1905 $20 PR66 Cameo PCGS. JD-1, High R.4....

Description

1905 Double Eagle, PR66 Cameo
Low-Mintage Date and 'A Great Rarity'
Ex: DiBello-Bass

1905 $20 PR66 Cameo PCGS. JD-1, High R.4. Ex: Simpson. Liberty Head double eagles reached a high of circulation-strike production in 1904 and the apex of proof production came one year earlier in 1903. Thereafter, both formats were struck in smaller numbers until the series finally ended in 1907. The year 1905 saw a low mintage of only 58,919 circulation strikes and 92 proofs, making the date desirable in either of those two formats. As had been the case since 1902, the latter were manufactured with an all-brilliant, low-contrast finish. Proofs and their made-for-circulation counterparts are distinguished if not by appearance alone, then by the 1 in the date centered almost perfectly over the dentil below on specimens like this.

Writing in United States Proof Coins, Volume IV: Gold, Part II (2018), John Dannreuther estimates that anywhere from 50 to 65 examples of the 1905 proof double eagle may exist. PCGS is slightly more conservative, providing an estimate of 40 to 45 survivors. That service reports 35 submissions across all contrast categories, including 24 certification events in non-Cameo, 10 in Cameo, and a single example in PR65+ Deep Cameo, which we offered in April 2019 as part of our Central States Signature sale (lot 3937), where it realized $180,000.

The Simpson coin presented here is the single finest Cameo proof at PCGS, where it leads two Gems, five PR64 Cameo coins, and two pieces in PR63 Cameo. This proof's chain of ownership can be traced back to Stack's sale of the Gaston DiBello sale in May 1970, where it was described as:

"A sparkling yellow gold example, just about perfect. Only 90 specimens struck. Few exist in this remarkable state of preservation. Very rare."

It turned up next as part of the outstanding Harry W. Bass, Jr. holdings, offered by Bowers and Merena in October 1999 as:

"A splendid specimen. At this level here is a great rarity, although exactly how many different pieces are known is somewhat of a puzzlement."

Five years later, in 2004, we had the pleasure of handling this same coin as part of the Greenwich Collection, Part II. At that time, it was graded PR66 Cameo by NGC and represented the single finest 1905 proof double eagle at that service. There is a possibility that the NGC Census, which shows two PR66 Cameo submissions, still reflects this piece having at one time been encapsulated in one of those holders.

The DiBello-Bass-Simpson 1905 proof double eagle is, indeed, a splendid specimen with radiant, boldly struck devices and seamless mirrored fields. Thorough evaluation from all angles of the surfaces under a powerful lens only increases the respect that this imposing example demands. It is unknown exactly how many of the 92 pieces struck have survived in Gem or better quality, or even unimpaired, but this number must be very low. A faint diagonal handling mark southeast of the lowest hair curl, truly trivial in its nature, is mentioned solely to provide a pedigree marker for future auction appearances. Although it is admittedly like comparing apples and oranges, the business strike 1905 double eagle is also a low-mintage, formidable rarity in MS63 and finer grades, putting even greater date pressure on the minuscule number of truly high-grade proofs on today's numismatic market. From its eye appeal and technical preservation, to is pedigree and rarity, this Premium Gem is undeniably worthy of a premium bid.
Ex: Gaston DiBello Collection (Stack's, 5/1970), lot 1310; Harry W. Bass, Jr. Collection, Part II (Bowers and Merena, 10/1999), lot 1948; Pinnacle Rarities; Greenwich Collection, Part II / ANA Signature (Heritage, 8/2004), lot 7709.(Registry values: P1)

Coin Index Numbers: (NGC ID# 26ET, PCGS# 89121, Greysheet# 10123)

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.

View all of [Important Selections from The Bob R. Simpson Collection, Part VII ]

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