The Harry W. Bass, Jr. Collection - Part II

Gem Proof 1885 $20

Well Known Rare Date

Condition Census

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1895     1885 Proof-65 (PCGS). A splendid coin of a quality which we have seldom seen offered. Of the 78 Proofs minted, perhaps 15 or so can be traced today, of which at least three are impounded in institutions, and several others are impaired. Thus, the present coin, a glittering cameo gem, is of incredible importance.

While the 1885 does not have Proof-only status similar to the 1883, 1884, and 1887, it comes fairly close, as the related business strike mintage was only 751 pieces. In annals of double eagles, the Philadelphia Mint coins of the 1880s are of paramount importance and desirability. How fortunate we are that the present listing contains these great rarities.

PCGS Population: 2; 1 finer (Proof-66).

How the others compare to the Bass coin is not known, but it is recalled that not only do Bass Collection coins have high numbers, but, equally important (in our opinion), virtually all Bass coins have excellent aesthetic appeal.

From Superior’s sale of February 1973, Lot 934, but acquired later by Harry Bass via trade.

Remarkable Business Strike 1885 $20

Highest PCGS Grade


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1896     1885 MS-63 (PCGS). A business strike not a Proof, although it does possess ample Proof surfaces. While it would be somewhat logical that the same die pair would be used to make business strikes as well as Proofs, this is not the case in the present instance, and a close comparison of the illustrations will reveal that the date on the business strikes is placed slightly differently, farther to the left, with the 8 centered under the B (J.B.L.), while on the Proofs the center of the 8 is ever so slightly to the right.

Warm gold obverse. The reverse is the same, save for some copper toning around the upper rim. The reverse die, while highly prooflike, is different from that used to strike Proofs, the latter having a small lump at the upper left of the F (OF).

As noted under our offering of the Proof of this date, related business strikes amounted to just 751 pieces. Relatively few exist, and of those, quoting Breen, "Most are EF to AU." As to the total surviving population it is a guess, and Walter Breen’s estimate of 12 to 15 seems to be as good as any. From any aspect, from any evaluation, here indeed is a prime rarity.

PCGS Population: 2; none finer.

From NERCA’s sale of the Mocatta Collection, July 1979, Lot 469.

Pair of Lustrous Double Eagles

1897     Duo of About Uncirculated double eagles: I 1885-S AU-58. Light yellow gold I 1888 AU-55. Highly lustrous. Many bagmarks on the obverse, some deep, keep this from a higher grade. (Total: 2 pieces)

Incredible Proof 1886 Double Eagle

Superb Gem Rarity

High Condition Census

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1898     1886 Proof-65 (PCGS). A superb specimen–the grading number says it all from a technical viewpoint–with the added attraction of having a warm rich golden color and absolutely breathtaking eye appeal. And, as if that were not enough, while the 1886 is not quite a Proof-only date, probably no more than a dozen business strikes survive (from a mintage of 1,000 such pieces), placing additional market pressure on the few surviving Proofs. Moreover, there were no branch mint issues this year, thus, anyone wanting the date 1886 must of necessity acquire a Philadelphia Proof or business strike, both of which are elusive.

Regarding the Proofs, the Mint posted a production of 106 pieces, but most probably fewer than half of that number actually saw distribution. Today it is doubtful if as many as two dozen survive, few if any of which can match the present coin in quality. Here, indeed, is one of the great showpieces in the Bass Collection, a prize that will be a focal point in any cabinet of which it becomes a part.

PCGS Population: 3; 1 finer (Proof-66).

Date logotype placed low.

Walter Breen notes that Proofs were made in each quarter of 1886, with 31 in the first quarter, 15 in the second, 15 in the third, and 45 in the fourth. Of these, 25 were included in sets that were available for sale (but not necessarily sold) in February. These figures would seem to indicate that by the end of the third quarter more 1886 Proof $20 pieces were needed, or perhaps it was anticipated that they would be needed, or otherwise 45 more would not have been made. However, as noted, it is highly unlikely that even half of the mintage found buyers.

From Stack’s Garrett sale, March 1976, Lot 494. From the Philadelphia Mint, February 2, 1886.

Famous 1887 $20 Rarity

Proof-Only Issue

Condition Census


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1899     1887 Proof-64 (PCGS). "Warm" gold as with the preceding Proofs. Similarly, the illustrious head of Miss Liberty set against deep mirror fields gives an overall cameo aspect to the entire obverse. A splendid specimen of this highly important Proof-only date; no related pieces were minted for circulation. Only 121 Proofs were minted, but, again, it is highly unlikely that even half were sold. Walter Breen states "possibly 20-25 survive, some impaired." We firmly second this opinion.

The present coin completes the trio of Proof-only issues in the double eagle series, the others being the earlier-offered 1883 and 1884. In the entire span of American numismatic history only a few major collections have ever had a complete offering. And, of those, few have equaled the quality of the Bass Collection coins.

