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C0069 Proof Liberty Double Eagle, 1892 $20 PR66 Ultra Cameo NGC
| Country of Origin: |
USA |
| Condition: |
Mint |
| Year: |
1892 |
| Description: |
1892 $20 PR66 Ultra Cameo NGC. Although the mintage of 93 coins is the second highest of any proof double eagle coined in the 1890s the related business strike mintage of this date was just 4430 coins the second lowest mintage of any date in the 1890s. This latter detail is an extremely important consideration as it limits the available supply for date collectors.
This example is an impressive Gem that features rich orange-gold color deeply mirrored fields and remarkable contrast. The devices are highly lustrous with frosty texture. Every design detail is sharply impressed with no sign of weakness on either side. A few faint hairlines limit the grade but do not change the aesthetic appeal of this lovely jewel.
In the Pittman catalog David Akers discussed the difference between proof mintage and proof distribution an important concept that is worth repeating: "The 93 piece mintage figure for proof 1892 double eagles is misleading in the sense that it might give one the impression that proofs of this date are only moderately rare. However it is important to recognize that a mintage figure for any proof issue represents only the number struck not the number actually sold. It was common practice for the Mint to strike a number of proofs (how the figure was determined is not known) and then use this existing supply to fill orders throughout the year. At year's end (usually January or February of the following year to be exact) the unsold pieces were melted. Now in 1892 it certainly was not very likely that 92 people were willing to pay $20.50 for a proof double eagle (face value plus a $0.50 'proofing' charge) and so it is probable that half or even fewer of the original mintage were actually distributed." Today only about 20 or 25 examples are known and the only rivals to this example that we recall are the Gem Pittman Collection coin (Registry values: P2) and the similar Gem example in the Dallas Bank Collection.
Proofs and business strikes were apparently produced from different die pairs. Proofs have the date logotype deeply impressed and just a trifle above center with the digit 1 slightly closer to the bust than the border. The date appears to slant slightly up to the right. Only 4,430 business strikes put pressure on this date and have caused the 1892 to be one of the most desirable Type 3 Double Eagles. Population: 5 in 66 Ultra Cameo none finer at both services (7/08).
Certificate No.: 3210246-008 NGC |
Price: $175,000.00
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