1861 $20 PR66 Deep Cameo PCGS. JD-1, High R.7....

Description

1861 Double Eagle, PR66 Deep Cameo
One of the Rarest Dates in the Series
Only Five Examples Traced
Ex: Carter-Trompeter

1861 $20 PR66 Deep Cameo PCGS. JD-1, High R.7. Ex: Simpson. John Dannreuther, Doug Winter, and Heritage's own David Stone have all acknowledged the 1861 Liberty Head proof double eagle as one of the rarest issues in the series. A confluence of events undoubtedly contributed to the date's extreme rarity, though they many not fully explain why so few examples are available today.

The first factor in limiting the distribution of proof coinage was the introduction of a proofing fee in 1860. Proofs had been available to collectors at face value up until that point. The additional charge likely had the unintended consequence of reducing demand for proofs across the board, at least early on. Perhaps even more significant was the onset of the Civil War in April 1861, after which point the Mint ceased specie payments and gold and silver were driven out of circulation. To be sure, collectors had other things on their minds.

The Mint struck 66 proof double eagles in 1861, all delivered on April 5. Sales were sluggish, however, and a substantial percentage of the mintage was melted during or after January 1862. That is not to say all were melted, though. John Dannreuther reports in United States Proof Coins, Volume IV: Gold (2018) that probably some of the proofs were swapped for circulation strikes and then sold over time for "face value or slightly over face value by Mint officials" to well-connected dealers and other insiders.

Today, five examples of the 1861 Liberty head double eagle are known in proof format. One or two others may exist, though the likelihood of one coming out of the woodwork seems small. Of those traced, two are permanently housed in institutional collections: One is in the National Numismatic Collection at the Smithsonian Institution, and the other resides in the American Numismatic Society holdings. Remarkably, this is only the second 1861 proof double we have offered since 1993, the other being a PR63 Cameo coin graded by NGC that was sold as lot 4506 in our August 2015 ANA Signature Platinum Night session.

The Bob Simpson example presented here is widely recognized as the sole finest extant. It can be traced back to the collection of another Fort Worth oilman, Amon G. Carter, Sr., where the Stack's cataloger called it "A choice example" of "One of the rarest of all double eagle Proofs... ." Ed Trompeter purchased the coin out of the Carter sale. Heritage Auctions purchased the entirety of that collection in 1998, selling off the individual coins privately of the course of a couple of years. This example found its way into the Franklinton Collection. It made its last public appearance as PR67 Ultra Cameo NGC in the August 2006 American Numismatic Rarities sale of that collection, where it was described as:

An intensely beautiful gem Proof, a superb coin by any standards. Heavily frosted motifs, blemish free we might add, sit serenely against deep mirror fields, as though chiseled from living gold. An exquisite coin, and easily among the most beautiful gold coins ever seen by the present writer in nearly 20 years of numismatic cataloguing."

The coin, now graded in PR66 Deep Cameo by PCGS, retains its immaculate, glittering surfaces. Off the market for more than 15 years, this is an unparalleled opportunity for advanced collectors and trophy coin hunters to add the single finest example of one of the rarest Liberty Head double eagles in the series to their collection. Population: 1 in 66 Deep Cameo, 0 finer (11/21).

Roster of 1861 Proof Double Eagles
1. PR66 Deep Cameo PCGS. Amon G. Carter Family Collection (Stack's, 1/1984), lot 861; Ed Trompeter; Heritage Auctions privately, circa 1998; Old West and Franklinton Collections (American Numismatic Rarities, 8/2006), lot 1618 (as PR67 Ultra Cameo NGC), realized $483,000. The present specimen.
2. PR64 Deep Cameo PCGS. William Cutler Atwater Collection (B. Max Mehl, 6/1946), lot 1253; Samuel Wolfson Collection (Stack's, 10/1962), lot 875; Sale of the 70's (Kagin, 11/1973), lot 1786; Auction '84 (Paramount, 7/1984), lot 965; Goliad Corporation; purchased privately in August 1984 by Harry W. Bass, Jr.; Bass Collection, Part II (Bowers and Merena, 10/1999), lot 1741; Stuart Levine.
3. PR63 Deep Cameo, grade per Garrett and Guth. Mint Cabinet, obtained from the coiner on September 24, 1861; National Numismatic Collection at the Smithsonian Institution.
4. PR63 Cameo NGC. ANA Signature (Heritage, 8/2015), lot 4506. Previous pedigree unknown.
5. Proof. R.C.H. Brock, part of a complete gold proof set; J.P. Morgan; American Numismatic Society in 1908, exhibited at the 1914 ANS Exhibition.

Additional Appearances
A. Proof. George F. Seavey, part of a complete minor, silver, and gold proof set probably purchased directly from the Mint in 1861; Seavey Descriptive Catalog (William Strobridge, 6/1873), lot 823; purchased, along with the rest of Seavey's collection, by Lorin G. Parmelee; Parmelee Collection (New York Coin & Stamp, 6/1890), lot 1316 (set dispersed); William Woodin.
B. Proof. Mendes I. Cohen Collection (Edward Cogan, 10/1875), lot 248, part of a six-piece gold proof set; Thomas Cleneay; Cleneay Collection (S.H. & H. Chapman, 12/1890), lot 409; M.A. Brown Collection (S.H. & H. Chapman, 4/1897), lot 98 (set still intact).
C. Proof. A specimen purchased by Virgil Brand from S.H. Chapman in 1912 as part of an 1861 gold proof set (Brand journal number 63638); Brand Estate; Horace Brand.
D. Proof. F.C.C. Boyd; World's Greatest Collection (Numismatic Gallery, 1/1946), lot 864; Jacob Shapiro (aka J.F. Bell); Memorable Collection (Numismatic Gallery, 3/1948), lot 686.
E. Choice Brilliant Uncirculated. Auction '90 (RARCOA, 8/1990), lot 974, although the coin was cataloged as Uncirculated, the image appears to be a proof and PCGS lists this coin as PR63 in their Auction Prices Realized.(Registry values: P7)

Coin Index Numbers: (NGC ID# 26DC, PCGS# 99073, Greysheet# 9992)

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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