1897 $20 JD-1, R.5, PR66 Deep Cameo PCGS. CAC....

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1897 Double Eagle, PR66 Deep Cameo
Tied for Finest Certified

1897 $20 JD-1, R.5, PR66 Deep Cameo PCGS. CAC. Inky-black, mirrored surfaces underlie sharply contrasted, wheat-gold devices and rims. Only a single strand of hair to the left and right of the headband's end shows any sort of striking weakness, and not even Sherlock Holmes himself could find an ill-defined area on the reverse. A few microscopic marks before the nose and one between stars 10 and 11 can be used for pedigree purposes, but a thorough investigation is needed to even notice these contact marks, and they are in no way distracting.

The proof mintage presents somewhat of a conundrum for this year. The commonly cited figure is 86 coins, likely based on research by Walter Breen in the 1950s and 1960s that was first published in the Red Book around that time, where it was widely disseminated throughout the hobby. However, John Dannreuther's research of original Mint documents, reported in his United States Proof Coins, Volume IV: Gold, Part Two, revealed the original quarterly mintages to be 19 in the first quarter, 14 in the second, 11 in the third, and 27 in the fourth, for a total of only 71 proofs. He is unable to reconcile the discrepancy, stating that, "the actual production numbers are unresolved." Regardless of the true number, it still represents a significant decline from 1896's mintage of 128 coins, although this is above the levels seen in the first half of the decade, which hover in the 50s for all years except 1892. An estimated 30 to 40 examples of the present issue survive to this day, also according to Dannreuther.

The proofs of this year were all struck from a single die marriage, as was the norm for almost all proof gold issues of all denominations after 1880. However, as is expected from the larger mintages of this era, as well as the quarterly production runs, the dies were lapped during the year. The present offering appears to be an early strike, as the tail feathers are strongly defined and there are multiple vertical die lines and no polish above the obverse ear.

As specialists in proof gold know, the 1890s represents the pinnacle of quality in the series. The Mint had refined its proofing processes over the decades, resulting in sumptuously mirrored proofs like the present example. However, in 1902, this process was changed, reducing the amount of contrast found on proofs and skewing the population reports in favor of non-Cameo examples accordingly.

While this coin was made during the golden age of brilliant proofs, strong Cameo contrast is still not a given due to mishandling and environmental factors that could have occurred in the 128 years since their manufacture. Certified populations reveal that only a little over one-third of submitted examples reach the Deep or Ultra Cameo level, making this designation still a rare feat. Furthermore, the going gets lonely at the upper end of the grade distribution for this issue. This is the sole finest Deep Cameo example certified at PCGS, and NGC logs two certifications in this grade, with the possibility open for duplication. Including the Deep Cameo designation too, this example is tied for the finest known of this issue, full stop.
From The Cleveland Lake Collection.

Coin Index Numbers: (Variety PCGS# 107353, Base PCGS# 99113)

Weight: 33.44 grams

Metal: 90% Gold, 10% Copper

View all of [The Cleveland Lake Collection ]

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