1901 $20 PR66+ Deep Cameo PCGS. CAC. JD-1, Low R.5....

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1901 Double Eagle, PR66+ Deep Cameo
CAC-Approved Registry-Grade Example
Single Finest Certified at PCGS

1901 $20 PR66+ Deep Cameo PCGS. CAC. JD-1, Low R.5. Ex: Simpson. The Philadelphia Mint struck a small production of just 96 proof Liberty double eagles for collectors in 1901, to accompany a smallish business-strike mintage of 111,430 pieces. The proof mintage was reduced considerably from the 124 examples struck the year before, and was notably smaller than the 114-piece production accomplished in 1902. The coins were delivered in quarterly batches of 48, 13, 4, and 31 examples. PCGS CoinFacts estimates the surviving population at 40-50 examples in all grades, while John Dannreuther offers a slightly more generous estimate of 40-60 specimens extant. A number of survivors are in impaired condition. One coin is included in the National Numismatic Collection at the Smithsonian Institution, one is in the collection of the American Numismatic Society, and a third is in the Harry Bass Core Collection at ANA headquarters.

A single pair of dies was used to strike all the proofs. The obverse die has the following diagnostics: two parallel die lines from the curl above the ear, several parallel die lines from the curl below the ear, and many other lines from the lower curls. These features make it possible to distinguish between proofs and prooflike business strikes. The reverse master die had been modified the year before, but the changes only appeared on business-strike coins, as the proof reverse die had been produced from an old hub. Accordingly, the 1901 proofs were the first to show the new features, like the smooth neck feathers on the eagle, the sharpened leaf points at the lower part of the scroll, and the accented motto on the scroll.

Many numismatists have noted that the Mint switched to an all-brilliant finish for proof coins in 1902, but this may have been a more gradual process that extended over several years, rather than a sudden abandonment of the popular contrasted field/device finish used on earlier proofs. In United States Proof Coins, Volume IV: Gold, John Dannreuther notes:

"The 96 proofs struck in 1901 are scarce with heavy frost, as the lighter frost found from 1898 onward begins to become even lighter. Only a few coins have received the coveted deep cameo designation.
"By 1902 one almost never sees a cameo designation, much less a deep cameo example. In 1903, not a single deep cameo double eagle has been seen by a third-party grading service, with cameo examples scarce."

Although gold proofs could be purchased individually during this era, most proof 1901 Liberty double eagles were sold as part of complete four-piece gold proof sets. Collecting large denomination gold coins did not become popular in this country until the 1930s and proofs of this era brought only small premiums when offered in the early 20th century. An early gold proof set offering was in lot 361 of the David S. Wilson Collection (S.H. Chapman, 3/1907), "1901 $20, $10, $5, $2 1/2. Complete set. 4 pcs." The lot, with a face value of $37.50, realized $50. Eventually, almost all the gold proof sets were broken up, to satisfy collector demand for the smaller denomination gold coins, which were much more popular with collectors at the time. Collector demand for large denomination gold coins increased dramatically after the Gold Recall of 1933 took effect, and prices for 1901 proof double eagles have skyrocketed in recent years. Sales include the PR66★ Cameo example that sold for $112,125 in a Heritage sale in 2011.

The coin offered here is a Plus-graded Premium Gem proof that exhibits razor-sharp definition on all design elements, with full star centers and intricate detail on Liberty's hair and the eagle's feathers. Unlike most proofs of this date, the devices have a rich coat of mint frost that contrasts profoundly with the deeply mirrored fields to create a startling gold-on-black cameo flash when this coin is tilted in the light. The virtually flawless yellow-gold surfaces show a few minor hairlines in the field on close inspection, and a tiny lintmark in the lower right obverse field, near the lowest curl. Overall eye appeal is terrific. This piece is the only 1901 proof Liberty double eagle to receive a Deep Cameo designation from PCGS and it is the single-finest certified example from that grading service. Registry Set enthusiasts should bid accordingly. This coin is the plate coin for United States Proof Coins, Volume IV: Gold. Population: 1 in 66 (1 in 66+) Deep Cameo, 0 finer. CAC: 1 in 66, 0 finer (1/22).(Registry values: P1)

Coin Index Numbers: (NGC ID# 26EN, PCGS# 99117, Greysheet# 10112)

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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