One of three 1875 double eagles designated prooflike by NGC.

I usually write a journal entry when I add a new coin to the Grandview Collection of Liberty Double Eagles. Today, however, I am writing about a coin that has been in my collection for many years, but was recently crossed over to a new holder.

As a collector of prooflike gold, I prefer coins that are designated prooflike by NGC. On rare occasions in the past, I have purchased coins that I considered prooflike in PCGS holders. About five years ago, I purchased a prooflike 1875 $20 in a PCGS MS60 holder and paid a premium for the prooflike qualities. The coin has deeply reflective fields and nicely contrasting frosty devices. Typically coins with an MS60 grade are heavily bag marked with deep and distracting hits. This coin received the MS60 grade due to numerous tiny abrasions on the obverse fields which are exaggerated by the reflective fields. There are no singular hits or marks that are remotely distracting to the eye appeal of this coin.

In September, I finally submitted this 1875 $20 to NGC. Since I was nearly certain the coin would be designated prooflike, I indicated cross at any grade on the submission form. Several weeks later, the coin was graded and received the same grade that PCGS initially assigned and the PL designation.

NGC has designated just 3 - 1875 double eagles as PL with 2 graded MS60 and the remaining coin an MS61. Among non-PL 1875 twenties, NGC has graded 1320 coins in all grades. Thus, for all 1875 double eagles graded by NGC, the percentage of prooflike coins is 0.23% (based on December 2013 Census data).

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 condition. The number of certified coins and registry points are listed below for reference. Interestingly, in other series, eg, Morgan dollars, PL coins can have much higher scores than non-PL coins of the same date.

1875 $20 NGC AU58 Non-PL (383 in AU58 with 783 finer): Registry Score 1342

1875 $20 NGC MS60 Non-PL (170 in MS60 with 613 finer): Registry Score 1410

1875 $20 NGC MS61 Non-PL (346 in MS61 with 267 finer): Registry Score 2048

1875 $20 NGC MS62 Non-PL (235 in MS62 with 32 finer): Registry Score 3103

1875 $20 NGC MS60 PL (2 in MS60 PL with 1 finer in PL): Registry Score 1490

In MS60, a non-PL coin has a Registry score of 1410, while a PL example only receives an extra 80 points, but it is more than 300x's rarer according to NGC census data. In MS62, a non-PL example receives more than double the Registry points compared with an MS60 PL, even though the prooflike coin is approximately 100x's rarer, and an 1875 $20 with the PL designation would sell for more than an 1875 $20 graded MS62.

Images of the 1875 double eagle from Grandview Collection are below. The coin is shown in its NGC holder with the PL designation.

http://coins.www.collectors-society.com/WCM/CoinView.aspx?PeopleSetCoinID=1633572

Grandview Collection

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

To see old comments for this Journal entry, click here. New comments can be added below.