1883 $20 PR65 Deep Cameo PCGS. CAC. JD-1, High R.5....

Description

1883 Liberty Double Eagle, PR65 Deep Cameo
Proof-Only Issue, 92 Pieces Struck
CAC-Approved Classic Gold Rarity

1883 $20 PR65 Deep Cameo PCGS. CAC. JD-1, High R.5. From a proof-only mintage of 92 pieces, the 1883 Liberty double eagle is a classic rarity in the popular series. The issue has a surprisingly low survival rate for a proof-only issue, with John Dannreuther estimating only 28 to 32 examples are extant in all grades today. PCGS CoinFacts offers an even smaller estimate of just 20 to 25 survivors, all told. PCGS and NGC have combined to certify 29 examples between them, including an unknown number of resubmissions and crossovers (6/24). Two coins are included in the National Numismatic Collection at the Smithsonian Institution and another specimen resides in the collection of the American Numismatic Society. Experts consider the 1883 the second-rarest Type Three Liberty double eagle. Heritage Auctions is privileged to present this impressive Condition Census example in this important offering.

Striking the Coins
Tasked with producing huge mintages of Morgan dollars every year, the Philadelphia Mint limited the production of double eagles for most of the decade of the 1880s, leaving the San Francisco Mint to satisfy commercial demand for large denomination gold coins during this era. Accordingly, the Philadelphia facility struck a fairly generous production of 92 proof Liberty double eagles for collectors in 1883, but no business strikes were minted. The proofs were delivered in quarterly batches of 43, 15, 13, and 21 pieces. A single die was used to strike all the proofs. The 1883 was a well-produced issue, with most survivors showing sharp strikes and many examples having dramatic field/device contrast.


The 1883 Double Eagle on the Numismatic Scene
On February 10, 1883, 40 of the proof double eagles were issued with the gold proof sets for the year. An error in the Mint Report caused contemporary numismatists to believe these were the only double eagles struck in 1883, establishing a reputation for the extreme rarity of the issue at an early date. This erroneous mintage figure was still being cited by catalogers as late as the 1960s. The proof sets began appearing at auction almost immediately, with one set offered in lot 958 of the Heman Ely Collection (W. Elliot Woodward, 1/1884), "1883 Splendid proof set. 6 pieces." The lot sold for $46 (face value of the coins was $42.50), reflecting the modest premiums brought by gold proofs during that era. Most surviving 1883 double eagles were initially sold as part of these proof sets, but the sets were almost always broken up in later years. The twenty-dollar face value of the double eagle represented considerable spending power throughout the 19th century and it is likely that many of the proofs were simply spent by their owners during hard financial times in the 1890s, accounting for the low survival rate for the issue. Of course, collector demand for the rare 1883 proofs increased dramatically in later years and prices realized have increased exponentially. The current record price realized belongs to the PR65 Deep Cameo PCGS example in lot 4118 of the FUN Signature (Heritage, 1/2021), which brought $336,000. The Roster of Significant Examples below gives a record of pricing information for high-quality examples over the years.

The Present Coin
Records indicate this coin was graded by PCGS on 2/17/2015. Outside of an appearance in a Legend Rare Coin Auction in 2017, we have found no prior history for this coin. This spectacular Gem proof exhibits razor-sharp definition on all design elements and the impeccably preserved canary-gold surfaces include deeply mirrored fields that contrast profoundly with the richly frosted devices. Overall eye appeal is terrific and the high quality within the grade is confirmed by CAC. This coin is pictured on PCGS CoinFacts (tied for number four in the Condition Census listing). Population: 3 in 65 (1 in 65+) Deep Cameo, 4 finer. CAC: 1 in 65, 4 finer (6/24).

Roster of Significant Examples
This Roster of Significant Examples was provided by Ron Guth and the Numismatic Detective Agency.
1. PR66+ Deep Cameo PCGS. Kingswood X (Kingswood, 8/1999), lot 1041, $104,650; ANA Sale of the Millennium (Bowers and Merena, 8/2000), lot 2515, $83,950; FUN Signature (Heritage, 1/2004), lot 3224, $172,500; Douglas Martin Collection (Heritage, 1/2014), lot 5566, $282,000; Belvedere Collection (PCGS Set Registry).
2. PR66 Deep Cameo PCGS. D.L. Hansen Collection (PCGS Set Registry).
3. PR66★ Ultra Cameo NGC. Baltimore Rarities Night (Stack's Bowers, 3/2017), lot 3148, not sold.
4. PR65+ Deep Cameo PCGS. J.F. Bell Collection (RARCOA, 4/1963), lot 921; Mike Brownlee; S. Gus and Louise Alexander Collection (Heritage, 4/2018), lot 4440, $204,000.
5. Brilliant Proof 65+ Uncertified. Howard Newcomb and Edmund R. Wolcott Collections (Edouard Frossard, 5/1901), lot 435, $22; John M. Clapp Collection; John H. Clapp Collection, sold intact via Stack's in 1942; Louis E. Eliasberg, Sr. Collection (Bowers and Ruddy, 10/1982), lot 962, $88,000; Auction '85 (Superior, 7/1985), lot 980.
6. PR65 Deep Cameo PCGS CAC. Regency Auction 21 (Legend Rare Coin Auctions, 5/2017), lot 497. The present coin.
7. PR65 Deep Cameo PCGS. Norweb Collection, Part III (Bowers and Merena, 11/1988), lot 4028, $88,000; D.L. Hansen Collection (PCGS Set Registry).
8. PR65 Deep Cameo PCGS. Fort Lauderdale Elite (Superior, 1/2005), lot 1126, $230,000; Donald E. Bently Collection (Heritage, 4/2014), lot 5848, $282,000; FUN Signature (Heritage, 1/2016), lot 5672, not sold; FUN Signature (Heritage, 1/2021), lot 4118, $336,000.
9. PR65 Cameo NGC. FUN Signature (Heritage, 1/2006), lot 3580, $212,750.
10. PR64 Deep Cameo PCGS. United States Coins: Early American Coins, Paper Money (Stack's, 3/1994), lot 1625, $37,400; Richmond Collection [Bradley Hirst], Part I (David Lawrence, 7/2004), lot 2327, $149,500; Christopher Bently Nob Hill Collection (Heritage, 8/2014), lot 5745, $158,625.(Registry values: P9)
From The Benedict Family Collection.

Coin Index Numbers: (NGC ID# 26E4, PCGS# 99099, Greysheet# 10058)

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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