1889 $20 PR66 Deep Cameo PCGS. JD-1, High R.6....

Description

1889 Liberty Double Eagle, PR66 Deep Cameo
Rare 19th Century Proof Gold Issue
Only 41 Pieces Struck
Ex: Pittman

1889 $20 PR66 Deep Cameo PCGS. JD-1, High R.6. Ex: Simpson. The Philadelphia Mint drastically reduced the production of proof double eagles in 1889. Only 41 proof Liberty double eagles were struck that year, down considerably from the 102 pieces produced in 1888. The reduced demand may have resulted from a thinning-out of leading coin collectors in the 1885-1890 time frame. As John Dannreuther notes in his series reference, United States Proof Coins, Volume IV: Gold, " ... the buyers of gold Proof sets were the major players of the era." Both T. Harrison Garrett and Thomas Cleneay were among those "major players", both ordered gold proof sets systematically in the 1880s, and both died in 1888. Boston millionaire collector Lorin G. Parmelee was winding down his numismatic activity in the late 1880s and would sell his fabulous collection in 1890. He restricted his purchases from the Mint to just silver proof sets during this time frame. Cincinnati collector Peter Mougey ordered proofs of the lower denomination gold coins throughout this era, but stopped purchasing proof double eagles after 1884. With the departure of so many prominent numismatists from the proof gold market, it is no wonder the Mint reduced its offerings in 1889.

Outside of some special branch mint proofs struck at the Denver Mint in 1906-1907, the 1889 is probably the rarest proof Liberty double eagle produced after 1880, with a surviving population of just 12-14 examples in all grades. One of those survivors is included in the National Numismatic Collection at the Smithsonian Institution, and another is in the collection of the American Numismatic Society. The proofs were delivered in two batches, with 28 examples produced in the second quarter of the year and 13 pieces struck in the fourth quarter. It is likely that the Mint departed from its usual practice of striking proofs in the first quarter because of uncertainty about which coins to offer in the sets, as the three cent nickel, gold dollar, and three dollar denominations were all discontinued that year. In the end, it was decided to offer proofs of all the denominations, including those being cancelled.

A single pair of dies was used to strike all the proof twenties, with some disjointed extra outlines, like Longacre doubling, on the vertical stripes in the shield. This feature, along with some polish in the lower clear stripes in the shield, makes it possible to distinguish between proofs and prooflike business strikes. This was the only use of both dies.

Gold proofs brought only small premiums when offered in 19th and early 20th century auctions. As a result, auction houses tended to offer complete gold proof sets, rather than cataloging the coins individually, in order to secure an adequate price per lot. An early appearance of an 1889 gold proof set occurred in lot 73 of the James B. Wilson Collection (Thomas Elder, 10/1908), "1889. $20, $10, $5, $3, $2 1/2, $1. Complete set. Rare. 6 pcs." The lot realized a relatively strong price of $100, for the six coins with a face value of $41.50. Of course, prices for gold proofs increased dramatically in later years, and nearly all the original proof sets were broken up so dealers could satisfy collector demand for the more elusive issues, like the 1889 double eagle. The record price realized for an 1889 proof double eagle belongs to the PR65 PCGS (now PR67 Deep Cameo) specimen from the Eliasberg Collection, which brought $352,500 in a Heritage sale in January 2014.

The present coin traces its history to a private transaction between the Numismatic Gallery (Abe Kosoff and Abner Kreisberg) and prominent collector John Jay Pittman, who purchased this piece in May 1948, for $315. The coin was a highlight of Pittman's extraordinary collection, which he retained until his death in 1996. Well-known coin dealer David Akers offered his collection in a series of three blockbuster auctions from 1997 -1998. This coin (not certified at the time) was featured in lot 1160 of the Pittman Collection, Part I, where Akers noted:

"In my opinion, the 1889 is one of the most unappreciated rarities among Proof Liberty Head Double Eagles. It is more rare than any of the famous and highly touted Proof issues from 1881-1887, and more rare than any of the dates that follow from 1890-1907. Only 12-15 Proofs of this date can be accounted for today."

The lot realized a strong price of $52,800. It has been off the market ever since. Heritage Auctions is indeed privileged to offer this extraordinary proof gold rarity in just its second auction appearance.

This delightful Premium Gem proof exhibits razor-sharp definition on all design elements, with fine detail on Liberty's curls, all star centers, and the eagle's feathers. The devices are richly frosted, creating profound cameo contrast with the deeply mirrored fields. Close inspection with a loupe reveals a few faint hairlines in the fields, but the only useful pedigree marker is a slight rim nick at 9:30 on the obverse. The impeccably preserved yellow and orange-gold surfaces show the slight orange-peel texture of the best 19th century proofs. This coin possesses a remarkable combination of absolute rarity, high technical quality, outstanding eye appeal, and impressive provenance. It should find a home in the finest collection or Registry Set. Population: 1 in 66 Deep Cameo, 1 finer (6/22).
Ex: Numismatic Gallery, sold privately 5/1948 for $315 to John Jay Pittman; Pittman Collection, Part I (David Akers, 10/1997), lot 1160, realized $52,800.00; Kevin Lipton; Bob R. Simpson Collection.(Registry values: P4)

Coin Index Numbers: (NGC ID# 26EA, PCGS# 99105, Greysheet# 10076)

Weight: 33.44 grams

Metal: 90% Gold, 10% Copper

Note for clients in the European Union: This lot is considered by the European Union to be “investment gold”. We believe that it meets the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC and thus should be exempt from import VAT regardless of the selling price. Any questions or concerns about VAT should be addressed to your accountant or local tax authority.

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