1887 $20 PR65 Deep Cameo PCGS. CAC. JD-1, High R.5....

Description

1887 Liberty Double Eagle, PR65 Deep Cameo
Highly Sought-After Proof-Only Issue
CAC-Endorsed Gold Rarity

1887 $20 PR65 Deep Cameo PCGS. CAC. JD-1, High R.5. For most of the 1880s, the Philadelphia Mint produced only limited numbers of double eagles for circulation. In fact, no business-strike double eagles were struck at the Eastern facility during three years of the decade - 1883, 1884, and 1887. Of course,the San Francisco Mint continued to strike large numbers of double eagles for commercial use throughout much of this period, and the Carson City Mint contributed a few smaller productions to support the regional economy. Fortunately, the Philadelphia Mint continued to produce a number of proofs for collectors throughout the decade.

Accordingly, a generous mintage of 121 proof Liberty double eagles was struck in 1887, to satisfy collector demand. The proofs were delivered in quarterly batches of 26, 28, 10, and 57 pieces, indicating strong demand throughout the year. A single die pair was used to strike all the proofs. The 1887 proofs were well produced and many examples seen have sharp strikes, with strong field/device contrast. In United States Proof Coins, Volume IV: Gold, John Dannreuther estimates the surviving population at 30 to 40 examples in all grades.

The 1887 double eagles began appearing at auction at an early date, but gold proofs realized only modest premiums during this era. Most early public offerings were for complete gold proof sets, but these sets were almost all broken up later. An early appearance was in lot 438 of the Thomas Cleneay Collection (S.H. & H. Chapman, 12/1890), "1887 20, 10, 5, 3, 2 1/2, 1 dollars. Extremely rare." The lot realized $46, a typical price for the time. Collector demand for gold proofs has increased exponentially in recent years, and prices realized for 1887 proof double eagles have increased accordingly. Recent sales include a PR65 Deep Cameo PCGS example in a Stack's Bowers sale in 2022 that realized $420,000. Our Roster of Significant Examples below provides detailed pricing data for high quality examples over the years.

The present coin is a spectacular Gem proof that exhibits razor-sharp definition on all design elements. The richly frosted devices contrast profoundly with the deeply mirrored fields to create an intense cameo effect when the coin is tilted in the light. The well-preserved orange-gold surfaces show only a few minor ticks and hairlines in the fields. This coin should find a home in the finest collection or Registry Set. Overall eye appeal is terrific and the high quality within the grade is confirmed by CAC, where it is tied for finest with a green label. This coin is pictured on PCGS CoinFacts. Population: 2 in 65 (1 in 65+) Deep Cameo, 2 finer. CAC: 3 in 65, 0 finer (6/24).

Roster of Significant Examples
This Roster of Significant Examples was provided by Ron Guth and the Numismatic Detective Agency.
1. PR67+★ Cameo NGC. Henry Miller Collection (Heritage, 1/2011), lot 5292, $402,500; Philadelphia Signature (Heritage, 8/2012), lot 5427, $411,250; Long Beach Signature (Heritage, 10/2022), lot 3374, $600,000.
2. PR66 Deep Cameo PCGS. Dr. Robert J. Loewinger Collection (Heritage, 1/2007), lot 3145, $161,000; Ohringer Family Trust Holdings, Part II (Goldberg Auctions, 9/2008), lot 1295, $161,000; William D. Plumley Collection (Heritage, 4/2012), lot 5350, $195,500; Baltimore Sale (Stack's Bowers, 11/2012), lot 3314, not sold; FUN Signature (Heritage, 1/2019), lot 4747, $240,000.
3. PR66 Deep Cameo PCGS. Bob R. Simpson Collection, Part VII (Heritage, 1/2022), lot 3808, $456,000.
4. PR65+ Deep Cameo PCGS. FUN Signature (Heritage, 1/2002), lot 4150, $69,000; FUN Signature (Heritage, 1/2014), lot 5568, $258,500.
5. PR65 Deep Cameo PCGS CAC. Mocatta Collection (Stack's Bowers, 8/2022), lot 7205, $420,000. The present coin.
6. PR65 Ultra Cameo NGC. Greenwich Collection (Heritage, 8/2004), lot 7695, $120,750.
7. PR65 Cameo NGC. FUN Platinum Night II (Heritage, 1/2007), lot 3756, $126,500.
8. PR65 Cameo NGC. Richmond Collection, Part I (David Lawrence, 7/2004), lot 2337, $86,250; ANA Signature (Heritage, 8/2014), lot 5747, $123,375.
9. PR65 Cameo NGC. Duquesne Collection (Heritage, 8/2015), lot 4509, $117,500.
10. Gem Proof Uncertified. Americana Sale (Stack's, 1/2004), lot 3202, $66,125.(Registry values: P5)
From The Benedict Family Collection.

Coin Index Numbers: (NGC ID# 26E8, PCGS# 99103, Greysheet# 10070)

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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