1883 $20 PR64 Deep Cameo PCGS....

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$158,625.00 Bid Source: Live: Floor bidder

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1883 Double Eagle, PR64 Deep Cameo
Rare Proof-Only Issue, Seldom Seen in Deep Cameo
Perhaps 20 Examples Survive in All Grades

1883 $20 PR64 Deep Cameo PCGS. The 1883 Liberty Head double eagle was the first of three proof-only issues within the decade of the 1880s, along with the 1884 and 1887 double eagles. Only 92 proofs were struck of the 1883 double eagle, 71 of the 1884, and 121 of the 1887.

Needless to say, the dates are eagerly pursued equally by series specialists and those who just love to purchase truly rare coins, regardless of series.

For many years the mintage of the 1883 was thought to be only 40 proofs, but later the figure was updated to include a production of 52 other coins. It is, nevertheless, uncertain -- in fact, unlikely -- that all those coins were sold.

The three proof-only Philadelphia double eagle issues of the 1880s are punctuated by other P-mint productions that are remarkable for being among the lowest in U.S. coinage, although not proof-only. For example, the 1882 and 1885 double eagles saw examples made for circulation as well as proofs, but the business-strike totals were only 571 and 751 pieces, respectively.

The reasons for the sharply lower double eagle production quotas during the 1880s can be traced back to national policy at the federal level on the part of Treasury officials. Rusty Goe writes in The Mint on Carson Street concerning the 1882-CC double eagles:

"... double eagle output was decreased on a national scale as the Treasury implemented its new policy of expanding the distribution of $5 and $10 gold pieces.

"It was the Treasury's conviction that if more gold coins in denominations less than twenty dollars were in reserve at Mint offices around the country, depositors would accept these coins in payment in lieu of waiting for additional double eagles to be struck. As stated in the Director of the Mint's Annual Report, 'while the law gives the depositors the option into what denominations his bullion shall be coined, if in lieu of waiting for such coins to be struck he asserts his right to be paid the value out of the bullion funds kept by the Treasury at the Mint ... he must take such funds and denominations as are lawfully provided.' "

It is quite likely that the actual distribution of the three proof-only double eagle issues was lower than the number of proof coins reportedly struck. Jeff Garrett and Ron Guth write in the second edition of their Gold Encyclopedia that only about 20 examples survive of the 1883, despite the reported 92 proof strikes. That total includes two pieces in the Smithsonian, one in the ANS, and a number of impaired pieces.

Deep Cameo proof Liberty Head double eagles are among the most prized trophies in American numismatics, and the ownership of even a single example of any date confers high honor on the possessor. High-grade Deep Cameo examples of this proof-only issue are, of course, in even greater demand among various collecting segments. Such pieces appear infrequently at auction, to say the least. This PR64 Deep Cameo PCGS example is one of two submissions in that grade, and PCGS has seen two in PR65 Deep Cameo and four in PR66 Deep Cameo, with the usual caveat that there may be overlap and duplications in such data (6/14). NGC shows a similar grade distribution at the Ultra Cameo contrast level.

The only fairly recent trade of a Deep Cameo example of the 1883 was in our FUN Signature (Heritage, 1/2014), lot 5566, where a PR65 Deep Cameo PCGS piece changed hands for $282,000. Before that, we note trades at the same grade level in 2004 and 2005. We also find no trades in Cameo more recent than 2006, when a PR65 Cameo NGC example brought $212,750 as lot 3580 in our FUN Signature.

This piece is more yellow-gold than orange- or reddish-gold, a coin showing the expected and desired full proof strike on surfaces that are sharply contrasted between the reflective fields and heavily frosted devices. Only a mark on the upper portion of Liberty's neck and a couple of shallow hairlines in the lower left obverse field prevent an even higher grade. Population: 2 in 64 Deep Cameo, 3 finer (6/14).
From The Christopher Bently Nob Hill Collection.(Registry values: P9)

Coin Index Numbers: (NGC ID# 26E4, PCGS# 99099, GSID# 10058)

Metal: 90% Gold, 10% Copper
Weight: 33.44 grams
AGW: 0.9675oz

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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