1882 Liberty Double Eagle. Proof-65 Ultra Cameo (NGC). CAC.；Spectacular Gem Ultra Cameo quality for this rare classic Proof gold issue. Fully struck with a billowy satin texture, the devices offer stark contrast with deeply mirrored fields. The entire package is dressed in rich orange-gold patina, the surfaces silky smooth in texture and bordering on pristine.<p>The Philadelphia Mint double eagles of 1882 are among the great rarities of the series. A downright puny 571 double eagles were struck for circulation, a quantity almost more ceremonial than practical. If that were not small enough, less than one-tenth that number of Proof coins were also produced, all of 59 pieces. While the Proof mintage is somewhat typical for the Proof coin production runs, the extraordinarily low circulation strike mintage only enhances the appeal of the few remaining Proof specimens. And how few there are: perhaps a dozen or so examples are thought extant in any grade level. Originally considered sub-par by Mint officials of the day, the visually striking Ultra Cameo effect is now appreciated more than ever. One of the defining hallmarks of Proof gold coins from the period is the famed "orange peel" effect on the mirrored fields. How this effect was produced is subject to quite a bit of conjecture. Through his extensive research, John Dannreuther discovered that the planchets selected for Proof coins were heated just prior to striking leaving surfaces that under close examination bear a subtle textured effect not unlike that of the peel of an orange while possessing a deep mirror-like reflectivity. The frosty devices identify this as one of the earliest coins to come off the presses, as the frosted effect gradually wears off as the dies see continued use. Most surviving examples are clustered at the lower end of the Proof grading spectrum, often revealing light hairlines from less than careful handling. Very few approach the coveted Gem level regardless of cameo designation, making this the rarest of the rare for the issue. For both double eagle specialists and Proof coin aficionados alike, the appearance of any 1882 Proof double eagle is cause for celebration, as well as a robust bidding strategy. Plan accordingly!
