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Sale 133
Lot 1595
1896. PCGS graded Proof 66 Deep Cameo. Premium Quality. Sent to PCGS a few months ago and graded for the first time. This gem proof has never been cleaned, it still has the original golden toning on both sides. Acquired in the early 1960's by Dr. Elanjian. This coin has remained in his safe for over 60 years. We believe this coin should be regraded and probably it will get a point more or better grade. Furthermore, it was sent to CAC but they felt it should be conserved to lighten the original toning and thus did not award this spectacular coin with a CAC sticker of approval. After consulting with the client, it was decided to just leave this gorgeous, original coin alone and let the market decide its value for an original, uncleaned and stunning gem deep cameo proof double eagle.
Mintage of 128 pieces for the year, obviously some have long since disappeared or are mishandled from that number. The most desirable of these are the Deep Cameo coins, as these have the most dramatic contrast between the heavily frosted devices and stark mirror fields. To date PCGS has graded only 18 Deep Cameo coins at most, with some duplication likely in those numbers. The Deep Cameo coins were struck soon after the dies were polished up with the mirror fields showing their greatest reflectivity, and the devices frosted by the acid used to lightly frost their surfaces. As more coins were struck under the high pressure of the proof coining press, the frost diminished quickly, keeping these Deep Cameo coins in limited numbers each year. There are only a couple of Cameo examples graded, and another 20 or so grading events noted for non-cameo or deep cameo coins. That gives a total of 30-40 PCGS graded coins plus a similar number at NGC gives the survival ratio around 80 pieces from the original 128 minted.
These regal and majestic proof gold coins are truly the caviar of our numismatic heritage, they were struck in such limited numbers and were produced with the utmost care by the Mint employees. Their survival was happenstance, with many going ot museums where they were regularly polished up (!) and others sat in envelopes or trays passing the decades away untouched like the present example. Hence their rarity and desirability, as these proofs are the delicacies of the wealthiest collectors who can preserve our numismatic heritage for another generation or two. This is one of the most original and glorious gem proofs to cross our auction room in many years (PCGS # 99112) Estimated Value $250,000 - UP
Ex The Dr. George Elanjian Collection.
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| Realized $300,000 |
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