1887 $20 PR67+★ Cameo NGC. JD-1, High R.5....

Description

1887 Liberty Double Eagle, PR67+★ Cameo
Rare Proof-Only Issue
Finest-Certified Example

1887 $20 PR67+★ Cameo NGC. JD-1, High R.5. Ex: Miller Collection. Three Liberty Head double eagle issues from the decade of the 1880s--the 1883, 1884, and 1887--are proof-only productions; that is, no examples were struck for circulation in those years. To satisfy collector demand, the 1887 had an unusually high production figure for a proof issue--121 examples, with the coins delivered in quarterly batches of 26, 28, 10, and 57 pieces. However, as with so many proof issues in this series, the original mintage figures have virtually no meaning today. For the 1887 in particular, it is doubtful that more than 30-40 survivors are extant. It is possible that some were melted as unsold, but the large delivery in December seems to indicate there was significant demand for the issue, even at the end of the year. The coins purchased in December probably went to speculators, when it became apparent that no business strikes would be produced. Many examples were probably spent by their owners during hard financial times, or otherwise lost through attrition (imagine all the economic challenges that would occur in the next century after this coin's production: the Panic of 1893, the Panic of 1907, World War I, the Great Depression, World War II ... .)

The high mintage figure may, however, have had relevance in that some unknown collector in the late 19th century obtained one of the finest examples surviving of the issue. Did he (or she) go to the Philadelphia Mint and make a choice from among many examples, or was this phenomenal coin merely the product of serendipity? The answer is lost today in the sands of time.

The present PR67+★ Cameo NGC example is numerically the single finest certified specimen of the 1887 double eagle at either service. The finest two pieces at PCGS are PR66 Deep Cameo specimens. NGC has seen one submission that grades PR66 Ultra Cameo, but this coin is the only Superb Gem at either service, with both the Plus and Star kickers from NGC as further testament to its extraordinary eye appeal and surface quality (8/22).

The 1887 Liberty double eagle began appearing at auction as early as December of 1890, when an example was sold in the Chapman brothers' sale of the Thomas Cleneay Collection, part of a complete six-piece gold proof set in lot 438. P. Scott Rubin notes that the 1887 double eagle was only offered three or four times per decade between 1890 and 1940. Auction appearances have increased in recent years, with one or two coins sold each year, on the average. The record price realized for the issue is $456,000, brought by the PR66 Deep Cameo specimen in lot 3808 of the FUN Signature (Heritage, 1/2022).

A single die pair was used to strike all the proofs. In his Proof Encyclopedia, Walter Breen notes these die characteristics:

"Date below center, to r., left base of 1 almost over r. edge. Rev. possibly of 1886, tiny break in r. tail feathers just below arrow, less than in some other dates; left leaf of lys below beak disconnected."

Clearly, the Liberty Head proof double eagles are the stuff of numismatic dreams, as well as coins that are avidly pursued whenever exceptionally high-grade examples such as the present piece appear in the marketplace. This Superb Gem Cameo proof is mostly yellow-gold, with an even layer of orange over each side. As demanded at (and even below) this grade level, there are no apparent contact marks. The field-device contrast is powerful and dramatic, and the piece has been justly awarded NGC's Star designation for its exceptional quality. The pristine surfaces and desirable black-on-gold cameo flash complete a package of immense aesthetic and numismatic appeal.

While this coin may be the stuff of dreams for many, it will become a reality in the collection of the most determined bidder. This piece is a Registry Set essential. Census: 1 in 67 Cameo (1 in 67+★ ), 0 finer (8/22).
Ex: Henry Miller Collection; FUN Signature (Heritage, 1/2011), lot 5292, realized $402,500; ANA Signature (Heritage, 8/2012), lot 5427, realized $411,250.(Registry values: P5)

Coin Index Numbers: (NGC ID# 26E8, PCGS# 89103, Greysheet# 10069)

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.

View Certification Details from NGC