1862 $20 PR65 Cameo NGC. JD-1, Low R.7....

Description

1862 Liberty Double Eagle, PR65 Cameo
Prime Registry Set Contender
Ex: Eliasberg

1862 $20 PR65 Cameo NGC. JD-1, Low R.7. Ex: Simpson. Collector demand for proof coinage dropped precipitously in 1862, thanks to the economic and social consequences of the Civil War. Mintage of proof Liberty double eagles declined accordingly. A meager production of 35 proof double eagles was accomplished that year, with the coins all delivered on February 16. A single die pair was used to strike all the proofs. The proof obverse die shows a rust lump at the bottom of the large curl below the ear, and the last set of vertical stripes in the shield are thinned at the top on the reverse, making it possible to differentiate between proofs and prooflike circulation strikes. This was the only use of the obverse die, but the reverse was used previously to strike all the proofs in 1861, and it would be used again to produce the proof mintage in 1863.

PCGS CoinFacts estimates the surviving population of this issue at 10-12 examples in all grades, while John Dannreuther gives a slightly smaller assessment of 9-11 specimens extant. NGC has certified six proof 1862 double eagles, with examples in PR63 Cameo, PR64 Cameo (3), PR65 Cameo (this coin), and PR65 Ultra Cameo. PCGS has also certified six examples, with grades of PR62, PR64, PR64 Cameo, PR64 Deep Cameo (2), and PR65+ Deep Cameo (11/21). There is likely some overlap in the census figures for those 12 coins. For example, the present piece was graded PR64 Cameo NGC when it appeared in a Heritage sale in 2014 and the cert number for that citation (322620-002) still checks out as valid on the NGC website (11/21). In his recent series reference, United States Proof Coins, Volume IV: Gold, John Dannreuther has compiled a roster of nine examples positively traced, with two of those coins in the National Numismatic Collection at the Smithsonian Institution and another in the collection of the American Numismatic Society.

The coin offered here boasts an illustrious pedigree leading back to lot 147 of the Major William B. Wetmore Collection (S.H. & H. Chapman, 6/1906). The coin was described as, "1862 Brilliant proof. Slightly hair-marked. Rare state." The lot was purchased by John H. Clapp who, together with his father, John M. Clapp, formed one of the most advanced collections in this country in the years around the turn of the century. Clapp retained this coin with the rest of his collection until his death. Clapp's estate sold his entire collection in a blockbuster deal in 1942 to super-collector Louis E. Eliasberg.

Baltimore financier, Louis E. Eliasberg, Sr. (1896-1976) formed the only complete collection of United States coins ever assembled. Eliasberg initially began collecting coins as a means of gold possession following the 1933 Gold Recall. Collectors were still allowed to own collectible gold coins, but they could not hoard duplicates or bullion. Soon, Eliasberg caught the numismatic affliction, and formed a world-class cabinet. His collection ranks among the finest ever sold and advanced numismatists are always excited to acquire coins with his name included in the provenance.

Eliasberg actually owned two 1862 proof double eagles. His duplicate appeared in the H.R. Lee Collection sale offered by Stack's in October 1947, stating that the coin was from their sale of the Bell Collection three years earlier. Lee was an acronym using Eliasberg's initials, preceded by his mother's initials. She was Hortense Rosalind Eliasberg. The present piece is apparently the Clapp coin.

Like Clapp before him, Eliasberg retained his collection, including this coin, until his death. His children liquidated his numismatic holdings through a series of landmark auctions in later years. This coin was sold in a prestigious auction by Bowers and Ruddy in 1982 and it has appeared in several important collections since that time. It last appeared in our Central States Signature in April 2014, where it realized a staggering price of $381,875.

A spectacular Gem proof Liberty double eagle, this piece displays deep field-device contrast, with brilliant and lustrous yellow-gold devices that appear to float over deeply mirrored orange-gold fields. The richly frosted design elements are sharply detailed throughout. The well-preserved surfaces show the attractive orange-peel texture seen on the best 19th century proofs. A few minuscule contact marks serve to identify this coin as the Eliasberg specimen. Eye appeal is terrific. Census: 1 in 65 Cameo, 0 finer (11/21).
Ex: Major William B. Wetmore Collection (S.H. & H. Chapman, 6/1906), lot 147, John H. Clapp; Clapp Estate; Louis E. Eliasberg, Sr. in 1942, via Stack's; Eliasberg Estate; United States Gold Coin Collection (Bowers and Ruddy, 10/1982), lot 907; Hugh Sconyers; Stanley Kanney Collection; Pre-Long Beach Elite Auction (Superior, 5/2006), lot 952, realized $ 241,500; Dr. James Olsen Collection; FUN Signature (Heritage, 1/2013), realized $258,500; Charles G. Wright Family Collection; Central States Signature (Heritage, 4/2014), lot 5845, realized $381,875; Bob R. Simpson Collection.(Registry values: P7)

Coin Index Numbers: (NGC ID# 26DD, PCGS# 89074, Greysheet# 9994)

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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