1860 $20 PR65+ Cameo PCGS. CAC. JD-1, Low R.7....

Description

1860 Liberty Double Eagle, PR65+ Cameo
Rare Early Proof Gold Issue
Only Seven Examples Traced

1860 $20 PR65+ Cameo PCGS. CAC. JD-1, Low R.7. Ex: Harry W. Bass, Jr. Collection. On December 22, 1859, Mint Director James Ross Snowden issued a Mint Circular that established new policies for commercial proof offerings. A small charge was added to each order to cover the added expense of proofing (previously, proofs were purchased for face value, plus postage). A six-piece gold proof set, with a face value of $41.50, would now cost $43.00. Additionally, official mintage figures for proofs were recorded for the first time in 1860. The new policy specified that proofs were to be sold as complete sets, and sales of individual proof coins were prohibited. John Dannreuther believes this last policy was loosely enforced before 1862, as records indicate the proof mintages varied between the different denominations in 1860 and 1861. The policy seems to have been more strictly enforced between 1862 and 1880, closely corresponding with the period when the government suspended specie payments at par. Sales of individual proof coins were resumed after 1880.

Mintage and Rarity of the 1860 Proof Liberty Double Eagle
In accordance with the new policies, the mintage of 59 proof Liberty double eagles was duly recorded in 1860, with the coins all delivered on April 5. A single pair of dies was used to strike all the proofs, with a low, level date and no polish in the clear spaces of the shield. The crossbar of the A in STATES was complete, as opposed to the broken A seen on the 1859 proof reverse. This was the only use of both dies.

Unfortunately, the new extra charge seems to have dampened collector enthusiasm for proofs in 1860. Based on frequency of appearance and population data, both John Dannreuther and PCGS CoinFacts estimate the surviving population at 8-10 examples in all grades. This extremely low survival rate suggests many of the coins went unsold. Research by R.W. Julian indicates the unsold coins were melted for recoinage in January 1862. PCGS and NGC have combined to certify 15 submissions between them, including an unknown number of resubmissions and crossovers (8/22). We have attached a roster of the seven specimens known to us below (thanks to Ron Guth and the Numismatic Detective Agency for providing this research). Of the seven coins in our roster, one is impounded in the National Numismatic Collection at the Smithsonian Institution, and another is in the collection of the American Numismatic Society, both forever out of reach of eager collectors. In United States Proof Coins, Volume IV: Gold, John Dannreuther estimates a similar total of 8-10 1859 proof double eagles are extant. As rare as these dates are, the 1859 and 1860 issues are the only pre-Civil War proof double eagles a collector can reasonably hope to acquire.

Early Appearances
Walter Breen believed as many as 30 gold proof sets were actually distributed in 1860. A complete gold proof set was purchased for the Mint Cabinet on March 19, 1860, two weeks before the double eagles were delivered by the coiner, but the double eagle from that set is no longer in the collection. It may be that the regular proof twenty was traded in some later, unrecorded transaction. Alternatively, the twenty dollar piece in the set may have actually been the 1860 gold pattern for the Paquet double eagle, Judd-272a, which is still in the collection.

During the 19th century, the 1860 proof double eagle was rarely publicly offered, as proof gold issues realized only small premiums during that era. It is likely that many owners simply spent the big gold coins during the hard times of the Civil War, Reconstruction, and the Panic of 1893, when the spending power of $20 went a long way toward meeting a family's needs. Whenever proof double eagles were offered during this period, it was almost always as part of complete gold proof sets. An early example was the set offered in lot 247 of the catalog of the Colonel Mendes I. Cohen Collection (Edward Cogan, 10/1875), in the American Gold section, "1860 Beautiful proof set." The lot realized $58, to Cincinnati collector Thomas Cleneay, a strong price at the time. When the same set sold in lot 408 of the Chapman brothers' sale of Cleneay's collection in December 1890, it realized only $51, a more typical price for that period. Things changed rapidly during the World War I era, when dealers began breaking up the sets to satisfy collector demand for individual issues. By the mid-1920s, it was rare to see a complete gold proof set from this time frame. Of course, prices for individual gold proofs have risen exponentially over the years. The PR66 Cameo NGC 1860 double eagle in our sale of the Charles G. Wtight Family Collection realized $367,187.50 in August 2014.

The Present Coin
This remarkable specimen first surfaced in a B. Max Mehl sale in 1930, after most of the gold proof sets had been broken up. It was described in lot 614 of the Frank Lusk and E.W. Leonard Collections (12/1930) as, "1860 Perfect brilliant proof. Extremely rare in proof. Listed up to $100." The lot realized $52, a strong price in the Great Depression era, and more than the entire six-piece gold proof set realized in the Cleneay sale.

