1899 Double Eagle Proof - Why is this a $179,000 Coin?

Hi there. I’m CoinWeek editor Charles Morgan. Today we are going to talk about the Liberty Head Double Eagles in Proof, and specifically about the rare 1899 Liberty Head Double Eagle issue. The coin you are looking at is one of the finer known examples. It sold at a 2023 Stack’s Bowers auction for $179,000.

The $20 gold piece, first struck in 1849, emerged directly from the California Gold Rush, born out of a desperate need for high-denomination coinage to manage the flood of new gold.

The Double Eagle series is notoriously challenging for collectors, especially its Proof issues. Early dates are virtually unobtainable. Imagine trying to build a complete set when the 1849 Proof is unique, locked away at the Smithsonian, and the only known 1850 resides across the ocean in France! Even a unique 1856-O Branch Mint Proof is now valued around two million dollars.
True "collectibility" for Proof Liberty Head Double Eagles generally begins with the 1859 issue, though even then, fewer than ten are known. The rarity of these early Proofs was largely due to their high cost – at $20.50, a substantial sum back then, equivalent to about $730 in today's money. This meant a significant attrition rate, as most were simply spent.
Over the years, the Double Eagle design saw a couple of key changes. In 1866, the Type II appeared, introducing the motto "IN GOD WE TRUST" above the eagle. Then, in 1877, the Type III emerged, most notably changing the denomination from "TWENTY D." to the full "TWENTY DOLLARS." These Type III issues are, relatively speaking, the most accessible subset for collectors, as mintages started to rise slightly.

And this brings us to our star: the 1899 Proof Liberty Head Double Eagle.

The 1899 Proof is a fascinating example from this more accessible Type III period. The Philadelphia Mint struck a limited number – just 84 coins for collectors. Of those, perhaps 40 to 45 survive today, making it a truly scarce piece of American numismatic history.

When collectors talk about its condition, they often highlight examples graded Proof 65, which represent exceptional quality. But for the ultimate connoisseur, a select few have been graded as high as Proof 67 with a stunning Ultra Cameo designation, showcasing deep, mirror-like fields and frosted devices.

The 1899 Proof Liberty Head Double Eagle is a testament to a bygone era of American commerce and a coveted prize for serious collectors, embodying both historical significance and numismatic beauty.

The finest examples grade PF67UCAM by NGC. One sold for $468,000 in 2023.