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3801

1907 $20 High Relief PR66 NGC. Traces of a wire rim ca

Currency:USD Category:Coins & Paper Money / US Coins Start Price:70,000.00 USD Estimated At:1.00 - 2.00 USD
1907 $20 High Relief PR66 NGC. Traces of a wire rim ca
<B>1907 $20 High Relief PR66 NGC.</B></I> Traces of a wire rim can be seen on each side of this magnificent Gem proof example, although it could be debated whether this example actually qualifies as a Wire Rim or Flat Rim variety. Similarly, a lively debate might take place about the status of these pieces as actual proofs. In fact, NGC certifies certain examples as proofs while PCGS does not certify any High Relief double eagles as proofs. The finish is satiny rather than mirrored, thus eliminating one of the clues to proof gold coinage. As the Mint experimented with special finishes from 1907 through 1915, proof gold coins took on an entirely new and different look from previous issues.<BR> Various authors have commented on the proof pieces over many years. In his 1982 <I>Analysis of Auction Records,</B></I> David Akers noted: "There were no proofs officially struck for collectors, but a small number of pieces do exist that are undoubtedly proofs based on the fact that they were struck with the lettered edge collar used on the Extremely High Relief. They are also characterized by an unusually satiny surface and a myriad of raised die scratches and swirls in the fields." Walter Breen also believed in the existence of proof examples, and gave detailed descriptive notes in his <I>Proof Encyclopedia:</B></I> "True proofs do exist, though, and these appear to have received six or seven blows from the dies rather than the normal five. They do not have pronounced knife-rims; generally no trace of any, though rims are not as rounded as on normal impressions. Fields are most often satin finish, nearest to that on some proof 1909-10 Lincoln cents, but on one coin are sandblast type. Inner and outer edges of flat border sharp, relief details fully brought up, berries rounded, all Capitol pillars countable, clear ends to tail feathers; edge lettering much bolder than on normal strikings, with horizontal striae between edge letters. Charles E. Barber gave out the information that only five were struck on the medal press, but this was an outright lie as he owned seven or more himself. Proofs were evidently made on several occasions for presentation purposes, from more than one of the pairs of dies used for this issue, with two different edge collars, and in several different finishes." Breen continued to provide notes on a dozen different specimens.<BR> Perhaps it is instructive to understand the criteria used by NGC to distinguish proofs from business strikes. These criteria were reported by Dr. Robert J. Loewinger in <I>Proof Gold Coinage of the United States:</B></I> "1) Extreme sharpness in all details, both at the centers and toward the peripheries. 2) The complete absence of die erosion or distortion. 3) Numerous, raised die-polishing lines on both sides. These appear in a random, swirling pattern. While also evident on currency strikes, these are particularly bold on proofs. 4) Uniformly satiny surfaces, without any of the radial flowlines that produce conventional mint luster. 5) A build-up of metal just inside both borders, though especially evident on the reverse. This appears as a slightly raised ridge forming a concentric circle within the coin's border. It probably resulted from the extreme compression to which the proofs were subjected by additional strikes."<BR> In their <I>Significant Auction Records</B></I> reference, authors Jeff Garrett and John Dannreuther listed price records for both proofs and business strikes in a single section, explaining: "Many High Reliefs have been sold as proofs and are from proof dies, but do not have all the characteristics of true proofs. Therefore, proof High Relief listings are mingled with the Mint State flat edge coins. This is a very controversial area in which the few real High Relief proofs are obvious, while many other coins are not obvious as either proofs or business strikes. The price realized is a pretty good example of how the numismatic community views a particular proof offering, as the non-controversial proofs often bring multiples of questionable proofs."<BR> The entire debate was summed up quite nicely by Dave Bowers in <I>A Guide Book of Double Eagle Gold Coins:</B></I> "This explanation by Garrett and Dannreuther gives the core of the puzzlement. It is seen that certain experts may avoid obvious non-proofs listed as proofs in auction catalogues, but this is not of much help to the vast majority of collectors who are not experts. At best, this is a tricky area, and I recommend that before buying one you enlist the help of a trustworthy gold coin expert to examine the coin and advise you."<BR> This example, an amazing Premium Gem piece, meets all of the qualities defined by NGC for certification as a proof. It also meets the criteria noted by Walter Breen, including eight pillars in the Capitol. The edges are well defined, although the build-up of metal on the reverse as required by NGC tends to obscure the sharpness of the inner reverse border. Although we are not sure how Breen arrived at the count of six or seven blows by the press, this piece is clearly more sharply defined than most. It has bright yellow-gold color with only a few faint hairlines, and these are mostly hidden within the myriad die-polishing lines on both sides. Additional requirements of this cataloger are met by this example: all of the fingers on both hands are fully countable as are the toes, and Liberty's facial details are absolutely 100% fully defined. Census: 18 in 66, 15 finer (10/06).<BR><BR><b>Shipping:</b> Coin/Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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