1891 $20, DCAM PR(PCGS#99107)

December 2025 Showcase Auction - The James A. Stack, Sr. Collection Part I

Auctioneer

Stack's Bowers

Lot Number

20048

Grade

PR66DCAM

Price

480,000

Lot Description

An awe-inspiring Gem Deep Cameo Proof, and an exceptional rarity from this low mintage Philadelphia Mint Liberty Head double eagle. Fully struck with razor sharp detail to even the most intricate design elements, the devices are enhanced by billowy mint frost. The fields, on the other hand, are set apart with deep reflectivity, the interplay between these areas and the devices readily upholding the coveted Deep Cameo designation from PCGS. The contrast is readily evident at all viewing angles despite the presence of some faint, natural, pinkish-rose and pale silver iridescence that reinforces this coin's awesome originality. Otherwise deep orange-gold in color, both sides are silky smooth in appearance and approach numismatic perfection. In sum, this is an outstanding example of a famous Liberty Head double eagle rarity.<p>The Philadelphia Mint produced just 52 Proof double eagles in 1891 using a single pair of dies that have recently become known as JD-1 (<em>United States Proof Coins</em>, by John W. Dannreuther, 2018 volume). As with all issues in the Proof Liberty Head double eagle series, the 1891 is a major rarity at all levels of preservation. Dannreuther estimates that only 18 to 22 coins are extant, an estimate actually a bit higher than those of contemporary Proof double eagle issues with similar mintages. The reason for this, in Dannreuther's words: <p><em>The 1,390 mintage of the circulation strikes [from the Philadelphia Mint that year] makes date pressure the primary reason that more 1891 Proofs have survived than for 1890 that had an almost identical production. This is a common theme for all United States issues with low circulation strike outputs. Collectors would not spend a Proof issue if they knew that other collectors would pay a premium for their coins or they could not easily replace their Proof with a commercial strike.</em><p>Now as then, the low mintage and key date status of the circulation strike 1891 double eagle keeps demand for Proofs high among advanced gold enthusiasts. Of course, the Proof 1891 is an impressive rarity in its own right with examples seldom appearing on the open market. Indeed, this is one of only four that have passed through your cataloger's hands in the last 15 years, and two of the other coins were impaired and certified Proof-58 by PCGS or NGC (both of those pieces had clearly been placed into circulation, a very rare scenario that is at odds with Dannreuther's assessment quoted above). At the opposite end of the grading scale for this issue, and ranking high in the Condition Census, the significance and desirability of the present specimen are beyond doubt. It is a highlight of our present offerings from the James A. Stack, Sr. Collection, and is sure to see spirited competition.