$245,000.00 USD
A mere 84 proof Liberty double eagles were originally struck in 1899, and it is likely many of those coins were ever distributed, as collecting high-denomination gold coins did not become popular until the 1930s in this country. In the late 19th century, the Mint routinely melted unsold proofs for recoinage after the close of the year, significantly reducing the supply available to future collectors. Even the coins that were purchased by contemporary numismatists faced an uncertain future, as gold proofs brought only meager prices when offered at public auction during this era. If an owner, or his heirs, fell on hard financial times, the coins were often just spent for face value, to capitalize on their considerable spending power. A number of coins have been certified in impaired condition, so it is likely there are a few more that have circulated until they are no longer recognizable as proofs. John Dannreuther estimates the surviving population at no more than 40 to 55 examples in all grades today. We believe that number to be slightly lower (35-50), based on the frequency of the date at auctions and a resealable adjustment for resubmissions. A single specimen is included in the National Numismatic Collection at the Smithsonian Institution and another is in the ANS collection.
Proof double eagles were usually sold as part of complete gold proof sets during this era, whether purchased from the Mint or in dealer offerings. They were seldom offered individually in contemporary auction catalogs, and pictures of the individual coins were almost never presented, making pedigree tracking uncertain. A typical description was lot 359 of the David S. Wilson Sale (S.H. Chapman, 3/1907), "1899 $20, $10, $5, $2 1/2. Complete set. 4 pcs." The lot, which included coins with a face value of $37.50, sold for $50 (actually not a bad price for the time) to "Texas" (probably B. Max Mehl). The situation changed radically by the 1930s, when collecting the individual coins became popular. Almost all the original proof sets were broken up to accommodate date collectors seeking high-quality examples of particular issues for their collections. By the 1940s, proof gold coins brought significant premiums whenever they were offered, and the upward trend in prices continues to this day. In recent sales, prices for PR65 Deep Cameo double eagles have appreciated substantially and we believe this trend will only grow in demand and prices.
The present coin is an absolutely gorgeous Gem proof, with very sharp definition and a thick coat of mint frost on all design elements. Some slight loss of detail is evident in the last tailfeather, due to lapping. The date is placed low and to the right, a diagnostic for proofs. The impeccably preserved yellow-gold surfaces show the slight orange-peel texture of the best 19th century proofs and the deeply mirrored fields contrast profoundly with the deep frosty devices, to create an intense very deep cameo effect. No mentionable distractions are evident, even on close inspection. A stunning and rare proof that is seldom offered in this absolutely gorgeous deep cameo contrasting grade
The present coin is a absolutely spectacular Choice example, with deeply sharp detail design elements and a rich coat of mint frost on the devices, obverse and reverse, that superbly contrasts profoundly with the deeply watery mirrored fields. The deep contrast creates intense gold-on-black gorgeous cameo flash when the coin is tilted in the light. The well-preserved orange-gold surfaces show only a few scattered ticks and hairlines in the fields. Overall eye appeal is beyond terrific and the higher quality within the grade is confirmed by CAC. Very Rare.
