EXTREMELY RARE PROOF 1881 $10.00

Very few specialists are aware at just how rare Proof 1881 eagles are. Sure, the mintage figure is low; just 42 were struck. But after spending some time in my database, I soon realized that this is one of just five dates in the With Motto eagle series that I have never handled.

Closer inspection reveals that Proof 1881 eagles are hugely rare with as few as eight to nine known, including at least two which are impounded in museums.

Not a single Proof 1881 has been sold at auction in well over a decade and I can find records for just two in PCGS holders: the Bass II coin—graded PR64—that sold for $34,500 back in 1999, and a PR65 that Heritage sold in 10/2011 for $56,063. From a numerical standpoint, the NGC PR66 Ultra Cameo in the Tyrant Collection seems to be the finest known by a considerable margin, and it brought $115,000 as Heritage 2009 ANA: 1303.

Unlike most PR63 Liberty Head eagles, this piece is not littered with hairlines and the color is a pleasing medium to deep orange-gold. Below this color, the viewer can see nearly full mirrors as well a characteristic orange-peel texture.

A Gem 1881 eagle—if one is ever available—could command in excess of $150,000. This nice piece at one-third of the price seems like ok value to me.

PCGS has graded four in all grades with one each in PR63 and PR64, as well as one each in PR61CAM and PR64CAM.

The PCGS/CU price of $37,500 for a PR63 is way too low, while the value of $57,500 for a PR63CAM seems more in line with the realities of the current market.

CAC has approved a total of four Proof 1881 eagles. These include this one coin in PR63 as well as three with a Cameo designation (two in PR64 and a single PR65CAM).

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