 (as PR66 Cameo NGC. CAC.).
From The Cleveland Lake Collection.

Coin Index Numbers: (Variety PCGS# 107379, Base PCGS# 89122)

Weight: 33.44 grams

Metal: 90% Gold, 10% Copper

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