By the end of the 19th century more people than ever were collecting coins in the United States, and it had become a popular pastime of America since the late 1850s. Production of minor Proof coins at the Philadelphia Mint increased, usually with varying mintages depending on the popularity and cost of a given denomination. Gold Proof coins, however, did not see large increases in the mintages of gold coins, as it was a market that was only open for the wealthiest collectors of the day. The intrinsic value of gold coins was very high, and few people could afford to collect gold coins, or buy freshly minted Proof gold coins from the Philadelphia Mint. Because of this, most Proof gold coins are extreme rarities in any grade, and many dates are very seldom encountered, regardless of grade.

Most of the Proof eagles of the 1890s and later are not found with deeply reflective fields and frosted devices, the so-called Ultra or Deep Cameos. Unlike the Proofs of the 1870s and 1880s, those of the last decade of the 19th century were struck on planchets and from dies which had not been polished as extensively as the earlier dates. There does not seem to be a true reason for this, although the Mint continued to experiment with the finishes of Proof gold coinage, perhaps to increase demand for these rarities. In the end, these experiments lead to the introduction of the sandblasted Proof gold coins of the 1910s, very unpopular with collectors at the time but now very much appreciated because of their sheer beauty.

Perhaps only 30 to 35 Proofs are still known of the 1896 eagle, and of these only a very limited number have graded at the gem level (Proof-65). Even fewer pieces have received an Ultra or Deep-Cameo designation, regardless of numerical grade. The present specimen is a beautiful and extremely rare exception to that rule, and is one of the finest specimens known. Highly reflective fields and frosted devices give a much appreciated black/white contrast, highlighting the nearly flawless fields. Some very minor hairlines limit the grade, but these are barely noticeable with the naked eye and do not influence the eye-appeal of this magnificent coin. Both sides display a very strong strike, with no weakness noted on either side with original yellow-gold color seen. A very rare opportunity for the specialist and the perfect coin for a gem type set of pre-1915 Proof gold coinage. This coin has been certified by NGC in a new holder.