1898 $20 JD-1, R.5, PR65 Cameo PCGS. CAC....

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1898 Liberty Twenty, PR65 Cameo
Tied for Finest Cameo at PCGS
Sole Finest Cameo With CAC Approval

1898 $20 JD-1, R.5, PR65 Cameo PCGS. CAC. The U.S. Mint seemingly took extra care with some of the proof coinage issues of the late 19th century. The years 1896 and 1898, in particular, stand out for some of the most remarkable proof survivors of the era. The Morgan dollars of those two years are well-known for their high quality -- frequently found with Cameo or Deep/Ultra Cameo surfaces as designated by PCGS and NGC, respectively -- but the gold coinage of those years also excels.

The present Gem Cameo proof 1898 double eagle is a case in point. Including possible resubmissions, PCGS has seen only two submissions in PR65 Cameo and none finer (a tally unchanged in more than a decade), while NGC shows five Cameos in PR65 with two finer, both PR66 (7/25). The original mintage was 75 proofs, but David Akers estimated that perhaps one-third survive in all grades, a couple of dozen pieces or so. In United States Proof Coins, Volume IV: Gold, John Dannreuther assigns a more generous survival estimate of 35 to 50 pieces. What is certain is that the certified population data are sprinkled with duplications.

For collectors of the finest numismatic trophies, the 1896 and 1898 double eagles should be near the top of the list for potential proof gold acquisitions. A coin such as the present Gem Cameo might represent an optimal grade for such a collection; both Deep/Ultra Cameo and/or higher-graded examples will fetch much stronger prices, although this piece will require a highly competitive bid. It has been more than 12 years since we offered another example in PR65 Cameo PCGS, which interestingly, was in 2013 when we last handled this specific coin. Thus, this is the only Gem Cameo proof example of this date we have seen since 2004.

This Gem Cameo PCGS coin is remarkably free -- for a large, soft gold coin well over 100 years old -- of any mentionable or singular contact marks, in accord with the grade. Magnification reveals a few scattered, light field hairlines that simply do not detract from the grade or the eye appeal. Generous mint frost on the golden devices contrasts deeply with jet-black mirrored fields. A tiny Mint-derived planchet flaw is located above a ray just below the A in STATES, barely noticeable and only noted for pedigree purposes. A marvelous example of this archetypal Liberty Head proof double eagle issue. Population: 2 in 65 Cameo, 0 finer. CAC: 1 in 65, 0 finer (7/25).
Ex: Central States Signature (Heritage, 4/2013), lot 4595.

Coin Index Numbers: (Variety PCGS# 107355, Base PCGS# 89114)

Weight: 33.44 grams

Metal: 90% Gold, 10% Copper

View Certification Details from PCGS