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Auction 1201 | Lot 5568 » Double Eagles » Liberty Double Eagles
1887 $20 PR66 NGC. (PCGS# 9103)
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Jan 12, 2014

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Sold For: $258,500.00
Auction 280 | Lot 4150 » Double Eagles » Liberty Double Eagles
1887 $20 PR66 NGC. The mintage figure for this proof-only date is listed in mint records as 121 pieces. It is very likely that at least some of these were never released and later melted. Given the fact that there are around 25 survivors, we believe that 50 or so pieces were melted. The 1887 is the third rarest of the fabled trio of proof-only issues from the 1880s, but it still ranks among the "rarest of the rare" when it comes to Double Eagles.

The NGC PR66 in the Eagle Collection could well be the finest known 1887 Double Eagle and it is the highest graded example seen by either service as of the end of 2001. Its combination of rarity and superlative condition make this an incredibly important coin.

The condition of this coin is phenomenal. The "orange peel" surfaces in the fields are deeply reflective and the devices are richly frosted (although the coin is not yet designated as a cameo). Light reddish tinted patina is seen over the surfaces and there are no mentionable surface flaws on either side of this extraordinary proof.

Recent auction records for the 1887 Double Eagle include the following:

Dallas Bank Collection (Stack's/Sotheby's, 10/01), lot 101, where it brought $54,625. Cataloged as "Choice Brilliant Proof."

Bass II (Bowers and Merena, 10/99), lot 1899, which realized $41,400; Gaston DiBello (Stack's 5/70), lot 1271. Graded PR64 by PCGS.

Byron Reed Collection (Spink America, 10/96), lot 170, which brought $41,800. Cataloged as "Choice Proof." (PCGS# 9103)
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Jan 12, 2002

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Sold For: $69,000.00
Auction 336 | Lot 3226 » Double Eagles » Liberty Double Eagles
1887 $20 PR64 Cameo NGC. Third in the series of three very rare, proof-only issues from the 1880s, the 1887 had an original mintage of only 121 pieces. However, it is very likely that some of these were never released and were later melted. Given the fact that there are around 25 survivors, it would seem logical that 50 or so pieces were melted. While the 1887 is the third rarest of the fabled trio of proof-only issues from the 1880s, it necessarily must still rank among the "rarest of the rare" in the entire double eagle series.

This is a magnificent coin. Only the slightest hairlines are seen in the fields, and other than that the only surface flaw we see is a shallow scrape in the right obverse field just above the bun in Liberty's hair. The fields are deeply mirrored and go absolutely "black" when angled away from the viewer. The devices are heavily frosted, and quite honestly, we don't see why this coin doesn't qualify as a Deep Cameo.

Among the more notable examples of the 1887 to be offered in recent years are:

Dallas Bank Collection (Stack's/Sotheby's, 10/01), lot 101, where it brought $54,625. Cataloged as "Choice Brilliant Proof."

Bass II (Bowers and Merena, 10/99), lot 1899, which realized $41,400; Gaston DiBello (Stack's 5/70), lot 1271. Graded PR64 by PCGS.

Byron Reed Collection (Spink America, 10/96), lot 170, which brought $41,800. Cataloged as "Choice Proof."

The Eagle Collection PR66 NGC coin (Heritage, 1/02), lot 4150. That coin brought $69,000.

This near-Gem qualifies as a mid-Condition Census example of this very rare and highly respected proof-only date. (PCGS# 9103)
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Jan 10, 2004

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Sold For: $63,250.00
Auction 342 | Lot 7591 » Double Eagles » Liberty Double Eagles
1887 $20 PR63 PCGS. The proof-only 1887 is another great rarity in the series of Liberty Double Eagles, with precious few extant pieces from an already tiny original production of 121 proofs. However, its low survival ratio suggests that some of these were never released and were later melted. Given the fact that there are around 25-30 survivors, it would seem logical that 50 or so pieces were lost to collectors in this manner.

The bright, watery mirrors of this Select specimen have the desirable "orange-peel" effect of proof gold coinage from this era and display a modest degree of contrast with the central devices. Wispy blemishes on the obverse are well scattered and not immediately obvious to the unaided eye. For those attempting to assemble a date set of Twenties or the ultra challenging complete set, the 1887 is certainly one of the most challenging issues in the series. Population: 3 in 63, 10 finer (10/03).
From a Magnificent Collection of Double Eagles. (PCGS# 9103)
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Jan 31, 2004

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Sold For: $46,000.00
Auction 107 | Lot 7426 » Double Eagles » Liberty Double Eagles
PCGS 1887 PR 64. The 1887 is a very rare proof-only date with an output of only 121 pieces. With no business strikes produced it ranks among the top eight rarest dates in the Coronet series. Possibly only 20-25 pieces exist today in all grades, including circulated proofs. This piece has terrific depth of mirrored reflectivity in the fields and the devices are moderately frosted, giving the coin a pleasing cameoed appearance. The reverse has a light hazy patina, but this does not materially affect the overall "look" of the coin. This is the finest 1887 certified by PCGS and is only surpassed by one piece that has been graded 65 by NGC. Trends $55,000. (PCGS# 9103)
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Aug 3, 1993

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Sold For: $44,000.00
Auction 163 | Lot 8567 » Double Eagles » Liberty Double Eagles
1887 PR 63 PCGS. The 1887 is a very rare proof-only date with an output of only 121 pieces. With no business strikes produced, it ranks among the top eight rarest dates in the Coronet series. Possibly only 20-25 pieces exist today in all grades, including circulated proofs. This piece has a good depth of mirrored reflectivity in the fields and the devices are moderately frosted, giving the coin a pleasing cameoed appearance. Both sides exhibit some light hazy patina, but this does not materially affect the overall "look" of the coin. This is one of only six 1887s certified by PCGS, 2 in PR 63, 4 in PR 64 (5/96). (PCGS# 9103)
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Aug 20, 1996

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Sold For: $23,100.00
Auction 324 | Lot 6924 » Double Eagles » Liberty Double Eagles
1887 $20 PR53 PCGS. The Proof-only 1887 is an important rarity in the series of Liberty Double Eagles, with a low survival ratio from a paltry original production of just 121 coins. Fewer than one third of the mintage survives today and some estimates place the number of specimens extant at an even lower figure. It was not unusual during major economic downturns such as the Panic of 1893 or the Great Depression for high denomination gold coins to end up in the channels of commerce. After all, $20 might have fed an entire family for weeks or made a couple of payments on the Model T. Only the truly wealthy might have avoided these situations entirely. This elusive 1887 Double Eagle probably stayed in circulation for six months or even a year. It maintains the rich golden coloration of Proof striking, but much of the watery brilliance is lost to wear. Still, its importance to those attempting to assemble a date set of Twenties or the ultra challenging complete set is quite obvious. (PCGS# 9103)
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May 31, 2003

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Sold For: $21,850.00

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