Lot 3115
1882 $20 Liberty. PCGS graded AU-55. In an older blue holder. Only 571 pieces minted for circulation. Key date. Lovely golden toning. Semi-prooflike and immediately identifiable as a rare circulation strike by the presence of incomplete feathers below the top of the edge of the right side of the shield (the result of die polishing); Proofs of this year have full feathers in this area. The usual scattered abrasions are noted on the surfaces but none of these are deep or terribly detracting. There are probably no more than six to eight AU 1882 double eagles known and this piece is certainly among the choicest of these. A solid Condition Census coin that should be the object of serious bidding.
As mentioned already, only 571 circulation strike 1882 double eagles were produced. With an estimated surviving population of 15-20 pieces in all grades, this is one of the Big Five Liberty Head Double Eagles, along with the 1854-O, 1856-O, 1870-CC, and the 1886. The true rarity of the 1882 can best be expressed by the fact that Harry Bass, the ultimate gold coin collector of the modern era, had just one circulation strike of this date in his collection and it showed signs of tooling on the face of Liberty (which still didn't keep it from realizing $19,500 almost 30 years ago!). There are very few auction records for this date and only random third-party graded examples finer than EF45 has been sold at auction in the past ten years. We suspect that more than one advanced numismatist among Liberty Double Eagle specialists will have a strategy -- and buying price -- figured out well in advance of the bidding. Pop 2; 5 finer, 2 in 58, 1 in 60, 2 in 61 (PCGS # 8996) .
Estimated Value $70,000 - 80,000.
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