Original Gem 1900 Gold Proof Set

All PCGS, All CAC Approved

Douglas Winter Numismatics is proud to offer one of the most interesting original proof sets we have ever handled: an original, evenly-matched four piece set of gold coins dated 1900. Gem Proof gold is among the most desired items in the high-end of the US coin market, and we can’t think of many items which would qualify higher on the “coolness scale” than this.

We just purchased this set and sent it through PCGS for grading, followed by stickering at CAC. It doesn’t include any original packaging or documentation, but we were told by the seller that this set was purchased at the time of issue by a wealthy Southern family.

The quality of these coins is simply remarkable. There are virtually no hairlines seen on any of the coins and the degree of cameo contrast is unusually strong for a Proof gold piece struck in the 20th century.

*Please note, due to the value and shipping logistics, these have not been photographed by Jenna. We are inlcuding the PCGS TrueView images.

The four coins are as follows:

A total of 205 were struck, and more than half of these are known. This is among the most available issues of this type in very high grades (PR67 and finer) with as many as 10-12 Superb Gems known.

I grade this coin PR68DCAM and it is essentially perfect with extremely deep mirrors and a complete absence of spotting, mint-made defects, or hairlines.

• PCGS Population: 11/11 (best are four graded PR68+)

• CAC Population: 12/7 (best are a small number graded 68)

• PCGS Price Guide: $43,500

Comparables: There are five APRs for this date in PCGS PR67 since 2017, but three are the same coin. The most recent sale is Legend 3/2019: 398 at $32,900.

There were 230 struck but it appears that many were melted after going unsold. My best estimate is that fewer than 80-90 are known with many showing no black and white contrast, and many grading PR64 or lower due to mishandling. Gems with a DCAM designation are rare and this exact coin is the sole 1900 half eagle graded PR66. There are five finer which includes two in 66+, one each in 67 and 67+, and a 68+ which is the finest known.

Superb Proof Liberty Head half eagles are very rare and I feel they are decidedly undervalued in comparison to very high-grade Liberty Head eagles and double eagles. This coin has exceptional surfaces with just a few small specks seen at the lower right obverse.

• PCGS Population: 1/5 (best is a single PR68+)

• CAC Population: 3/2 (best is a single PR68)

• PCGS Price Guide: $80,000

Comparables: Stack’s Bowers sold an NGC/CAC PR66 for $75,00 in their recent November 2022 auction.

Just 120 pieces were made and fewer than half are known. This is a difficult issue to locate in PR65 with a DCAM designation, and superb pieces are extremely rare. This example is clearly very high in the Condition Census for Proofs of this date, with just one known which is clearly finer: an amazing PR68+DCAM which could bring over $400,000 if it were available.

This is an extremely rare denomination in PR67. For the entire With Motto type, PCGS shows a current population of just eight coins with one finer while CAC mirrors this with eight in PR67 DCAM and a single coin finer. These are all dated between 1898 and 1900. I thought this coin had a legitimate chance of grading PR68 as it virtually perfect. It is the single best Proof Liberty Head eagle I’ve ever owned and it is the undisputed star of this four coin set.

• PCGS Population: 3/1 (best is a single PR68+)

• CAC Population: 4/1 (best is a single 68+)

• PCGS Price Guide: $240,000

Comparables: In their May 2022 auction, Heritage sold an 1898 $10 in PCGS/CAC PR67 DCAM for $204,000.

The mint produced 124 Proof double eagles in 1900, and it appears that a least a few were melted as this date is as rare as issues of this era with lower mintages. I feel that there are around 55-65 known and, as with all Liberty Head double eagles, Gems are rare.

This is a solid Gem example which would likely have graded PR65+ or even a bit finer were it not for a faint speck near star three on the obverse which was probably caused when someone sneezed or coughed when viewing the coin years ago. The cheek is free of the slidemarks which plague this denomination and there is an almost-total lack of hairlines.

• PCGS Population: 8/3 (best 67)

• CAC Population: 4/3 (best is a single 67)

• PCGS Price Guide: $260,000

Comparables: Heritage 8/2022: 4137 was graded PR65 DCAM by PCGS but was not CAC approved; it brought $168,000. Stack's Bowers 8/2021: 4268 was graded PCGS PR65 DCAM by PCGS and it was approved by CAC; it sold for $174,000.

Total PCGS Price Guide for the Four Coins: $623,500

Gold Proof sets of any year are very rare, and original Gem sets with the coins visually matched—and in very high grade—are excessively rare. This is the only 1900 gold proof set known outside of one or two in museum collections, and I am not aware of another original Liberty Head gold proof set which is available or which is likely to be for sale any time soon.

This remarkable four coin set is destined to become the centerpiece of a world-class US gold collection or an integral part of a Box of 20.

$600,000