New Purchases -- Prooflike $20's 1896 and 1887-S
BloodMan
Posts: 1,836 ✭✭✭✭✭
I recently added two prooflike Double Eagles to my collection.
This 1896 $20 was designated as PL by NGC and among 10 coins of that date to receive the designation. Overall, the coin shows frosty devices with scattered abrasions on reflective fields. Prooflike 1896 $20’s represent 0.13% of the total of 7468 coins that have been graded according to the census report.
The 1887-S has the lowest mintage (283,000) of any Type 3 Double Eagle struck at the San Francisco mint and, I believe, an overlooked date. No 1887-S $20’s have been designated as PL. The coin below is well struck for an 1887-S and the fields have nice reflectivity. The devices are lacking the cameo contrast that is shown on the 1896 and may explain why it was not given the PL designation during it recent grading event (which would make it the only PL $20 of that date).
Any comments on the coins or images are welcome. Also, consider that tics, scuffs and marks are amplified on reflective fields.
This 1896 $20 was designated as PL by NGC and among 10 coins of that date to receive the designation. Overall, the coin shows frosty devices with scattered abrasions on reflective fields. Prooflike 1896 $20’s represent 0.13% of the total of 7468 coins that have been graded according to the census report.
The 1887-S has the lowest mintage (283,000) of any Type 3 Double Eagle struck at the San Francisco mint and, I believe, an overlooked date. No 1887-S $20’s have been designated as PL. The coin below is well struck for an 1887-S and the fields have nice reflectivity. The devices are lacking the cameo contrast that is shown on the 1896 and may explain why it was not given the PL designation during it recent grading event (which would make it the only PL $20 of that date).
Any comments on the coins or images are welcome. Also, consider that tics, scuffs and marks are amplified on reflective fields.
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Comments
Just curious, in this condition did you have to pay much of a premium with the PL designation?
Congratulations on your astute purchases and for sharing them with us.
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"
I was a fan of the early S mint Type 3 $20 Libs back in the late 1970's. I was on the lookout for any UNC's of the 1879-S to 1888-S $20 Libs. The 1887-S was one of the group that seemed particularly underrated based on frequency of auction appearances. Funny that I never found single UNC specimen of those dates to purchase over years of looking. Every one was a slider. Low gold prices following 1982 and a lack of interested date collectors kept them at bay for decades. But looking at the thousands of these now slabbed by the TPG's, large quantities of them finally came to market.
roadrunner
It seems that most collectors of $20 Libs I have discussed this with feel the same way.
However, this may represent an opportunity for those such as Bloodman to acquire such pieces.
Let's not forget that NGC only recently added the PL designation for these coins and probably 90-95% of all the coins graded so far got through without ever being evaluated for being PL. PCGS doesn't use the designation yet. So it could be that 95% or more of the total coins out there are yet to be evaluated for being PL. That means multiplying percentages of the pop reports by possibly 20X or great. I'll admit that PL $20 Libs are quite scarce but rather than 10 pieces of the 1896 maybe there are 200 sitting in holders that would qualify. And once those numbers get to grow, one has to find 200 collectors wanting to own one for their PL $20 Liberty sets.
Roadrunner: As always, thanks for your insights. NGC has been grading gold as PL since early 2003. I agree that a very large percentage of coins have not been evaluated for being PL, however, dealers and advanced collectors are disproportionately resubmitting (or submitting for designation review) coins that may potentially be designated prooflike.
Oreville: I think the collector preference is due to the limited number of high grade PL coins available. For example, 1900 is a very common date in the $20 Lib series. NGC has graded more than 31,000 coins in all grades and nearly 200 in gem, yet only a total of 4 PL’s have been graded with a single highest in MS63.
Note that many Double Eagles are hyped as being “prooflike” with reflective fields, however, many coins have patches of luster that prevent them from receiving the designation. Additionally, some $20’s have reflective fields on only a single side and wouldn’t receive PL by NGC or ANACS.