1884 Double Eagle $20 NGC PF53. With a mintage of a mere 71 Proofs and no circulation strikes, the 1884 double eagle is a prime numismatic rarity, and one of the rarest of all twenty-dollar gold pieces. It is the second of three Proof-only double eagles of this decade, the others struck in 1883 and 1887. Compared to these, however, the 1884 has the lowest mintage of them all, and in fact has the lowest mintage of any double eagle (except, off course, the 1849 pattern, which is not a regular issue and the 1861 Paquet reverse). As such, examples of this date are highly in demand in any grade, and have so for many years. Despite the fact that this coin circulated for a very short time, it is thus very important for the specialist, and could be the only chance a serious collector will have to acquire this piece, with excellent eye-appeal, for a relatively low price.

From the total mintage, the number of survivors has usually been estimated to be around twenty pieces in all grades. Even this number might be heavily inflated, as offerings of this coin in any grade or seldom found. Because of this, it is unknown if the published mintage of 71 coins also does represent every coin which was released by the Mint. We think that this number might have been lower, as otherwise many pieces much have circulated and were later melted. Approximately 40 pieces released would appear to us to be a more correct number, although this has not been widely studied. For all valuation purposes, the number of 20 pieces known, at most, will be the best to use.

Circulation of Proof gold coins is often found, and gives some insight into what happened to these pieces after they were melted. Some, obviously, were carefully kept by conscious collectors, and are often the finest pieces known of a given date. Others, no doubt, were given less conscious treatment, but were still kept in collections since their mintage. Others, which might have included the present coin, were spent and turned up in circulation. Reasons why this would be done are numerous. As we all know, economic times, both global and personal change, as does the need for cash. If a coin collector has a large influx of cash available which is worth little over face value (as these coins were a few years after their minting), he will easier spend the coin than go through the hassle of buying a potential buyer. Another possibility is that the Mint did not sold all Proof pieces struck, and later released them into circulation. However, a more common heard possibility is that these pieces were melted at the Mint and never left the building.

Whatever happened to the present piece after its mintage, it does remain to exist and is an extremely are coin. While lightly circulated, its status as a true Proof coin is undisputed by its visual appearance, if any dispute would exist for a Proof-only date. A sharp strike and rim, together with fields that remain to be somewhat reflective in the protected areas, confirm the special treatment this coin received when it was struck. Green-gold, and quite pleasing, darker patina is evenly seen on both sides. A few minor marks are noted, as is some light wear, but the overall eye-appeal of this coin is excellent. This offering represents a rare opportunity for the specialist of Proof gold coinage or double eagles, and one that is not easily repeated at any grade level. This coin has been certified by NGC in a new holder.