PCGS Population: 8; 2 finer (Proof-65).

We would not be at all surprised if these numbers included multiple submissions.

We recall many years ago that a fine client and friend, Mr. Nat Scohen of Portland, Oregon, who enjoyed 19th-century Proofs, and specialized in the silver series, was offered a beautiful Proof 1887 $20 by dealer Jerry Cohen (who at the time was in Tucson, Arizona, prior to moving his business to Beverly Hills). He purchased it immediately, and for a long time afterward this was the gem of his entire collection.

From Stack’s sale of the DiBello Collection, May 1970, Lot 1271.

Quality Selection of
San Francisco Double Eagles

1900     A quality group of eight different San Francisco issues: I 1887-S VF-35 I 1889-S AU-50 I 1890-S AU-55 I 1891-S AU-55 I 1892-S AU-50 I 1893-S MS-60 I 1894-S AU-58 I 1895-S MS-60 An interesting and valuable selection. (Total: 8 pieces)

San Francisco Mint $20 Grouping

1901     Offering of San Francisco double eagles, all different dates and mints: I 1887-S VF-20, harshly cleaned I 1891-S MS-60 PL I 1893-S EF-45, cleaned I 1895-S AU-55 I 1896-S AU-58 I 1899-S AU-58. Mostly brilliant and lustrous, save for those with cleaning. (Total: 6 pieces)

Landmark Gem Proof 1888 $20

Solo Highest PCGS Grade

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1902     1888 Proof-65 (PCGS). A splendid specimen, one of the finest known, from among an estimated 35 to 40 examples remaining from a stated mintage of 102 Proofs. As Walter Breen points out, many of the surviving Proofs are damaged. The present coin, an absolute gem of breathtaking quality, stands tall and proud as one of the very finest of its issue.

PCGS Population: 1; none finer.

From Stack’s sale of the DiBello Collection, May 1970, Lot 1273

Rare Proof 1889 $20

Condition Census

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1903     1889 Proof-62 (PCGS). A very pleasing specimen from a casual viewpoint, exhibiting as it does the "warm" golden surfaces we have come to expect from a Bass Collection Proof, and also the cameo-like devices. However, upon close examination there are some lines in the field, accounting for the assigned numerical grade.

The mintage of Proofs in 1889 was just 41 coins, perhaps reflecting the true demand for Proofs of this denomination during the era–as we have felt (and stated) that certain earlier mintages made in larger numbers were not fully sold. Thus, perhaps the figure of 41 more closely represents the market. However, as perhaps only a dozen or so Proofs exist today–indeed this is a Proof rarity–it would not strain one’s imagination to suggest that no more than 25 or 30 were sold. One can read long and carefully through 19th-century numismatic auction catalogues, contemporary accounts printed in the American Journal of Numismatics, and elsewhere, and encounter very few mentions of collectors who were seriously interested in acquiring Proof $20 pieces by date.

PCGS Population: 1; 3 finer (Proof-65 finest).

In the modern annals of numismatics we know of just one individual who came close to acquiring a full collection of Proof $1 through $20 pieces from 1858 to 1915, the late Ed Trompeter (whose collection was later broken up and sold by Superior, Heritage, and Tangible Assets Galleries). Regarding the formation of a collection by date and mintmark varieties, not necessarily including Proofs, and not including the 1861 Philadelphia Mint Paquet reverse variety, a half dozen or so numismatists have succeeded in the task, perhaps the best known collection being that of Louis E. Eliasberg, Sr., which we showcased at auction in October 1982.

From Stack’s sale of the DiBello Collection, May 1970, Lot 1276.

Attractive San Francisco Double Eagles

1904     Quality selection of eight San Francisco Mint double eagles: I 1889-S AU-55 I 1890-S AU-55 I 1891-S EF-45 I 1892-S EF-45 I 1893-S AU-58 I 1894-S AU-50 I 1895-S AU-58 I 1898-S MS-60. An interesting selection. (Total: 8 pieces)

Marvelous Proof 1890 Double Eagle

Condition Census


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1905     1890 Proof-64 (PCGS). A marvelous specimen with beautiful rich golden surfaces. A lovely cameo with frosted devices set against deep mirror fields. One of the finest we have seen of this low-mintage date.

Again, we have at hand a major rarity as, indeed, can be said of virtually any double eagle in Proof format. For the 1890 only 55 pieces were struck, with about 15 accounted for today. There is no way of knowing precisely how many different exist. Of those few that do survive, several are in institutional holdings or other collections and are not likely to come on the market, and others are impaired.

