1883 $20, CAM PR(PCGS#89099)

Summer 2025 Global Showcase Auction U.S. Coins

Auctioneer

Stack's Bowers

Lot Number

3397

Grade

PR64CAM

Price

192,000

Lot Description

A significant survivor from a fabled Proof-only issue in the Liberty Head double eagle series. Bathed in deep, vivid orange-gold color, both sides also exhibit some hazy silver-rose overtones that help to explain the Proof-64 numeric grade from PCGS. Bold field to device contrast is still readily appreciable as the coin rotates under a light, the former areas nicely mirrored, the motifs fully impressed with a soft satin texture. Close inspection with a loupe also reveals the desirable orange peel texture that is characteristic of many late 19th century Proof Liberty Head gold issues. Faint hairlines are the only handing marks of note, and they are not readily evident at all viewing angles. Visually appealing, the rarity and desirability of this classic Proof double eagle issue will result in spirited bidding for this Choice Cameo specimen.<p>While a desultory run of double eagles intended for circulation were produced in 1882, the Philadelphia dispensed with even that formality in 1883. The 92 Proof coins produced represent the extent of double eagle production at the Philadelphia Mint that year, with only the two Western mints to take up responsibility for circulation strike coinage. The 1883 does not have the lowest mintage of the three Proof-only issues - that honor goes to the 1884 - but it is of equivalent rarity. No more than 30 or 35 specimens are believed to remain in numismatic holdings, seemingly indicating poor sales at the time. What happened to the balance is not known, but in all likelihood many found their way into circulation especially around the time of the Panic of 1893, while others ended up being melted down. Fortunately, it appears that the surviving coins were well cared for as many do not show numerous hairlines and other signs of significant (mis)handling. Despite this, there are simply too few attractive examples extant for market appearances for such pieces to be anything but few and far between. As with many other Proof-only issues, competition is fierce from all numismatic angles to secure such a lovely example from an ever-desirable double eagle emission. The winning bidder on this lot will have a coin that they will cherish for many years to come.