LOT Old Heritage Auctions  /  2007 Signature Coin - Charlotte, NC #434  / 

2380

1904 $20 PR64 PCGS. As a business strike, the 1904 is

Currency:USD Category:Coins & Paper Money / US Coins Start Price:9,500.00 USD Estimated At:1.00 - 1,000,000.00 USD
1904 $20 PR64 PCGS. As a business strike, the 1904 is
<B>1904 $20 PR64 PCGS.</B></I> As a business strike, the 1904 is notoriously common. PCGS alone has certified more than 100,000 pieces as Mint State. However, proof 1904 double eagles are rare. Just 98 pieces were struck, and perhaps half that number have survived. The present beautiful near-Gem exhibits noticeable frost on the portrait and eagle, and likely would be graded Cameo if it were resubmitted, although the piece currently resides in an older generation green label holder that preceded the Cameo designation.<BR> Radiant lemon patina is even throughout, save for a solitary blush of steel-blue on the cheek. The strike is precise, especially on the reverse denticles, which are squared off as expected on a proof product. The tops of the TY in LIBERTY and a few nearby hair strands lack absolute detail, where opposite the top of the left scroll, the highpoint of the reverse design. Thorough scrutiny of the seamless surfaces fails to locate obvious hairlines, although delicate mint-made die lines are occasionally found. A couple of pinpoint spots are present, but unworthy of further description.<BR> The rarity of proof Liberty double eagles has its root in their bullion value. Few collectors could afford to purchase an example in 1904, a time when $20 exceeded a week's wages for most workers. When hard times arrived, such as the Great Depression, a proof double eagle was an obvious target for redemption at the bank, since the sale of such a family heirloom was better than the alternative, going hungry or without shelter. Even early 20th century dealers with financial resources, such as B. Max Mehl, would often deposit proof gold coins, since their numismatic premium was so low that they were unworthy of the effort to sell them to collectors. By the 1940s, all U.S. gold coins achieved a premium above face, and proof pieces were on their way toward their present status as "the caviar of numismatics." Population: 14 in 64, 4 finer (3/07).<BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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