1884 $20 PR65+ Deep Cameo PCGS Secure. CAC....

Description

1884 Double Eagle, PR65 Deep Cameo
The Finest of Two Gem Proofs at PCGS
'Rarest Collectible Liberty Head Twenty'

1884 $20 PR65+ Deep Cameo PCGS Secure. CAC. The 1884 double eagle is a proof-only issue, the middle of three struck during the decade of the 1880s, bookended by the 1883 and 1887 proof-only strikes. It was a period of low (or no) circulation strikes at the Philadelphia Mint, part of a concerted effort at the national level on the part of Treasury and Mint officials to increase the circulation of half eagle and eagle coins at the expense of double eagle production.

All three proof-only issues were apparently struck in considerably greater numbers than those that were actually distributed. The Mint had a common practice of striking off a quota of proof coins at the proper time during the year, and it was a matter of little import to melt unsold examples at the end of the year, preparatory to later recoinage. Such melted pieces went unrecorded for the most part, but it is a phenomenon of which numismatists are well aware.

Nonetheless, the reported totals for these proof-only issues were 92 pieces for the 1883, 71 for the 1884, and 121 for the 1887. The 1884 double eagle is among the most-pursued issues in the entire Liberty Head series, and it and the 1883 and 1887 are considered classic rarities of the Type Three design, that with TWENTY DOLLARS on the reverse and the motto IN GOD WE TRUST.

It is doubtful that more than 20 examples of this proof-only date survive in private hands -- and perhaps as few as 15 pieces. Several of those pieces are impaired or cleaned. This Gem Deep Cameo PCGS example is clearly a standout among the handful of survivors. PCGS shows precisely two submissions in all Deep Cameo grades from PR60 upward, both PR65 Deep Cameo. There are none others, and obviously none are finer (11/14). We have confirmed that the two submissions represent two separate coins.

According to our Permanent Auction Archives, this appears to be -- unsurprisingly, given the absolute and conditional rarity of the issue -- the first coin we have ever offered as a Deep Cameo example of the 1884 since we began our archives in 1993. We also find no other offerings of Deep Cameo examples of this date at other firms. The closest parallel we find is the PR66 Cameo NGC piece in the Franklinton Collection (American Numismatic Rarities, 8/2006), lot 1644, which realized $264,500. The cataloger on that occasion quoted from the Bowers double eagle reference, noting in part: "Among all double eagles of the Liberty Head type, 1850-1907, the 1884 is either the second rarest (if you include the 1861 Paquet Reverse) or the rarest. Perhaps the 1884 is the rarest collectible Liberty Head double eagle. Little argument here. Among Type 3 double eagles, 1884 is absolutely the rarest, closely chased by 1883."

We note that some of the famous collections of the past have lacked an example of this date. One such was the F.C.C. Boyd "World's Finest Collection," auctioned in 1946. Another was the legendary William Forrester Dunham Collection, whose auction catalog was prepared by Fort Worth coin dealer B. Max Mehl in 1941. Dunham was content to fill the hole in his collection with an 1884-CC double eagle!

The present PR65 Deep Cameo PCGS example of the 1884 Philadelphia double eagle offers thick mint frost on all devices front and back. The fields are deeply reflective and easily "fade to black" as the coin is rotated under a light, giving the desired gold-on-jet-black effect of Deep Cameo proof gold. The full proof strike complements surfaces that simply show no obvious contact marks throughout.

The importance of this high-grade Deep Cameo example of the rarest Liberty Head double eagle can simply not be overemphasized. Astute collectors will act accordingly.(Registry values: P9)

Coin Index Numbers: (PCGS# 99100, Greysheet# 10061)

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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