1891 $20 MS63 PCGS. CAC....

Description

Low Mintage 1891 Liberty Head Double Eagle, MS63
Second Finest Certified

1891 $20 MS63 PCGS. CAC. Only 1,390 business strike Liberty Head double eagles were minted in 1891, supplemented by 52 proof examples. Despite the minuscule production figure, the 1891 has been overshadowed by the rare dates of the 1880s, and the true rarity of the issue has never been appreciated. Few numismatists were interested in collecting double eagles in 1891 and the tiny supply of proof issues was undoubtedly adequate to satisfy contemporary demand. In their Encyclopedia of U.S. Gold Coins 1795-1933, Jeff Garrett and Ron Guth comment:

"Most of the important collections of previous generations did not have a circulation-strike example of the 1891 double eagle. Collectors considered a Proof example to be preferable and not a distinctly different issue. Modern numismatists now realize the importance and rarity of many previously overlooked Philadelphia issues. The 1891 double eagle is a prime example."

Nearly all early auction appearances of the 1891 double eagle feature proof examples, confirming the preference for this format noted by Garrett and Guth. An early appearance was in the William H. Woodin Collection (Thomas Elder, 3/1911), lot 1380, "1891. Brilliant proof. V. Rare. Only 1,442 of all kinds struck." The lot realized only $26, indicative of the low esteem in which proof coins in general were held by 1911 (while proof sets were popular in the 1890s, their popularity declined dramatically during the matte proof era, beginning in 1907). The fabulous Garrett Collection contained a complete gold proof set of 1891, probably purchased by Robert Garrett through Henry Chapman. The James Ten Eyck Collection (B. Max Mehl, 5/1922) also included a complete gold proof set of 1891 in lot 332, which realized $44.25.
Even when an early appearance was described as a business strike, it often turned out to be an impaired proof. The coin in lot 816 of the Smith, Dickie and Other Collections (Elder, 11/1935) was described as, "1891. $20. P. Mint. Only 1,442 struck. Fine and very rare. Worth $75." When the coin surfaced many years later as lot 4044 of the Norweb Collection (Bowers and Merena, 11/1988), the cataloger described it as, "1891 Proof-50. A Proof which spent a few months of its life in circulation, and which has various marks and evidences of handling over the Proof surface, although abundant Proof areas can still be seen."
It has only been in recent times that uncirculated examples of the 1891 double eagle began to appear on an equal footing with their proof cousins at public auction. A search of auction records over the last 15 years reveals only six offerings of an 1891 double eagle in Mint State grades through the major auction firms. The finest known example is the piece in The Dallas Bank Collection (Sotheby's/Stack's, 10/2001), lot 111, which realized $80,500. The coin appeared again in the FUN Signature Auction (Heritage, 1/2005), lot 30540, where it realized $155,250.
The number of surviving 1891 double eagles is the subject of some debate among the experts. In 1988, Walter Breen estimated a dozen business strikes were still extant, accompanied by perhaps 15-18 proofs. In the same year, the catalogers of the Norweb Collection speculated that as many as two dozen regular-issue examples might have survived, along with an equal number of proofs. By 1999, Doug Winter and Michael Fuljenz had revised the total upward to 35-45 business strikes and 20 proofs. Today, using population data from third-party grading services, experts still estimate a population of fewer than 100 examples in all grades. At the MS63 level, the issue is extremely rare. The present coin is the only specimen certified at the Select level by either of the major grading services, and only the Dallas Bank example has been graded finer (11/09).
The coin offered here is a magnificent example, with bright mint luster and semiprooflike fields on both sides. The strike is full over all design elements. A pair of faint alloy streaks are present on the obverse, one running diagonally down behind Liberty's head, and the other starting at a small copper colored void in the upper left obverse field. The reverse is virtually blemish free, while a few small abrasions in the obverse fields define the grade.(Registry values: N1)

Coin Index Numbers: (NGC ID# 26C2, PCGS# 9016, Greysheet# 9826)

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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