1892 $20 PR66+ ★ Ultra Cameo NGC. CAC....

Description

1892 Double Eagle, PR66+ ★ Ultra Cameo
Only 93 Examples Struck
Tied for Finest Certified

1892 $20 PR66+ ★ Ultra Cameo NGC. CAC. Collectors of Type Three proof double eagles face a strong challenge when trying to locate a high-grade 1892 example in the finest possible condition. For thirty years (1877 through 1907), Type Three proofs were struck by the Philadelphia Mint in extremely small quantities. Mintages range from a low of 20 pieces to a high of 120 or so pieces -- tiny numbers, when you consider less than 40% of these survive.

The 1892 date, in particular, has beguiled double eagle collectors for over a century. The proof issue is rare despite a "generous" mintage of 93 pieces. Today, experts agree no more than 25 examples of the date survive in proof format. Many of the survivors are impaired. Business strikes are also rare: Of 4,430 pieces produced, an estimated 12 to 24 Mint State 1892 specimens exist. Date collectors compete strongly for 1892-dated specimens and any example of the date (proof or not) is fair game.

As might be deduced from the limited mintages, only a few collectors, like John M. Clapp, Virgil Brand, James Ten Eyck, Nathan M. Kaufman, William Forrester Dunham, and David S. Wilson collected proof Liberty double eagles directly from the Philadelphia Mint in the 1890s. In some curious fashion, prominent U.S. gold collector William H. Woodin acquired two 1892 proof double eagles, as well as an example of the five and ten dollar proofs of that date. His collection did not include a proof 1892 quarter eagle, so he probably obtained his 1892 proof coins on the secondary market, rather than ordering gold proof sets from the Mint.

Collecting large-denomination gold coins finally became popular in the 1940s, when astute financiers like Louis E. Eliasberg, Sr. saw collecting double eagles as a legal means of investing in gold, after the Gold Recall of 1933. Proof double eagles were selling for hardly more than face value at the turn of the century, but prices sky-rocketed as the demand for these rare issues increased in the 1940s. A typical example was the coin offered in lot 1284 of the William Cutler Atwater Collection (B. Max Mehl, 6/1946):

"1892 Perfect brilliant proof, sharp with partly wire edge. Just the very faintest hair-line on right reverse, hardly noticeable and hardly worth mentioning, and this is only done for the sake of accuracy. It is as perfect a gem proof as is possible to obtain. Very rare in proof. Record $300.00."

The lot realized $410, increasing the former record by more than 25%. The popularity and value of these classic proof rarities has continued to increase over the years, and the coin offered in our January 2014 FUN Signature realized $188,000.

The best known 1892 proofs are the John Jay Pittman specimen and the H. Jeff Browning "Dallas Bank" Collection coin. Both grade PR66 PCGS Deep Cameo. The Browning specimen is generally considered the finest-known 1892 double eagle proof, and last sold at our Heritage April, 2012 Central States Signature auction, where it realized a strong price of $138,000.

Collectors are urged to consider the PR66 NGC Ultra Cameo example offered here as an attractive, equally high-grade alternative to its more famous counterparts. This coin, too, has claims to "finest known" with rich cameo contrast on deeply pooled, black fields. The eye appeal is extraordinary. An exquisitely detailed strike is evident as expected with the Premium Gem designation. This is a memorable, black-on-gold specimen sure to find its way into an advanced set of the finest proof gold. Census: 4 in 66 (2 in 66 ★ , 1 in 66+ ★ ), 0 finer (11/14).(Registry values: P2)

Coin Index Numbers: (NGC ID# 26ED, PCGS# 99108, Greysheet# 10085)

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