In the early 1860’s the field of American numismatics was in its infancy. Up until the late 1850’s coins were viewed as objects of commerce, not as collectibles. Some people accumulated coins, though this was usually done randomly with no order or strategy. However this would change very soon. The year 1857 was a true milestone: the half cent and large cent were discontinued. This marked the first time a major American denomination or style was terminated. As a result, one could theoretically assemble a complete set of large and half cents, now that the last issue of these series had been coined.

As odd as it may seem, this halt in production was actually the spark of American numismatics. There was an immediate surge of coin collecting, especially in the field of copper coins. By 1858, dealers such as Edward Cogan had already established numismatic auction houses and were actively buying and selling rare coins. No longer were coins seen as sheer novelties; they were now serious collectibles. The American Numismatic Society was also founded in 1858, another sign that coin collecting was becoming very popular very quickly.

Needless to say, the United States Mint took notice of this onslaught of coin collectors. Mint Director James Ross Snowden viewed the situation as a business opportunity, as there was now a ready market for odd and unusual American coins. It was under his direction when old rarities were restruck, such as the 1804 dollar and 1827 quarter eagle. These “rarities” were sold as originals to the eagle collectors, who could finally fill holes in their cabinets. In addition, the mint was actively adding to its own collection. In fact, representatives from the U.S. Mint regularly attended Philadelphia coin auction and were active buyers.

Another source of income from the U.S. Mint was the production of proof sets. In prior years, the Mint struck proofs for visitors at face value and did not even charge for the service. In fact, the only profits to be had were on the leather proof set cases sold as the Mint; they cost about $3.40. However, Director Snowden assumed that the multitude of new collectors would provide a ready market for proof sets. In 1859, he demanded that the mint start coining proofs on a regular annual basis and that the exact mintage figures be recorded.

The first year of serious proof mintage was 1859; 80 sets were assembled in all. This was a major increase over previous years, when at most only a handful of proof gold sets might be produced per year. For comparison, only six or so 1858 gold proof sets were coined, and only one gold proof set was minted in 1857. Although mintages increased dramatically in the ensuing years, demand did not. Most of the 80 proof sets were melted, as only a dozen or so actually sold. Nevertheless, Snowden had high expectations for future mintages. In the case of the gold dollar, for example, 80 pieces were minted in 1859 while 154 were produced in 1860.

The Mint had poor success in 1860, like it did in the previous year. Despite this, James Ross Snowden was still hopeful and asked for one final year of high proof mintages. In 1861, proof gold outputs skyrocketed, especially for the gold dollar denomination. An astronomical 349 proof gold dollars were struck, a mintage that would not be surpassed until 1884. The quarter eagle, half eagle, eagle, and double eagle figures were lower, but still very high for their time. Sixty-six double eagles were coined in 1861, but most went unsold and were melted.

After three years of failure, Snowden decided to trim the mint’s annual proof output. As soon as 1862, proof gold mintage figures returned too much more realistic levels. Proof gold mintage dropped to 35 for all denominations in 1862, a number commensurated with demand, not speculation. Mintages continued to hover in this area of 20 – 50 for the next twenty years, until demand spiked again in the 1800’s.

Although the mintages of 1859-1861 were extremely high, these coins are still amazingly scarce. In the case of the double eagle, only several specimens escaped the Mint. Today, only four examples are known in total, including two coins permanently housed in museums. A complete pedigree roster would read as follows:

1) The Mint –Smithsonian Institution Specimen. One coin was retained by the United States Mint in 1861 and was in its collection for the next 100 years or so. Later, the Mint began to transfer its collection of coins to the Smithsonian Institute for better display and curatorial care.

2) The Brock-Morgan-American Numismatic Society Specimen. R.C.H. Brock prudently purchased gold proof sets year after year from the Philadelphia Mint and formed an amazing collection in the process. His run of proof sets was sold intact to J.P. Morgan in 1903 and became the cornerstone of his collection. Morgan later donated his coins to the American Numismatic Society.

3) The Carter Specimen. This coin is believed to have first appeared in the May 1922 mail bid sale of the James Ten Eyck collection, conducted by B. Max Mehl. Mehl handled the coin a second time in 1946 in the sale of the William Cutler Atwater collection. There it was purchased by famed collector Amon Carter, Sr., a prominent Dallas Businessman. Carter’s son inherited the collection, which was eventually consigned to Stack’s January 1984 auction. At that sale, the1861 double eagle was purchased by proof gold connoisseur Ed Trompeter, who was the first collector to assemble a complete set of proof gold coins minted after 1857. Half of Trompeter’s collection was sold in a February 1992 Superior sale, while the balance was incidentally seized by the IRS. The coins were finally returned to the market in 1998 following a $15 million purchase by a major Texas firm. This particular coin grades in the Very Choice to Gem category, and has been certified PR-65 by NGC.

4) The Boyd Specimen. The first known owner of this coin was F.C.C. Boyd, one of the greatest of all American numismatists. Boyd’s gold coins were sold in 1946 anonymously under the name of “World’s Greatest Collection.” The title was well-deserved; no other collection was as complete up to that time. Two years later, the coin appeared in another anonymous auction, labeled the “Memorable” sale. At that 1948 sale, Florida collector Samuel W. Wolfson’s purchased the 1861 proof double eagle for his collection. Wolfon’s holdings of gold coins were sold in 1962 by Stack’s, where this coin was sold as lot 875. The piece later appeared in Kagin’s Sale of the 70’s, where it went unsold. Kagin’s owned the coin until the mid 1980’s when it was Harry W. Bass, a collector’ and researcher extrodinaire who specialized in high grade and rare gold coins. Bass always sought the finest known example of a coin, including this 1861 proof double eagle. The coin was in Bass’ collection for the next fifteen years, until it came onto the market in late 1999. Now, this beautiful rarity is available again.

In terms of appearance, this particular specimen is a superb in every respect. The fields are mirrored and watery, turning black when held at certain angles. The portrait, lettering, and other design features are delicately frosted in a way that provides for a stunning cameo effect. No defects can be seen on the coin save for some minute and unnoticeable hairlines. Otherwise, the coin has the look of perfection.

In summary, this fantastic proof double eagle is superlative in every facet. It is historically precious since it was made during the beginnings of American numismatics as well as the Civil War. Additionally, it is one of only four specimens known in total, and one of only two in private hands. Finally, its appearance is truly breathtaking. All told, this 1861 proof double eagle is for the collector who demands the best in every category.