1865 $10 PR66+ Deep Cameo PCGS. JD-1, Low R.7....

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1865 Ten Dollar Liberty, PR66+ Deep Cameo
Rare Gold Proof, Final No Motto Issue
Finest-Certified Example

1865 $10 PR66+ Deep Cameo PCGS. JD-1, Low R.7. Ex: Simpson. The 1865 proof Liberty eagle is one of the rarest gold proofs of the 1860s. PCGS and NGC have combined to certify 21 examples in all grades (11/21), but even that small total has been inflated by resubmissions and crossovers. PCGS CoinFacts estimates the surviving population at 12-16 specimens and John Dannreuther postulates an even smaller total of 8-10 examples extant. We have been able to trace only eight different pieces in our roster below, with one of those coins included in the National Numismatic Collection at the Smithsonian Institution, and another in the collection of the American Numismatic Society. Heritage Auctions is privileged to present the finest-certified example of this proof gold rarity, from the fabulous Simpson Collection, in this important offering.

The 1865 Proof Gold Mintage
Only 25 proof gold eagles were struck at the Philadelphia Mint in 1865, to accompany a small regular-issue coinage of 3,980 pieces. The proofs were all delivered on March 8. In accordance with Mint policy (until 1881), the proofs were struck for inclusion in proof sets, rather than for individual sale. A single pair of dies was used to strike all the proofs. Because the business-strike mintage was so small in 1865, the Mint used the same obverse die to strike both formats. Luckily for collectors, the reverse die was the one used previously to strike proofs in 1863 and 1864. The reverse shows an artifact on the right side of O in OF, and the second vertical stripe in the shield is thinned at the top, making it possible to differentiate between proofs and prooflike business strikes.

The 1865 proof eagles were well produced, with most examples exhibiting the sharp strikes and strong cameo contrast prized by collectors of 19th century proofs. In his United States Proof Coins, volume IV: gold, John Dannreuther notes:

"Quality is identical to the previous 1860's issues with frosty elements and deeply prooflike surfaces. The usual assortment of die polish, pockmarks, planchet flaws, and other minor detriments are noted, but the overall look is excellent."

Dannreuther also addresses the popularity of the 1865 proof as a type issue:

"The 1865 Proof eagle is the last of the rare No Motto type. With 1866 and later coinage having IN GOD WE TRUST above the eagle, the 1865 Proof would seem to be an ideal choice for the type collector, but it is even rarer than the 1862, 1863, or 1864 and nearly as rare as the 1861!"

There are a few transitional patterns (Judd-449 in gold and Judd-450 in copper) that were struck from the 1865 obverse die and a reverse that features the motto on a scroll above the eagle, but those coins are believed to be Restrikes from the 1869-1870 time period.

1865 Gold Proofs in the Numismatic Market
As per Mint policy, the 1865 proof Liberty eagles were initially sold as part of complete six-piece gold proof sets. Perusing our roster below, we see that the coins in the Smithsonian and the ANS came from complete gold proof sets purchased directly from the Mint in 1865. We have not been able to trace the other six coins in our main roster back to their 19th century origins, but it is interesting to note that seven of the examples in our Additional Appearances section originally surfaced in complete gold proof sets. While it has not been possible to establish a definite link between the coins we know about today and these early appearances, it is possible that some of these citations represent the same coins. Most of the proof sets were broken up at an early date, by dealers seeking to fill specific vacancies in the collections of their favored customers. By the 1920s, it was rare to see an intact gold proof set of any date in any public offering.

Since proofs were purchased from the Mint with a minimal service charge for most of the 19th century, they brought only small premiums when they were sold at auction. Faced by economic hard times in the late 19th century, some owners simply spent their coins for face value. Lot 294 of the James Ten Eyck Collection (B. Max Mehl, 5/1922) was an early offering of a proof 1865 eagle, "Sharp Brilliant Proof. Extremely rare." The lot realized $15, a relatively good price at the time. Of course, collector perceptions changed enormously in later years and gold proofs are among the most valuable issues in American numismatics today. To quote John Dannreuther one last time, "Liberty Head No Motto Proof coinage is very popular with collectors and dealers; they do not linger in cases on the bourse, with most seen in auctions." The coin offered here set the auction prices realized record for any 1865 proof eagle when it realized $528,750 in a Stack's Bowers sale in 2013. We expect these prices to continue their upward trend at an accelerated pace for the foreseeable future.

The Present Coin
This coin was once a highlight of the famous James A. Stack Collection, which was formed over several decades of the mid-20th century. The coin is a spectacular Plus-graded Premium Gem, with razor-sharp definition on all design elements. The stars all show complete radials and fine detail is evident on every one of Liberty's curls. The impeccably preserved yellow-gold surfaces are virtually free of post-strike distractions and show the orange-peel texture found on many of the finest 19th century proofs. A tiny planchet flaw is evident in the right obverse field, behind Liberty's neck, and another, even smaller pit shows on Liberty's neck, above the left side of the 6 in the date. A few minuscule lint marks are scattered about the obverse. The deeply mirrored fields contrast profoundly with the richly frosted devices to create a startling gold-on-black cameo flash when the coin is tilted in the light. As the finest-certified example of this rare proof gold issue, this coin will be a welcome addition to the finest collection or Registry Set. It may be many years before a comparable example becomes available, once this coin passes the auction block. This coin is pictured on PCGS CoinFacts. Population: 1 in 66 (1 in 66+) Deep Cameo, 0 finer (11/21).

