The following post is pulled from Coin World editor Steve
Roach’s Market Analysis column in the Dec. 29 issue.
Proof gold coins from the mid-to-late 19th century through the early
20th century have long been coveted by collectors and have always been
expensive. Someone looking at an entry-level example should be
prepared to pay thousands of dollars for a decent example.
As a general rule, larger denominations are more expensive and eye
appeal is especially important for these Proof coins that have
surfaces that are highly unforgiving toward imperfections. In recent
years, collectors have warmed to the more exotic Matte Finish Proofs
of the early 20th century.
Here is one of three classic Proof gold coins that Coin World
is analyzing this week:
The coin: 1883 Coronet $10 eagle, Proof, Altered Surfaces
The price: $5,287.50
The story: Collectors looking for a Proof example of a $10
eagle or $20 double eagle for less than $10,000 will have to look to
an impaired coin that has a problem.
This 1883 $10 Coronet eagle is graded as Proof, Uncirculated
Details, Altered Surfaces by Professional Coin Grading Service.
The Uncirculated Details description means that the Proof coin has
Heritage notes that despite the unoriginal surfaces that resulted in
the designation, “the effects [of the alteration] are not immediately
obvious to the unaided eye,” and adds that there is moderate cameo
contrast between the fields and devices.
PCGS notes that Altered Surfaces can be broadly applied and “covers
anything added to the surface of the coin to either ’improve’ its
appearance or to cover marks” including coatings like lacquer,
artificial haze, or puttying to fill in marks, scratches or other defects.
The coin sold for $5,287.50 at an Oct. 9 Heritage auction, far less
than an unimpaired example would bring.
Read the rest of Steve Roach's "Under $10,000
Challenge" Market Analysis:
1898 Coronet quarter eagle comes in at $8,812.50
Matte Proof 1913 Indian Head
gold quarter eagle brings $4,993.75
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