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Sale 53
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Lot 1368
1868 $20 Liberty. PCGS graded Proof 64 Cameo. Only 25 Proofs struck. A dazzling brilliant specimen, lightly toned with excellent cameo contrast. This is a strikingly beautiful example of a very rare date $20 in Proof. The frost on the devices provides the basis for the strong contrast against the mirror fields. Exceedingly choice surfaces throughout, with just a few light hairlines from a Proof 65 grade. There are no other signs of handling such as minor surface nicks or discoloration, just these wispy lines. A blush of natural toning haze on both sides. Close examination will provide the viewer hours of enjoyment from the sharp detail of the die-maker's craft as well as the overall balanced appearance of the design, which is the handiwork of the Mint's chief engraver at the time, James Barton Longacre (d.1869). The Annual Mint Report lists a scant 25 were sold in Proof. There is every possibility some went unsold or were otherwise lost to numismatics today. The PCGS population report confirms the rarity. A terrific opportunity for the forward-thinking numismatist as choice quality U.S. Proof gold is a hallmark of the truly great collections that are assembled.
American commerce was still trying to stabilized after the Civil War under the auspices of President Ulysses S. Grant in 1868, who after his career in the military decided to try his hand at politics. The gold and money markets of New York were off-kilter after the advent of greenback paper money in 1861-2. Prices quoted for $20 gold pieces (of the circulating kind) often carried large premiums above melt. At one point in 1869, there was an attempted "corner" of the gold market in New York by speculators which created yet another seismic shock to commerce. For all intents and purposes, despite respectable mintage of all gold denomination in these years, gold coins did not circulate in America east of the Colorado Rockies. Any coins that the mint did strike were bought up by banks and exporters from jobbers at premium prices and shipped overseas in payment for imports or for specie transfers. Is it any wonder, then, that few Proofs of this handsome specimen were ever made and sold?
Pop 3; none finer at PCGS (PCGS # 89083) .
Estimated Value $80,000 - 90,000.
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