1900 U.S. $20 Liberty JD-1, High R.4. PR-65 Deep Cameo PCGS

The twenty dollar gold piece, or double eagle, was the largest denomination ever struck for regular circulation in this country. Authorized in 1849, it first featured James Barton Longacre's Liberty Head design, which was produced regularly from 1850 through 1907. The Coronet subseries is replete with famous rarities, but the argument could be made that the most desirable coins in the set are those struck in proof format -- the ultimate representation of this iconic design.

The 1900 double eagle claims a mintage of 124 proofs. That total stands as the third highest proof total in the series after the 1903 and 1896, which claim mintages of 158 proofs and 128 proofs, respectively. Writing in United States Proof Coins, Volume IV: Gold, Part II (2018), John Dannreuther estimates 55 to 70 of the 124 pieces struck in 1900 survive and adds: "Although they do not all have frosted devices, there are heavy cameo coins. This date is like 1899 with fewer deep cameo example and those that do meet these criteria are not as intense and most 1890's double eagle Proofs."

Ultimately, the certification totals at PCGS bear that out. Of the 59 total grading events, 37 of them (63%) are in non-Cameo. Seven boast a Cameo designation and 15 are in Deep Cameo, including this Gem. The reverse is dramatically contrasted, similar to proofs of the the preceding years, while the obverse devices are just a touch less frosty. The jet-black mirrors appear fathomless on both sides, and the yellow-gold surfaces are nicely textured and virtually flawlessly preserved. Population: 8 in 65 (1 in 65+) Deep Cameo, 2 finer (7/22).(Registry values: P1)