When evaluating the Bass Collection Proofs, it is important to realize that Harry Bass felt that time was on his side–and if a coin was not one of the very finest known specimens of the variety, he simply didn’t buy it. Thus, when Proofs in such grades as Proof-55 through Proof-62 were offered, with relatively few exceptions he passed them by. This general philosophy echoed that of Emery May Holden Norweb, who was careful to study in advance the characteristics of the pieces she desired, and if quality was not present, no purchase was made. Louis E. Eliasberg, Sr., likewise sought out superb specimens, and in the last century T. Harrison Garrett employed a similar philosophy.

PCGS Population: 5; 2 finer (Proof-65).

Purchased from Abe Kosoff, April 24, 1972.

Memorable Proof 1891 $20 Rarity

Incredible Proof-67

Solo PCGS High Grade

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1906     1891 Proof-67 (PCGS). We could stop right here, as probably 90% of the buyers "out there" follow numbers and do not need much else in the way of narrative. However, narrative is indeed important to the remaining 10% of potential buyers (which category includes a generous measure of the connoisseurs among us). On the present coin, lustrous devices set against deep mirrored fields give a beautiful cameo effect, and the overall coloration is of a warm golden hue.

While the elegant state of preservation and the beautiful appearance of this 1891 Proof are excellent recommendations pointing to great bidding enthusiasm, the overall rarity of the 1891 is also important. Just 52 Proofs were minted, of which fewer than 20 different pieces have been traced. Among these are institutionally held coins as well as impaired pieces. It may well be that the Bass Collection specimen has no peer.

Moreover, the date 1891 is rare in business strike form, as only 1,390 pieces were made. Regarding these, Breen writes: "Possibly 12 business strikes survive, of which four are AU to Unc, the rest VF to EF." Thus, not only is the present coin rare as a Proof, but there are no significant business strikes to mount a challenge to its courtly position.

PCGS Population: 1; none finer.

From Stack’s sale of the DiBello Collection, May 1970, Lot 1281.

Lustrous 1891-S Double Eagle

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1907     1891-S MS-63. A splendid specimen with satiny lustre on obverse and reverse, a treat to the eye.

Beginning in a significant way in the late 1870s, American $20 pieces were shipped in large quantities overseas, and tended to remain there. In 1933, when President Franklin D. Roosevelt called in gold coins, Americans holding double eagles surrendered them to banks. There had been a rush away from gold bullion held by national governments, with the result that foreign banks and governments had not the slightest interest in exchanging gold coins for American paper money and held on to them as tightly as ever. In what certainly could be called a fraud or imposition upon the American public–although we do not recall it ever being cast this way in an historical account we have read–not soon after gold coins were called in, Roosevelt raised the official bullion price of gold from $20 an ounce to over $34, with the profit going to the government, not to the citizenry.

Years later, vaults in foreign lands yielded large quantities of double eagles, including many Mint State pieces from the late 1870s onward. However, among Liberty Head issues, most that survived in Mint State were apt to be heavily bagmarked, from being jostled around for a long time. Today, there are any number of $20 issues, particularly of the San Francisco Mint, that are more or less obtainable in AU grades and lower levels of Mint State, but which at MS-63 or finer are quite elusive or even rare.

In recent times, particularly in the present year (1999), there has been a rush away from gold, with the result that foreign banks have been selling the metal or announcing that they were going to do so, and financial analysts have warned people against holding gold bullion. Interestingly, these same financial analysts said little if anything about selling gold bullion when it was twice the price that it is today! The world economy is coming up roses, all of the pigeons are swans, and sunlight bathes the economic community. Gold is staid, old-fashioned, and not worth having–especially when one can purchase high technology stocks and other "hot" items. It would be interesting to compare 10 years from now (and we invite someone to write us and furnish an analysis at that time) how an investment in $10,000 worth of basic gold bullion made on June 15, 1999, as we are working on catalogue preparation of the Bass coins–we compared it with $10,000 spent by purchasing an equal amount (dollar-wise) of the five most actively traded Internet stocks on the same day.

The lower current price of gold bullion has had a very beneficial effect upon scarce and rare gold coins–pieces that have been collector’s items for a long time. Numismatic demand is as strong as we have ever seen it, or even stronger. We suspect that as new areas of communication are opened and popularized–such as television shopping programs and Internet auctions and offerings–more and more people will discover the excitement of numismatics, and after perhaps spending their money foolishly and buying without knowledge, will settle down to buying books and becoming serious collectors. There is something special in a psychological sense about working on and hoping to complete a date set of coins. Building a type set or a date set, and striving to fill the last empty spaces, yields a satisfaction similar to that of completing a difficult crossword puzzle or a double-crostic challenge.

As we catalogue the present double eagles in the Harry W. Bass, Jr., Collection we reflect upon how historical, how interesting, how numismatically significant each piece is–whether common or rare, in worn condition or Mint State. Each coin is a link with American history, with numismatics, and with the life of Harry Bass.

