1859 $10 PR65 Deep Cameo PCGS. CAC. JD-1, High R.6....

Description

1859 Ten Dollar, PR65 Deep Cameo
A Major No Motto Proof Rarity
Eight to 10 Pieces Known
Ex: Ten Eyck-Eliasberg

1859 $10 PR65 Deep Cameo PCGS. CAC. JD-1, High R.6. Ex: Harry W. Bass, Jr. Collection. Coin collecting in America experienced a massive surge in popularity beginning in 1858-59. New societies were formed, references were published, medals were struck, and auctions increased in frequency. The growth of numismatics was reflected in the proof offerings of the period. Production increased exponentially for proof silver coins in 1858 and then for proof gold coins in 1859, all of which could be had from the Mint at face value. That quickly changed in 1860, when a proofing fee of 13 cents was instituted.

The Philadelphia Mint manufactured and distributed 80 proof eagles in 1859, up substantially from the five or so proof tens struck the year prior. One might reasonably expect the 1859 to be much more available than its predecessor as a result, but such is not the case. It seems that the vast majority of 1859 eagles ended up being spent and/or melted, probably during the many waves of economic hardship that hit during the second half of the 19th century. Writing in United States Proof Coins, Volume IV: Gold, Part II (2018), John Dannreuther estimates that only eight to 10 examples survive (see the roster below), noting that "many of the 80 Proof eagles from this year likely were spent by their buyers."

Unsurprisingly, the 1859 Liberty ten dollar proof is a monumental rarity. Until now, there have been only five examples in private hands. Four were permanently housed in institutional collections, including the ANS, Smithsonian Institutional, the Royal Mint Museum, and the Bass Core Collection at the ANA Money Museum in Colorado Springs.

This is the Bass coin, which was purchased out of the incredible Louis E. Eliasberg, Sr. Collection of United States gold coins in 1982. It is the finest known example of the 1859 proof eagle with a pedigree going back to the James Ten Eyck sale of 1922, and it has been out of reach for the past four decades. Now certified PR65 Deep Cameo by PCGS and boasting a green CAC approval sticker, it features dramatic field-device contrast and rich orange-gold coloration. The faintest hints of coppery color are noted, attesting to the surface originality. Opportunities to obtain the 1859 proof eagle are even rarer than the coins themselves. The last two appearances, including this one, have represented institutional deaccessioning. Without any guarantee of another example appearing any time soon, and certainly none as fine, we strongly encourage interested parties to bid accordingly.

Roster of 1859 Proof Eagles, JD-1, High R.6
1. PR65 Deep Cameo PCGS. CAC. James Ten Eyck; Ten Eyck Sale B. Max Mehl, 5/1922), lot 289; John H. Clapp; Louis E. Eliasberg, Sr. in 1942, via Stack's; Eliasberg Estate; United States Gold Coin Collection (Bowers and Ruddy, 10/1982), lot 708; Harry W. Bass, Jr.; Harry Bass Core Collection (HBCC-1029). The present coin.
2. PR65 Cameo PCGS. Professor John H. Alexander; presented as a gift to the Royal Mint Museum; Royal Mint Museum Sale (Morton & Eden, 3/20143), lot 611, realized £204,000 ($257,341.81).
3. PR64 Deep Cameo, per John Dannreuther. Mint Cabinet; National Numismatic Collection at the Smithsonian Institution.
4. PR64 Cameo PCGS. Professor John H. Alexander; presented as a gift to the Royal Mint Museum; Royal Mint Museum.
5. PR64 Cameo NGC. Brian Hendelson; Blanchard and Company; New Orleans Collection (Heritage, 4/2015), lot 5213, unsold; bought by original NGC submitter for $851,875 (sold as part of set), according to John Dannreuther.
6. PR64 NGC. William Cutler Atwater Collection (B. Max Mehl, 6/1946), lot 1437; Amon G. Carter, Sr.; Amon G. Carter, Jr.; Carter Estate; Amon G. Carter, Jr. Family Collection (Stack's, 1/1984), lot 760; Ed Trompeter; Trompeter Estate; private treaty transaction to Heritage and Sil DiGenova in 8/1998; private treaty transaction to a Heritage customer.
7. PR63, per John Dannreuther. James T. Randall, sold privately to John Pittman for $150 (7/22/1949); John J. Pittman; Pittman Collection, Part I (David Akers, 10/1997), lot 834, sold as part of an 1859 proof set; Mark Yaffe.
8. Proof. Possibly directly from the Mint in 1859; J. Colvin Randall; Randall Estate (1901); J.P. Morgan (1902); Museum of Natural History, New York City (1902-1908); transferred per museum cartel on April 10, 1908 to ANS (J1908.93.326).
9. Proof. Belden E. Roach Collection (B. Max Mehl, 2/1944), lot 336; Jerome Kern Collection (B. Max Mehl, 5/1950), lot 507; Samuel M. Rapoport (B. Max Mehl, 6/1961), lot 2095; Samuel W. Wolfson Collection, Part I (Stack's, 10/1962), lot 675; Abner Kreisberg and Jerry Cohen (6/1968), lot 1492; Abner Kreisberg and Jerry Cohen (11/1968), lot 2187; Abner Kreisberg and Jerry Cohen (6/1969), lot 1072; Auction '79 (RARCOA, 7/1979), lot 1304; ANA Signature (Heritage, 8/1985), lot 2852.

Additional Appearances
A. Perfect Proof. Lorin G. Parmelee Collection (New York Coin & Stamp, 6/1890), 1303.
B. Brilliant Proof. Thomas Cleneay Collection (S.H. and H. Chapman, 12/1890), lot 407.
C. Proof. J. Colvin Randall to Virgil Brand as part of a six-piece 1859 proof set (4/19/1898).
D. Brilliant Proof. World's Greatest Collection (Numismatic Gallery, 1/1946), lot 664.
From The Harry W. Bass, Jr. Core Collection, Part III. (Registry values: P6)

Coin Index Numbers: (NGC ID# 28EV, PCGS# 98795, GSID# 9596)

Metal: 90% Gold, 10% Copper
Weight: 16.72 grams
AGW: 0.53oz

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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