Only 1891-S Double Eagle Designated Deep Prooflike by NGC.

With each interesting new acquisition for the Grandview Collection of Liberty Double Eagles in 2014, I plan to describe the coin and relevant background information with a journal post.

If you have seen my Registry set of Liberty Double Eagles, you probably know that I prefer prooflike examples over coins with typical frosty surfaces. When turning a PL coin under a light, the reflective fields and contrasting devices are extremely attractive. In images, the reflective surfaces tend to exaggerate even minor surface abrasions in images. Prooflike coins offer an alternative to proofs which were produced in small quantities (158 or fewer coins) and are very expensive in today's market. Proofs were almost exclusively made at the Philadelphia mint. The only San Francisco minted proof twenty that I am aware of is the relatively unknown 1854-S $20 which is part of the Smithsonian collection. Some call this '54-S $20 a presentation strike because of its surface texture. If you want a San Francisco gold coin with proof qualities, you are out of luck unless you can find a deeply prooflike circulation strike.

I recently purchased a prooflike 1891-S $20, which was graded MS61 DPL by NGC. The coin has extremely reflective fields, which accounts for its DPL designation, and nicely contrasting frosty devices. The coin was graded MS61 by NGC due to the scattered marks, which are exaggerated by the contrast against the reflective fields. There are no singular hits or marks that are distracting to the eye appeal of this coin. NGC has graded just over 5,300 1891-S double eagles with only 15 coins designated as PL (0.3% of all graded by NGC). The highest grade among the PL examples is MS62 (based on March 2014 NGC Census data). The 1891-S $20 in the Grandview Collection is the only coin designated DPL in any grade.

As I have mentioned in previous posts, I am surprised that the NGC Registry scoring system does not take into account the relative or absolute rarity of double eagles in prooflike or deep prooflike condition. The number of certified coins and registry points are listed below for reference. Interestingly, in other series, eg, Morgan dollars, scarce PL coins can have much higher scores than non-PL coins of the same date.

1891-S $20 NGC MS61 Non-PL (2146 in MS61 with 2434 finer): Registry Score 1066

1891-S $20 NGC MS62 Non-PL (1892 in MS62 with 542 finer): Registry Score 1531

1891-S $20 NGC MS63 Non-PL (483 in MS63 with 59 finer): Registry Score 2368

1891-S $20 NGC MS64 Non-PL (57 in MS64 with 2 finer): Registry Score 4217

1891-S $20 NGC MS61 PL (7 in MS61 PL with 5 finer in PL): Registry Score 1131

1891-S $20 NGC MS62 PL (5 in MS62 PL with 0 finer in PL): Registry Score 1617

1891-S $20 NGC MS61 DPL (1 DPL in all grades; none finer): Registry Score 1505

In MS61, a non-PL coin has a Registry score of 1066 points, while a PL example only receives an extra 65 points, but it is more than 300x's rarer according to NGC census data. In MS61, a DPL example is awarded fewer points compared with an MS62 non-(D)PL coin. In fact, replacing my current MS63 non-PL 1891-S with a MS61 DPL example resulted in a reduction of 863 Registry points.

The amount of Registry points received for (D)PL designated coins is out-of-touch with market values. The MS61 DPL commands a much higher price than non-PL coins graded higher by 2 points, and on par with coins graded MS64. However, while the price of a MS61 DPL and MS64 non-PL are approximately equal, the Registry point difference is substantial (1505 versus 4217).

Images of the 1891-S DPL double eagle from Grandview Collection are below. The coin is shown in its NGC holder with the DPL designation. I have not submitted the coin to CAC for review.

http://coins.www.collectors-society.com/WCM/CoinView.aspx?PeopleSetCoinID=1687815

Grandview Collection

http://coins.www.collectors-society.com/registry/coins/SetListing.aspx?PeopleSetID=106968

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