1887 $20 JD-1, High R.5, PR66 Deep Cameo PCGS....

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1887 Double Eagle, PR66 Deep Cameo
Proof-Only Issue; One of the Finest Known
Ex: Dr. Loewinger and Plated in His Book

1887 $20 JD-1, High R.5, PR66 Deep Cameo PCGS. Highly desirable gold-on-black contrast is portrayed to maximum effect on this example of the largest and most impressive U.S. gold coin denomination. Extensive scrutiny, including under a high-powered loupe, shows two tiny, dotlike indentations -- mentioned strictly for pedigree matching purposes, as they are barely noticeable and not at all distracting -- are noted on the obverse. One is in the field near the southwest point of Star 3; the second is in the field about midway between Stars 12 and 13, slightly southwest of Star 12 and nearly due north of Star 13. Liberty's cheek is smooth and clean, and all the devices are thickly frosted, with profoundly mirrored looking-glass fields.

There are three main design types of Liberty Head double eagles. Type One, made from 1850 to 1866, lacks the motto IN GOD WE TRUST on the reverse and displays the denomination as TWENTY D. The Type Two, made from 1866 to 1876, adds the motto and retains the same expression of the denomination. In 1877, the Type Three was introduced, with the denomination spelled out as TWENTY DOLLARS, the eagle slightly enlarged, the rays and lettering slightly shrunk and crowded to match, and Liberty's head repositioned so that it divides the first six peripheral stars from the last seven. After this, the only other change to the design of the Liberty Head double eagle before its replacement in 1907 was Charles Barber's smoothing of the eagle's neck, which began with the 1900 issues.

While considerably more proofs are encountered of the present Type Three than of the Type One or Type Two, Type Three proofs are still quite rare. The 1887 is also one of the three proof-only issues in the series, with the others being 1883 and 1884. While the 1887 is the most available of the three, with Dannreuther estimating 30 to 40 survivors in his book on proof gold, it is still very rare - PCGS has only evaluated examples of this issue 25 times, with NGC adding in an additional 10 certifications. Furthermore, almost none of these survivors are of equal quality to this offering. PCGS has only assigned the 66 Deep Cameo grade one additional time, and NGC has done so only once overall, with a single finer certification in 66* Deep Cameo (6/25).

Coupled with the incredible quality and rarity of this offering is an impressive provenance. This coin once graced the cabinet of Dr. Robert Loewinger, an expert on proof U.S. gold and author on the subject. In fact, this coin was depicted on page 72 of his book Proof Gold Coinage of the United States to illustrate the Longacre-Barber design Liberty Head, Motto on Reverse double eagle coinage of 1877 to 1907. This confluence of factors creates a significant opportunity to obtain what must be among the most aesthetically pleasing of U.S. coins, a coin that is nearly unimprovable both from a numerical grade perspective as well as a desirability point of view.
Ex: Dr. Robert J. Loewinger Collection / FUN Signature (Heritage, 1/2007), lot 3145, which realized $161,000; William D. Plumley Collection; Central States Signature (Heritage, 4/2012), lot 5350, where it sold for $195,500; FUN Signature (Heritage, 1/2019), lot 4747, where it sold for $240,000.
From The Costa Family Collection, Part I.

Coin Index Numbers: (Variety PCGS# 107308, Base PCGS# 99103)

Weight: 33.44 grams

Metal: 90% Gold, 10% Copper

View all of [The Costa Family Collection, Part I ]

View Certification Details from PCGS