Designed by: James Barton Longacre
Issue Dates: 1877-1907
Composition: 90% gold, 10% copper
Diameter: 34 mm
Weight: 33.436 grams (515.99 grains)
Edge: Reeded
Proof Mintage: 2,426
Proof gold has rightly been called “the caviar of numismatics” and few would argue with that appellation. This was not always the case though, for in the late 19th and early 20th century, the premiums for the larger Proof gold coins in particular was miniscule and their high face value often resulted in them being “spent” rather than saved. A fair number of $20 Liberties (especially the last 20 years of production between 1887 and 1907) can be found today in grades of PR-50 to PR-58, indicating that the roughly $500 they represented in purchasing power today was a temptation many collectors (or their heirs) could not pass up.
The Type III “Twenty Dollars” which began in 1877 are the most available, with dates after 1881 showing between 15 and 30 estimated survivors and those after 1895 generally in the 30-to-60-coin range. Cameos and Deep Cameos are seen on roughly 40% or so of the coins certified by PCGS, and nearly 80% of NGC coins, but Deep or Ultra cameos all but disappear after 1901 when the Mint modified their die preparation process for Proofs.
It almost seems silly to talk about “key” dates in a series where every date is so rare, but the 1883, 1884 and 1887 stand out as they were “Proof Only” dates with Philadelphia letting San Francisco and Carson City handle nearly all of the double eagle production from 1881 through 1887. Only 4,521 circulation strike double eagles were struck in Philadelphia from 1881 to 1887 inclusive!
Proof $20 Liberties today are among the costliest and most prestigious U.S. coins on the market, with choice examples (PR-63 to 64) trading for upper 5-figure to low 6-figure sums, and Gems (PR-65 to 67) worth low to mid 6-figures. While only a relatively few collectors have the financial wherewithal to acquire one of these prizes, gazing upon a high-grade cameo or deep cameo example is truly an awe-inspiring experience.
