Lot 2118
1904. PCGS graded Proof 64 Cameo PQ. CAC Approved. As a business strike, the 1904 is perhaps the single most commonly found issue of the entire Liberty $20 series today. PCGS, alone, has certified nearly 175,000 pieces as Mint State. On the other hand, proof 1904 double eagles are very rare with just 98 pieces originally struck; now it is estimated that perhaps half that number have survived.
With rich golden color overall, the satiny golden frost on the devices is remarkably hypnotic on this fresh-appearing specimen. Being a Philadelphia Mint proof, one of the best made U.S. coins, the devices were struck with systematic exactness throughout. There is no need to ignore the central part of Liberty's hair or the shield ornamentation where a somewhat rounded impression is often left by the dies on business strikes. The strike is equally precise, especially on the reverse denticles, which are squared off as expected on a proof product. This glittering Choice Proof is decidedly bold in the centers, only a few minor scattered hairlines are reported in the fragile fields, a couple more on Liberty's cheek.
In 1904, few collectors could afford to purchase a proof example from the Mint, a time when $20 exceeded a week's wages for most workers. When hard times arrived, such as World War I and the Great Depression, a proof double eagle that had been saved was an obvious target for redemption at the bank. The sale of such a family heirloom was better than the alternative, going hungry or without shelter. Even early 20th Century dealers with financial resources, such as B. Max Mehl, a local Fort Worthian, would sometimes deposit proof gold coins in his local bank, since their numismatic premium was so low that they were unworthy of the effort to sell them to collectors. By the 1940s, all U.S. gold coins achieved a premium above face, and proof pieces were on their way toward their present status as the caviar of numismatics. Pop 6; 7 finer in 65 (PCGS # 89120) .
Estimated Value $40,000 - 43,000.
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| Realized $45,825 |
