Very Rare 1889 $5.00 in PCGS PR64CAM CAC

Despite a small Proof mintage of just 45 pieces, the 1889 half eagle remains overlooked as a rarity within this denomination. Given the small number that I’ve seen over the last twenty+ years of being an active buyer of Proof gold, I doubt if more than 15-20 exist today.

This is a very pleasing example from a visual and technical standpoint, with starkly contrasting frosted devices and mirror fields. The black and white appearance lacks enough contrast for a Deep Cameo designation, and this is typical for the year as I can’t recall having seen more than one or two 1889 proofs with a full Deep Cameo appearance. A small line to the right of the second star is likely all that keeps this coin from a PR65CAM grade.

Since the middle of 2105, just three Proof 1889 half eagles have sold at auction: this example (see below), as well as an NGC PR66 Cam at $40,800 in early 2021, and an NGC PR65CAM at $38,400 in early 2020.

This would make a wonderful addition to a Proof gold type or denomination set, or a Box of 20.

Ex Stack's Bowers 3/2024: 4290 ($33,600), where I purchased it directly; earlier sold as Heritage 10/2022: 3223 (as NGC PR64CAM), where it sold cheaply at $25,200.

For the year, CAC has approved a total of seven Proofs. Six are Cameo, with four in PR64, and two in PR65, while one is a Deep Cameo graded PR64.

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