1887 $20

Description

1887 Double Eagle--Possibly Finest Known Example of This Rare, Proof-Only Issue

1887 $20 PR66 NGC. The mintage figure for this proof-only date is listed in mint records as 121 pieces. It is very likely that at least some of these were never released and later melted. Given the fact that there are around 25 survivors, we believe that 50 or so pieces were melted. The 1887 is the third rarest of the fabled trio of proof-only issues from the 1880s, but it still ranks among the "rarest of the rare" when it comes to Double Eagles.
The NGC PR66 in the Eagle Collection could well be the finest known 1887 Double Eagle and it is the highest graded example seen by either service as of the end of 2001. Its combination of rarity and superlative condition make this an incredibly important coin.
The condition of this coin is phenomenal. The "orange peel" surfaces in the fields are deeply reflective and the devices are richly frosted (although the coin is not yet designated as a cameo). Light reddish tinted patina is seen over the surfaces and there are no mentionable surface flaws on either side of this extraordinary proof.
Recent auction records for the 1887 Double Eagle include the following:

Dallas Bank Collection (Stack's/Sotheby's, 10/01), lot 101, where it brought $54,625. Cataloged as "Choice Brilliant Proof."

Bass II (Bowers and Merena, 10/99), lot 1899, which realized $41,400; Gaston DiBello (Stack's 5/70), lot 1271. Graded PR64 by PCGS.

Byron Reed Collection (Spink America, 10/96), lot 170, which brought $41,800. Cataloged as "Choice Proof."

Coin Index Numbers: (NGC ID# 26E8, PCGS# 9103, GSID# 10068)

Metal: 90% Gold, 10% Copper
Weight: 33.44 grams
AGW: 0.9675oz
Mintage: 121

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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