Purchased from John Smies, June 22, 1967.

Gem Proof 1892 Double Eagle

Condition Census Quality


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1908     1892 Proof-65 (PCGS). A breathtakingly beautiful cameo of warm golden appearance–a coin that combines beauty, rarity, and just about any other attribute desired! Again, this is an incredible opportunity for the connoisseur.

PCGS Population: 2; 1 finer (Proof-66).

From Abe Kosoff’s sale of the Marks Collection, November 1971, Lot 1661.

Mint State 1892-CC $20

Solo High PCGS Grade

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1909     1892-CC MS-62 (PCGS). Well struck, brilliant, and lustrous. On the reverse there is a tinge of copper toning near the border. All in all, this is a lovely, indeed memorable specimen of one of the scarcest issues of its era. Some 27,265 coins were minted, most of which entered the channels of bullion distribution in America and in foreign trade. Today, as Douglas Winter and Larry Cutler have written, examples are seen with some frequency on the market and are not particularly difficult to locate "in any grade except Uncirculated." Moreover, the same authors state that many if not most Uncirculated pieces are heavily bagmarked. The Bass Collection coin is exceptional.

Reverse with a tracery of delicate cracks among the letters and through the tips of the rays commencing at TED (UNITED) and continuing clockwise to below M (AMERICA); another crack is seen from the border past the final A, to the band on which UNUM is inscribed.

Purchased from Douglas Weaver, February 29, 1973.

Splendid Proof 1893 $20 Rarity


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1910     1893 Proof-64 (PCGS). A lovely specimen, again with a cameo effect, and again with warm golden toning. From the reported mintage of 59 pieces, fewer than half can be traced today. The exact number of survivors will never be known, due to overlapping pedigrees, resubmissions to the grading services, etc. Another major opportunity, the solo specimen graded by PCGS at the Proof-64 level, with not an equal or finer coin anywhere in sight!

PCGS Population: 1; none finer.

Interestingly and curiously, there are two Proof die varieties known of this issue. The first is described by Breen ( Encyclopedia of United States and Colonial Proof Coins 1722-1989, p. 195) as having the date low and to the left. The second variety, which conforms to the description of the Bass Collection coin, has the date placed to the right and more or less centered.

Why multiple dies were used for any of the short run Proofs of the 1890s is not known with certainty. Among silver dollars of 1895, 880 Proofs were struck from at least five different obverse dies. Inasmuch as no specimens are known with significant die cracks (which would indicate die failure), it is a mystery as to why multiple Proof dies were employed. The suggestion has been advanced (not relating to the 1895 Proof dollar but to other Proofs of the year) that Proofs were struck in small numbers from a given die, which had been polished for that purpose, after which the die was simply used to make circulation strikes. Later, if additional Proofs were needed, a new die was given high polish, a few more Proofs were made, and again the die was used to produce circulation strikes. Although numismatic research interest is hardly focused on this rather arcane aspect of late 19th-century Proof coinage, it would be interesting to study minute die characteristics among certain Proofs and logical candidates for related business strikes (those with highly prooflike surfaces) and see if any connections can be made.

From Stack’s sale of September 1996, Lot 3275.

Date Run of Philadelphia Mint $20s

1911     Date run of Philadelphia Mint double eagles: I 1893 MS-60 I 1894 AU-58 I 1895 AU-58 I 1896 AU-58 I 1897 AU-58 I 1898 AU-58. Attractive and desirable. (Total: 6 pieces)

Group of Philadelphia Mint $20s

1912     Selection of Philadelphia Mint double eagles, all different dates: I 1893 EF-45 I 1895 AU-50 I 1896 AU-55 I 1898 AU-58 I 1900 AU-55 I 1901 AU-53 I 1903 AU-50 I 1904 AU-58. All with pleasing mint lustre. (Total: 8 pieces)

Mint State 1893-CC $20

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1913     1893-CC MS-60. Brilliant and highly lustrous, save for an area of orange oxidation at the upper left of the reverse, for which we have deducted a couple of grade points. Sharply struck and quite desirable, an ever-popular variety that is significant as the last Carson City coinage.

Date slightly low. Die cracks around much of the border including the stars and date. Perhaps this was one of the very last Carson City double eagles minted!

Purchased from N.K.S., July 7, 1970.

Beautiful Proof 1894 $20 Rarity

Condition Census


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1914     1894 Proof-64 (PCGS). A very attractive Proof, with somewhat lighter gold color than the preceding run. Cameo-like with frosted devices. One of perhaps two dozen remaining from a mintage of 50 coins. Again, among other Proofs of this date, certain pieces are institutionally held and others are notably impaired.

PCGS Population: 5; 2 finer (Proof-65).

From Quality Sales Corporation’s sale of September 1973, Lot 1311.