Proof 1901 Double Eagle 1901 $20 Liberty PCGS PR62CAM

Proof 1901 Double Eagle - 1901$20 Liberty Type 3 PCGS PR62CAM. This rare, near-Gem, Cameo Proof 1901 Double Eagle has deeply frosted devices over mirrored fields. The coin is struck in the usual orange-gold of the time. Some light hairlines limit the grade but are not individually distracting. As expected for a proof coin, the strike is strong with full details on the centers of the stars, Libertys hair, and the design details of the reverse, especially the eagle.

The double eagle of 1849-1907 was designed by James Barton Longacre. For all dates the total proof mintage was 2,426 coins. Therefore, all proof double eagles of this type are rare, and some are exceedingly rare.

With the Gold Rush of 1849 in California, there was a large increase in the amount of gold coming into the Mint for coinage. Consequently, a bill was introduced in the House to coin $20.00 denominations called double eagles. Mint Director Robert Patterson tried to use this new coinage bill as an excuse to terminate James Longacre as the Engraver because of political and other differences. The Chief Coiner, Franklin Peale, with Pattersons approval and help, was making medals on the side. Patterson was afraid that Longacre would interfere with Peales profitable business. Therefore, Peale would not cooperate with Longacre; however, Longacre prevailed and was able to retain his position and complete the dies for the double eagles.

Longacre designed the coin, which was substantially different from the previous capped Liberty eagle. It was similar to Gobrechts Large Cent Braided Hair Coronets of 1839 to 1857 in that instead of the cap, Liberty now wore coronet with her hair tied in the back. The reverse design depicted a modified heraldic eagle with a circle of stars above its head which are in turn surrounded by rays. The motto E Pluribus Unum is on each side of the eagle on matching ribbons. This design remained in use for almost sixty years.

There were three types of Longacre double eagles. The first had the denomination abbreviated as TWENTY D. In 1866 the motto IN GOD WE TRUST was added to the top of the reverse creating Type 2. This change was made at the behest of Salmon P. Chase, Secretary of Treasury and Congress because of pressure brought about by the Reverend M.R. Watkinson of Ridleyville, Pennsylvania. This addition did not cause crowding of the design because it was only necessary to enlarge the circle of stars to accommodate the motto within it. The Type 3 coins were created in 1877 when the denomination was changed to TWENTY DOLLARS. This double eagle is known as the Longacre-Barber type.

When Longacre died on New Years Day in 1869, William Barber became the Chief Engraver. Charles Barber, Williams son, was his successor. Most of the issues were very large, and the coins became known as generic Liberty Head Twenties. Throughout the years since their production, but especially in the 1950s and 60s, these coins were held by investors as a hedge against inflation.

Longacre was born in Pennsylvania in 1794. When he finished his apprenticeship in Philadelphia as a bookseller and a banknote engraver, he worked on his own as an engraver of book illustrations and bank notes. His works included one on the signers of the Declaration of Independence and another on stage personalities. In 1830, Longacre began a series of biographies of famous men in the military and the political arena. In 1834 the result of this series became the National Portrait Gallery of Distinguished Americans that was published in four volumes. Longacre and those who worked with him became famous because of this work.

In 1844 Longacre came to work at the Mint. He was opposed by Franklin Peale, the Chief Coiner. Peale was probably responsible for some blundered dies that Longacre was criticized for making. Peal was involved in a private, illegal medal manufacturing business using Mint facilities. He was concerned that this new political appointee would interfere with his business, and he resisted Longacres appointment as Chief Engraver. Finally in 1854, Peale was fired by President Franklin Pearce. Longacre flourished in his position and was responsible for creating many new designs including the Indian Head cent, the two-cent piece, the Shield nickel, the Liberty Head gold dollar, the Indian Princess gold dollar, the three-dollar gold piece, and the Liberty Head double eagle.

When he became the Engraver, Charles Barber attempted to improve the design. In so doing he smoothed the back of the eagles neck. Since recent demand has increased for Liberty Head proof double eagles, the miniscule supply has been unable to keep up with it. The combined population reports show 1515 proof coins in all grades certified by both of the major grading services, and this number does not account for resubmissions.

It is estimated that between 35 and 40 1901 proof double eagles exist today across all grades, this prize falling in the top half of that small number and a delight to examine. In its population report, PCGS shows 5 in PR62CAM condition. At NGC there is 1 in PR62CAM.