Heritage World Coin Auctions
CSNS Signature US Coin Sale 1254 26-28 Apr 2017
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Proof Liberty Eagles
1875 $10 PR63 Cameo PCGS. The 1875 proof gold eagle is a major rarity in any grade, and demand is further amplified by a lack of circulation strikes for this year. In 1875, the Philadelphia Mint's gold production was almost entirely of double eagles. Circulation coinage of the five lesser denominations did not exceed 400 pieces for each issue, and in the case of the 1875 three dollar, none were struck at all. The 1875 gold eagle was struck to the extent of only 100 circulation strikes and 20 proofs. PCGS estimates that just eight or nine circulation strikes and 10 to 12 proofs survive in all grades. Of these, one circulation strike and one proof are housed in the Smithsonian Institution, and a second proof is in the ANS, making the total number of 1875 eagles available to collectors, proof and circulation strike combined, no greater than 15 to 18 pieces.
The 20 proof 1875 eagles struck were issued in proof sets with the other five gold denominations. One of the active buyers of gold proof sets in the middle and late 19th century was William B. Wetmore, who began collecting around 1860. When the Chapman brothers auctioned his collection in 1906, it contained a nearly complete run of gold proof sets from 1863 to 1881, including an 1875. Wetmore's complete 1875 gold proof set is the origin of the present coin, and it is likely that he acquired it directly from the Mint in the year of issue.
William F. Dunham acquired this coin from the Wetmore sale, with the piece later passing through the famous Palace Collection of King Farouk to the Norweb family. The Norwebs were personally in attendance when the Farouk Collection was auctioned in Cairo in 1954.
We believe this to be the first auction appearance of this storied and rare specimen since 1991. The strike is full, and field-device contrast is dramatic. As the grade suggests, there are a few hairlines in the fields. A small alloy spot on Liberty's neck and a couple of minor field marks near star 4 serve as reliable pedigree markers. As the Norweb catalog stated: "In a way, the minute grade differences are not necessarily important for this issue, for in any grade the 1875 is a fantastic rarity."
Other than an impaired proof that we handled in 2014 (which no longer appears on the certified population charts), we have not handled a proof 1875 eagle since 2007, when a Gem Ultra Cameo NGC coin realized $172,500 in lot 3137 of the FUN Signature sale. The Farouk/Norweb coin is no doubt a highlight of this year's Central States event. Population: 1 in 63 Cameo, 1 finer (3/17).
Ex: Possibly acquired directly from the Mint in 1875 by William Wetmore; William B. Wetmore (S.H. & H. Chapman, 6/1906), lot 158, as part of a complete six-piece gold proof set; William Forrester Dunham (B. Max Mehl, 6/1941), lot 2245; King Farouk (Sotheby's, 2-3/1954), lot 205; Norweb Collection, Part II (Bowers and Merena, 3/1988), lot 2206; Thomas S. Chalkley Collection (Superior, 1/1990), lot 4818; Chicago Sale (Superior, 8/1991), lot 782.
HID02901242017
1875 $10 PR63 Cameo PCGS. The 1875 proof gold eagle is a major rarity in any grade, and demand is further amplified by a lack of circulation strikes for this year. In 1875, the Philadelphia Mint's gold production was almost entirely of double eagles. Circulation coinage of the five lesser denominations did not exceed 400 pieces for each issue, and in the case of the 1875 three dollar, none were struck at all. The 1875 gold eagle was struck to the extent of only 100 circulation strikes and 20 proofs. PCGS estimates that just eight or nine circulation strikes and 10 to 12 proofs survive in all grades. Of these, one circulation strike and one proof are housed in the Smithsonian Institution, and a second proof is in the ANS, making the total number of 1875 eagles available to collectors, proof and circulation strike combined, no greater than 15 to 18 pieces.
The 20 proof 1875 eagles struck were issued in proof sets with the other five gold denominations. One of the active buyers of gold proof sets in the middle and late 19th century was William B. Wetmore, who began collecting around 1860. When the Chapman brothers auctioned his collection in 1906, it contained a nearly complete run of gold proof sets from 1863 to 1881, including an 1875. Wetmore's complete 1875 gold proof set is the origin of the present coin, and it is likely that he acquired it directly from the Mint in the year of issue.
William F. Dunham acquired this coin from the Wetmore sale, with the piece later passing through the famous Palace Collection of King Farouk to the Norweb family. The Norwebs were personally in attendance when the Farouk Collection was auctioned in Cairo in 1954.
We believe this to be the first auction appearance of this storied and rare specimen since 1991. The strike is full, and field-device contrast is dramatic. As the grade suggests, there are a few hairlines in the fields. A small alloy spot on Liberty's neck and a couple of minor field marks near star 4 serve as reliable pedigree markers. As the Norweb catalog stated: "In a way, the minute grade differences are not necessarily important for this issue, for in any grade the 1875 is a fantastic rarity."
Other than an impaired proof that we handled in 2014 (which no longer appears on the certified population charts), we have not handled a proof 1875 eagle since 2007, when a Gem Ultra Cameo NGC coin realized $172,500 in lot 3137 of the FUN Signature sale. The Farouk/Norweb coin is no doubt a highlight of this year's Central States event. Population: 1 in 63 Cameo, 1 finer (3/17).
Ex: Possibly acquired directly from the Mint in 1875 by William Wetmore; William B. Wetmore (S.H. & H. Chapman, 6/1906), lot 158, as part of a complete six-piece gold proof set; William Forrester Dunham (B. Max Mehl, 6/1941), lot 2245; King Farouk (Sotheby's, 2-3/1954), lot 205; Norweb Collection, Part II (Bowers and Merena, 3/1988), lot 2206; Thomas S. Chalkley Collection (Superior, 1/1990), lot 4818; Chicago Sale (Superior, 8/1991), lot 782.
HID02901242017