1862 Liberty Head Eagle. Proof-64 Cameo (NGC).This is an outstanding example of a great rarity in the United States Mints classic gold series. Boldly cameoed in finish, with satiny and fully impressed devices that contrast markedly with highly reflective fields. The surfaces are very nice at the near-Gem grade level with even, vivid orange-gold patina. The 1862 is a very rare Civil War era issue in the Proof No Motto Liberty Head eagle series -- which is very rare in an absolute sense, as advanced collectors know all too well -- and was produced to the extent of just 35 pieces. This total represents a significant reduction from a mintage of 69 Proof eagles in 1861, and it seems that the Mint was trying to adjust its production to more closely approximate contemporary demand. Even so, a mintage of 35 coins for the Proof 1862 still proved optimistic, and a fair number of examples had to be destroyed at a later date when they failed to sell. Writing in the 2008 edition of the book <em>Encyclopedia of U.S. Gold Coins: 1795-1933</em>, Jeff Garrett and Ron Guth allow for only about 12 survivors of this issue, at least two of which are impounded in museum collections. One of no more than 10 specimens available for private ownership, the importance of this bidding opportunity for the Proof gold specialist cannot be overstated.