Roster of 1865 Proof Eagles
This roster has been expanded from earlier work by John Dannreuther and Saul Teichman. Grades are per the last auction appearance, unless a subsequent certification event is known. Grade for the Smithsonian example is per Garrett and Guth. Many examples have been resubmitted or crossed over in recent years, inflating the population data from the leading grading services.
1. PR66+ Deep Cameo PCGS. James A. Stack Collection (Stack's, 3/1995), lot 585; Chicago ANA Auction (Stack's Bowers, 8/2013), lot 4512, realized $528,750; Simpson Collection. The present coin.
2. PR65 Cameo NGC. ANA Convention Auction (Steve Ivy, 8/1980), lot 328; Ed Trompeter; Trompeter Estate; private treaty transaction to Heritage Auctions and Sil DiGenova in 8/1998; private collector; FUN Signature (Heritage, 1/2020), lot 4484, realized $204,000.
3. PR65. T. Harrison Garrett; Robert Garrett; John Work Garrett; Johns Hopkins University; Garrett Collection, Part III (Bowers and Ruddy, 10/1980), lot 1669.
4. PR64+ Cameo PCGS. John M. Clapp purchased this coin privately from Charles Wilcox in 1896; John H. Clapp; Clapp Estate; Louis E. Eliasberg, Sr. in 1942, via Stack's; Eliasberg Estate; United States Gold Coin Collection (Bowers and Ruddy, 10/1982), lot 722; Harry W. Bass, Jr.; Bass Estate; Bass Collection, Part II (Bowers and Merena, 10/1999), lot 1497; The Rarities Group and TNII (Martin Paul and Casey Noxon).
5. PR64 Deep Cameo. Purchased for the Mint Cabinet on April 7, 1865, as part of a complete proof set; National Numismatic Collection, Smithsonian Institution.
6. PR64. Purchased privately from the Hollinbeck Coin Company in June of 1953 by R. Henry Norweb; Norweb Collection, Part II (Bowers and Merena, 3/1988), lot 2190; David Akers (Paramount).
7. PR62 NGC. Jerome Kern Collection (B. Max Mehl, 5/1950), lot 510; Public Auction Sale (Stack's, 3/1994), lot 1589; Baltimore Auction (Stack's Bowers, 6/2014), lot 2570.
8. Proof. Purchased directly from the Mint in 1865 by John Colvin Randall; Randall Estate (1901); Julius Pierpont Morgan in 1902; New York Museum of Natural History (1902-1908); American Numismatic Society on April 10, 1908; exhibited at the 1914 ANS Exhibition.

Earlier Appearances
A. Proof. George Seavey; Seavey Descriptive Catalog (William Strobridge, 1873), lot 827, part of a complete 1865 proof set; Lorin G. Parmelee purchased Seavey's entire collection in 1873; Parmelee Collection (New York Coin & Stamp, 6/1890), lot 1344, part of a complete 1865 proof set offered in five separate lots; possibly John G. Mills.
B. Proof. Mendes I. Cohen Collection (Edward Cogan, 10/1875), lot 252, part of a six-piece gold proof set.
C. Proof. Heman Ely Collection (W. Elliot Woodward, 1/1884), lot 947, part of a six-piece gold proof set.
D. Proof. Thomas Cleneay Collection (S.H. & H. Chapman, 12/1890), lot 414, part of a six-piece gold proof set.
E. Proof. David S. Wilson Collection (S.H. Chapman, 3/1907), lot 325, part of a six-piece gold proof set, possibly Henry Chapman; William Cutler Atwater (B. Max Mehl, 6/1946), lot 1443, part of a six-piece gold proof set, with the coins offered in separate lots; possibly an earlier appearance of number 7 above.
F. Proof. James B. Wilson Collection (Thomas Elder, 10/1908), lot 62, part of a six-piece gold proof set.
G. Proof. Virgil Brand purchased a six-piece gold proof set of 1865 from S.H. Chapman on 1/11/1913 (Brand Journal # 63649); Brand Estate in 1926; Armin Brand; the proof eagle was sold on 12/31/1937 for $50.
H. Proof. F.C.C. Boyd; World's Greatest Collection (Numismatic Gallery, 1/1946), lot 670; J.F. Bell (Jacob Shapiro); Memorable Collection (Numismatic Gallery, 3/1948), lot 564; Chadwick and Darnell Collections (Numismatic Gallery, 5/1952), lot 371; possibly the same as number 2 or number 6 above. Pictured in Walter Breen's proof Encyclopedia.
I. Sharp Brilliant Proof. James Ten Eyck Collection (B. Max Mehl, 5/1922), lot 294.
J. Perfect Brilliant Proof. Belden Roach Collection (B. Max Mehl, 2/1944), lot 342.
K. Brilliant Proof. Arizona Sale (Kagin's, 11/1951), lot 2768.
L. Brilliant Proof. Samuel Wolfson Collection (Stack's, 10/1962), lot 689; possibly the same as G above.(Registry values: P5)

Coin Index Numbers: (NGC ID# 28F3, PCGS# 98801, Greysheet# 9614)

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.

View all of [Important Selections from The Bob R. Simpson Collection, Part VII ]

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