Lot 2608
1905 $20 Liberty. NGC graded Proof 60. Impaired Proof with handling marks in the field. One of only 92 proofs struck. All Proof gold coins are rare, but the double eagle is even more of a burden to collect than the lower denominations because it is prone to injury. Few collectors could afford to purchase a Proof in 1890, and even fewer could afford hold on to these pieces in the long run. Many got spent. Since the highest yearly mintage in the Proof Type 3 series is only 158 pieces, one can easily judge the rarity of these in today's market.
The Double Eagle was not a part of the original U.S. coinage family as defined by the Act of April 2, 1792. Rather, this denomination was born out of the California Gold Rush of the late 1840s. The huge quantities of gold unearthed in California beginning in 1849 made it expedient for the United States to offer bullion depositors a larger coin through which to turn this raw metal into a widely accepted currency. The authorizing act for the double eagle is dated March 3, 1849. A single example was struck that year as a Pattern. Coinage of Proofs began in 1858 in a small way and never really took off due to their high price. The Liberty head series came to a close in 1907. Pop 1; 10 finer. (PCGS # 9121) .
Estimated Value $4,500 - 5,000.
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