1884 $20 PR64+ Cameo PCGS. JD-1, R.6....

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1884 Double Eagle, PR64+ Cameo
Seldom Seen in Any Grade
Lowest-Mintage Proof-Only Issue of the 1880s

1884 $20 PR64+ Cameo PCGS. JD-1, R.6. The 1884 Liberty double eagle is a landmark rarity in the popular series, from a proof-only mintage of 71 pieces. In their Encyclopedia of U.S. Gold Coins 1795-1933, Jeff Garrett and Ron Guth report:

"Along with the 1883 and 1887 issues, the 1884 double eagle is one of the highly regarded Proof-only issues of the series. The date is one of the most famous and sought-after coins of the Type 3 design. At least three coins are housed in museum collections, and there are only 15 to 20 specimens in private hands. Several of these are slightly impaired and at least one has been harshly polished."

As might be expected, public offerings of any 1884 Liberty double eagle are few and far between. This lot represents an important opportunity for advanced collectors to acquire a Condition Census example of this celebrated proof-only gold rarity.

Double Eagle Production in the 1880s
The government began accepting gold and silver coinage at par with paper money after 1879, but large denomination gold coinage was seldom seen in circulation in the eastern part of the country after the Civil War. The populace had become accustomed to the more convenient paper currency in the interim. This was not the case in the western regions, which remained devoted to a hard money economy until the World War I era. After the Bland-Allison Act passed in 1878, the Mint was tasked with producing enormous numbers of silver dollars every year. Accordingly, the Philadelphia Mint concentrated its resources on silver dollar production throughout most of the decade of the 1880s, leaving the San Francisco Mint (with some help from Carson City) to produce the large number of double eagles needed to settle large accounts in foreign trade and support the regional hard money economy. Mintages of double eagles were uniformly small at the Philadelphia Mint throughout the 1880s, and in three years (1883, 1884, and 1887) no business-strike double eagles were produced. The Mint did strike small mintages of proof double eagles for collectors every year, however.

The 1884 Liberty Double Eagle
The mintage of proof double eagles in 1884 was a meager 71 pieces. The proofs were delivered in quarterly batches of 42, 12, 5, and 12 pieces, with 30 of the coins issued with the complete gold proof sets on January 19. A single pair of dies was used to strike all the proofs. The lack of any business-strike alternatives has always put extreme date-collector pressure on the small supply of proofs. Gold specialist David Akers noted:

"As a date, the 1884 is the second rarest in the entire Liberty Head Double Eagle series after the excessively rare 1861 Paquet. In particular, it is more rare than the 1854-O, 1856-O, 1870-CC and the 1882 ... I estimate that approximately 13-15 proof 1884's are known."

More recently, PCGS CoinFacts estimates the surviving population of the 1884 at 18 to 20 examples in all grades, while John Dannreuther suggests a slightly larger number of 20 to 24 specimens extant. PCGS and NGC have combined to certify 22 examples between them, including three impaired coins and an unknown number of resubmissions and crossovers (11/24).

Physical Description
The present coin is a spectacular Plus-graded Choice proof, with fully struck design elements that show intricate detail on Liberty's hair, all star centers, and the feathers in the eagle's tail. The well-preserved orange-gold surfaces include deeply reflective fields that contrast boldly with the richly frosted devices. The resulting cameo effect is dramatic when the coin is tilted in the light. Overall eye appeal is terrific. This exceptional proof gold rarity will be a welcome addition to the finest collection or Registry Set. Population: 2 in 64 Cameo, 1 finer (12/24).

1884 Proof Double Eagles, List of Significant Examples
This list of significant examples was compiled by Ron Guth and The Numismatic Detective Agency.
1. PR66 Cameo PCGS. James A. Stack, Sr. Collection (Stack's, 3/1995), lot 737, $57,750; Richmond Collection, Part I (David Lawrence, 7/2004), lot 2330, $115,000; Fort Lauderdale Elite (Superior, 1/2005), lot 1127, $111,550; Franklinton Collection (American Numismatic Rarities, 8/2006), lot 1644, $264,500.
2. PR66 Cameo NGC. FUN Signature (Heritage, 1/2004), lot 3225, $149,500; Donald E. Bently Collection (Heritage, 4/2014), lot 5849, $246,750.
3. PR65+ Deep Cameo. CAC. John Work Garrett Collection; Johns Hopkins University Collection (Stack's, 3/1976), lot 482; Christopher Bently Nob Hill Collection (Heritage, 8/2014), lot 5746, $235,000; FUN Signature (Heritage, 1/2015), lot 4406, $246,750.
4. PR65 Deep Cameo PCGS. AWA Collection; D.L. Hansen Collection.
5. PR65 Uncertified. (Edouard Frossard, 5/1901), lot unknown; John M. Clapp Collection; John H. Clapp Collection, sold intact via Stack's in 1942; Louis E. Eliasberg, Sr. Collection (Bowers and Ruddy, 10/1982), lot 965, $82,500; Auction '85 (Superior, 7/1985), lot 981.
6. PR64+ Cameo PCGS. Prior provenance unknown. The present coin.
7. PR64 Deep Cameo Uncertified. Josiah K. Lilly Collection, donated intact by Lilly's estate in 1968 to the National Numismatic Collection in exchange for a $5.5 million tax credit; National Numismatic Collection at the Smithsonian Institution (ID #NU68.159.0391).
8. PR64 Deep Cameo Uncertified. Mint Cabinet Collection, obtained in the year of issue; National Numismatic Collection at the Smithsonian Institution (ID #1985.0441.0967).
9. PR64 Cameo PCGS. King of Siam Sale (Bowers and Merena, 10/1987), lot 2096; Public Auction Sale (Stack's, 3/1994), lot 1626, $45,100; Duquesne Collection (Heritage, 8/2015), lot 4508, $164,500.
10. PR64 Cameo PCGS. Harry W. Bass, Jr. Collection, Part II (Bowers and Merena, 10/1999), lot 1891, $46,000; Magnificent Collection (Heritage, 1/2004), lot 7590, $103,500. Claimed in the Bass catalog to be ex Stack's Garrett sale, March 1976, Lot 482 (see #3 above) however the plates don't appear to match.(Registry values: P9)
From The Mississippi Collection of Double Eagles.

Coin Index Numbers: (NGC ID# 26E5, PCGS# 89100, Greysheet# 10060)

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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