1870 Liberty Head Double Eagle. JD-1, the only known dies. Rarity-7-. Proof-64 Deep Cameo (PCGS). This incredibly rare double eagle displays outstanding cameo contrast between thickly frosted devices and deeply reflective fields. Intense orange-gold color enhances already impressive eye appeal, and the strike remains razor sharp across all elements. A simply captivating example of a rare Proof from the short-lived Type II Liberty double eagle series. This particular example ranks among the very finest survivors. It is listed as #3 in John Dannreuthers 2018 census of significant examples, and only a single coin is graded finer by PCGS (Proof-66+ Deep Cameo). A true prize for advanced specialists in U.S. gold or Proof coinage.<p>With a mintage of just 35 pieces and fewer than a dozen coins surviving, the Proof 1870 Liberty Head double eagle is a formidable rarity among 19th century U.S. Mint gold coinage. This mintage was produced using a single die pair, the reverse of which was first used in 1867. This reverse die would continue to be used for Proof double eagles until 1876, with different degrees of lapping and refinishing visible on each issue. When writing in 1982, David Akers estimated that no more than 10 distinct Proof 1870 double eagles survived, while the most recent research by Dannreuther indicates fewer than 12 unique examples.<p>Though mintages for circulation strike Type II double eagles of this era were substantial, the numbers of Proof coins struck were consistently small, with no mintage exceeding 50 coins. These low mintages were compounded with low distributions and a high percentage that were eventually melted or spent. It is important to consider that even into the early 20th century there was hardly any premium on Proof gold, and dealers such as Henry Chapman routinely spent them rather than cataloging them to realize just a few dollars above face value. Today, survivors are incredibly rare with several years often passing between public offerings.<p>Every single Proof 1870 double eagle extant is an historic rarity, though this particular example is exceptional even within this prized category. It is sure to be a crowning jewel in a truly sophisticated cabinet or Registry Set. From our Chicago ANA Auction of August 2014, lot 13260.
