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

Description

1901 Double Eagle, PR66 Deep Cameo
Rare High-Contrast Representative
Second on the Condition Census

1901 $20 PR66 Deep Cameo PCGS. CAC. JD-1, Low R.5. Ex: Harry W. Bass, Jr. Collection. For many collectors, an example of the largest regular-issue coinage denomination struck by the United States Mint in carefully produced proof format represents the apex of what this hobby is about. Rarity and beauty, historical and numismatic significance are all wrapped up in one. Combine that with the sheer weight and heft of these coins and it all makes perfect sense why they are put on such a pedestal.

By 1901, the Mint had perfected the art of striking high-contrast proofs. The use of a hydraulic press introduced in 1894 greatly enhanced the Deep Cameo effect that officials were able to create, and on a more consistent basis. The latter years of the 19th century are generally considered the peak of the Mint's proof coinage capabilities. And yet, inexplicably, things changed in 1902, just a year after this proof was manufactured. The Mint abandoned its popular, tried-and-true method for striking proofs for an all-brilliant finish that all but eliminated contrast between the fields and devices.

The 1901 Liberty Head double eagle represents the final year of use for the beloved cameo finish that characterized proof coinage for the latter half of the 19th century. Even so, Deep Cameo representatives can be challenging to locate. John Dannreuther explains in United States Proof Coins, Volume IV: Gold, Part II: "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."

The Harry W. Bass, Jr. Core Collection coin is one of those select rarities. It is one of only two Deep Cameo submissions at PCGS, the other being the Bob R. Simpson Collection example in PR66+ Deep Cameo. PCGS reports a majority of coins in the non-Cameo category with 24 grading events listed. Another 18 submissions have received a Cameo designation. At NGC, there are 14 1901 double eagle proofs in the non-Cameo category, 28 in the Cameo category, and just four with Ultra Cameo contrast. Keep in mind that these figure include unknown duplications, like crossovers and resubmissions. Dannreuther proposes a total surviving population of only 40 to 60 individual coins, far fewer than the 90 problem-free grading events reported at PCGS and NGC combined (5/23).

The last time this Premium Gem proof was available more than a half century ago, it was described as:

"Brilliant Proof. A glittering two-tone specimen. If one wanted to be hyper-critical, under magnification, they probably could find a hairline or two. A beautiful example of this elusive date. Very rare."

The coin still possesses that two-tone effect, with the frosted orange-gold devices set against reflective jet-black fields. A few light copper alloy spots contribute to the elegant, all-original eye appeal. Signs of contact are essentially unseen, as confirmed by the green CAC approval sticker for quality within the grade. Certainly worthy of a premium bid.

A Roster of Significant Examples provided by Ron Guth of the Numismatic Detective Agency
1. PR66+ Deep Cameo PCGS. CAC. Bob R. Simpson Collection, Part VIII (Heritage, 5/2022), lot 3624, $288,000.
2. PR66 Deep Cameo PCGS. Gaston DiBello Collection (Stack's, 5/1970), lot 1304; Harry W. Bass, Jr. Foundation Collection (HBCC# 1039). The present coin.
3. PR66 Cameo PCGS. Houston Signature (Heritage, 12/2010), lot 4706, $106,375.
4. PR66 Cameo PCGS. John Work Garrett Collection; Johns Hopkins University Collection, Part II (Bowers and Ruddy, 3/1980), lot 800, $60,000; Central States Signature (Heritage, 4/2009), lot 2773, not sold; D.L. Hansen Collection (PCGS Set Registry).
5. PR66★ Cameo NGC. Pittsburgh Signature (Heritage, 10/2011), lot 5190, $112,125.
6. PR66 Cameo NGC. Las Vegas ANA (Bowers and Merena, 10/2005), lot 7652, $95,450.
7. PR65 Cameo PCGS. FUN Signature (Heritage, 7/2011), lot 5182, $77,625.
8. PR65 Cameo PCGS. Greenwich Collection, Part II (Heritage, 8/2004), lot 7706, $32,200; Regency 46 (Legend Rare Coin Auctions, 7/2021), lot 261, $99,875.
9. PR65 Uncertified. Norweb Collection, Part III (Bowers and Merena, 11/1988), lot 4066, $25,300.
10. PR64+ Ultra Cameo NGC. 712 Collection (Heritage, 1/2023), lot 3912, $151,200.(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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