1887 $20 PR64+ Deep Cameo PCGS. JD-1, High R.5....

Description

1887 Liberty Double Eagle, PR64+ Deep Cameo
Highly Sought-After Proof-Only Issue
Only 121 Examples Struck

1887 $20 PR64+ Deep Cameo PCGS. JD-1, High R.5. The 1887 Liberty double eagle is one of the rarest and most popular issues of the Type Three series. The 1887 was only produced in proof format and, in the words of gold specialist David Akers, it "necessarily ranks as one of the rarest of all Double Eagles from the standpoint of total number of specimens known." Any appearance of an 1887 proof double eagle is a noteworthy event and this lot represents an important opportunity for the advanced collector.

The provisions of the Bland-Allison Act of 1878 required the Philadelphia Mint to devote most of its resources to striking enormous numbers of Morgan dollars throughout the decade of the 1880s. For this reason, the Philadelphia facility produced only small mintages of double eagles during most of this era, largely shifting the production of high denomination gold coins to the San Francisco Mint, which was closer to the Western gold fields. In fact, no business-strike double eagles were struck at the Eastern facility during three years of the decade - 1883, 1884, and 1887. Of course,the San Francisco Mint continued to strike large numbers of double eagles for commercial use throughout much of this period, and the Carson City Mint contributed a few smaller productions to support the regional economy. Fortunately, the Philadelphia Mint continued to produce a number of proofs for collectors throughout the decade.

Accordingly, a generous mintage of 121 proof Liberty double eagles was struck in 1887, to satisfy collector demand. The proofs were delivered in quarterly batches of 26, 28, 10, and 57 pieces, indicating strong demand throughout the year. A single die pair was used to strike all the proofs. The 1887 proofs were well produced and many examples seen have sharp strikes, with strong field/device contrast. In United States Proof Coins, Volume IV: Gold, John Dannreuther estimates the surviving population at 30 to 40 examples in all grades.

The 1887 double eagles began appearing at auction at an early date, but gold proofs realized only modest premiums during this era. Most early public offerings were for complete gold proof sets, but these sets were almost all broken up later. An early appearance was in lot 438 of the Thomas Cleneay Collection (S.H. & H. Chapman, 12/1890), "1887 20, 10, 5, 3, 2 1/2, 1 dollars. Extremely rare." The lot realized $46, a typical price for the time. Collector demand for gold proofs has increased exponentially in recent years, and prices realized for 1887 proof double eagles have increased accordingly. No PR64 Ultra or Deep Cameo examples have sold in more than a decade (a PR64 Deep Cameo example sold in a Heritage sale in 2008 for $155,250), but recent sales include a PR65 Deep Cameo PCGS example in a Stack's Bowers sale in 2022 that realized $420,000.

The coin offered here is a spectacular Plus-graded Choice proof that exhibits razor-sharp definition on all design elements. The richly frosted devices contrast profoundly with the deeply mirrored fields to create an intense cameo effect when the coin is tilted in the light. The well-preserved orange-gold surfaces show only a few minor ticks and hairlines in the fields. Overall eye appeal is terrific and the high quality within the grade is confirmed by the Plus designation. This coin should find a home in the finest collection or Registry Set. Population: 4 in 64 (2 in 64+) Deep Cameo, 5 finer (12/24).(Registry values: P5)
From The Mississippi Collection of Double Eagles.

Coin Index Numbers: (NGC ID# 26E8, PCGS# 99103, Greysheet# 10070)

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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