Lot 1287
1863 $20 Liberty. NGC graded Proof 65 Cameo. Housed in NGC holder 1785851-015. An outstanding Gem Proof example exhibiting superb sunset golden color throughout. The bright mirror fields are virtually free from hairlines and the froslted devices are flawless! Only 30 proofs struck for this "no motto" double eagle.
A visually spectacular and thoroughly enticing example of this prized No Motto rarity in the double eagle series. A bright specimen with frosted motifs -- and kept that way, intact and unharmed through wars and tribulation for the better part of a century and a half. What deeply mirrored fields! The fields form a smooth-as-ice platform for the sharp cameo contrast. Though the reported Proof mintage for the year is a meager 30 pieces, it may be that only 10 or so examples can actually be traced with any certainty today. Of those, two are in museum collections, with another two or three being impaired. If the Mint sale in 1863 amounted to 15 or 20 of the 30 Proofs made, this would account for the paucity of offerings. In those days, Proof gold coins bought at the Mint had to be paid for in gold coin (specie), typically available only from a bullion dealer at a stiff premium in terms "greenback" paper currency. For example, one report has it that the "premium" in 1864 (the year after this coin was minted) went to 240% on the New York gold exchange. To buy $100 in gold coin, one had to tender $240 in greenbacks. That would mean the "price" of a Proof $20 (not counting the Proof-minting fee) was more than double face value -- a stiff premium in those days. Neither the Norweb nor Browning collections, which were both notable for their fine runs of Liberty $20 Proofs, contained an 1863 Proof. The present beautiful Cameo Gem Proof double eagle is one of a threesome graded by NGC at this time. This truly is an opportunity for an advanced double eagle buyer! Pop 3, none finer at NGC. PCGS reports 2 in PR-64 Cameo. This gem is certainly a candidate for finest known (PCGS # 89075) .
Estimated Value $200,000 - 225,000.
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| Realized $241,500 |