This piece next appeared almost exactly 40 years later, in lot 418 of the Alto Collection (Stack's, 12/1970):

"1860 Brilliant Proof. Almost perfect state of preservation. Struck in deep yellow gold. Acquired at a B. Max Mehl sale in December 1930. An extremely rare date in Proof, lacking in sales for over a decade. Though 59 specimens are recorded struck, we sincerely doubt if ten are available today in collections. Worth far in excess of the catalog valuation."

The lot realized $2,200, to prominent gold specialist Harry W. Bass, Jr. Bass retained this prize, along with the rest of his collection, throughout his lifetime. It has been part of the Harry Bass Core Collection ever since. The collection has been on display at ANA Headquarters in Colorado Springs for two decades, and has been exhibited at major coin conventions all over the country. Heritage Auctions is indeed privileged to present this landmark rarity in just its third auction appearance.

Physical Description
This Plus-graded Gem exhibits razor-sharp definition on all design elements, with intricate detail evident on all star centers and the eagle's feathers. The deeply mirrored fields contrast boldly with the richly frosted devices to create a startling cameo effect. The well-preserved honey-gold surfaces are free of mentionable distractions and show a few highlights of olive patina in selected areas. Overall eye appeal is terrific and the high technical quality within the grade is confirmed by CAC. This coin is the finest-certified example at PCGS, making it an outstanding Registry Set contender. With only five examples available to collectors, it may be years before another example is publicly offered. This coin is pictured on PCGS CoinFacts. Population: 1 in 65 (1 in 65+) Cameo, 0 finer. CAC: 1 in 65, 0 finer (8/22).

Roster of Proof 1860 Liberty Double Eagles
Thanks to Ron Guth and the Numismatic Detective Agency for help in compiling this roster.
1. PR66 Cameo NGC. Heman Ely Collection; W. Elliot Woodward, sold privately 9/1/1893; T. Harrison Garrett Collection; Robert and John Work Garrett; John Work Garrett bought out his brother's interest in the collection, circa 1919; Johns Hopkins University Collection, by bequest; Garrett Collection, Part II (Bowers and Ruddy, 3/1980), lot 789, realized $80,000; Father Flanagan's Boys Home (Superior, 5/1990), lot 5737, realized $148,500; Henry Miller Collection (Heritage, 1/2011), lot 5276, realized $230,000; Charles G. Wright Family Collection (Heritage, 8/2014), lot 5741, realized $367,187.50.
2. PR65+ Cameo PCGS. CAC. Lusk and Leonard Collections (B. Max Mehl, 12/1930), lot 614; Alto Collection (Stack's, 12/1970), lot 418; Harry W. Bass, Jr. Foundation Collection (HBCC# 1036). The present coin.
3. PR64 Deep Cameo PCGS. Samuel W. Wolfson Collection, Part I (Stack's, 10/1962), lot 872; ANA Signature (Heritage, 4/2006), lot 2294, realized $201,250.
4. PR64 Cameo PCGS. Theodore Ullmer Collection (Stack's, 5/1974), lot 521; Central States Signature (Heritage, 4/1999), lot 6259, realized $54,625; Greenwich Collection, Part III (Heritage, 9/2004), lot 7983, realized $94,875; Slotkin Family Trust Collection (Heritage, 4/2011), lot 5492, realized $230,000.
5. PR64 Cameo PCGS. Ed Trompeter Collection; Long Beach Signature (Heritage, 2/2000), lot 6883, realized $71,300; Greenwich Collection, Part II (Heritage, 8/2004), lot 7683, realized $132,250; Santa Clara Sale (Superior, 7/2005), lot 556, realized $189,750; ANA Sale (Bowers and Merena, 8/2006), lot 4397, realized $189,750.
6. PR63 Deep Cameo Uncertified. Josiah K. Lilly Collection; National Numismatic Collection at the Smithsonian Institution.
7. PR63 Uncertified. J. Colvin Randall Collection, possibly obtained in the year of issue; J.P. Morgan Collection, gifted to the following in 1908: American Numismatic Society.
Note: Some earlier citations may or may not be additional examples, but they cannot be matched to any of the examples listed above because of a lack of plates or poor image quality.
From The Harry W. Bass, Jr. Core Collection, Part I.(Registry values: P7)

Coin Index Numbers: (NGC ID# 26DB, PCGS# 89072, Greysheet# 9988)

Metal: 90% Gold, 10% Copper
Weight: 33.44 grams
AGW: 1.06oz

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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