1899 $5, DCAM PR(PCGS#98494)

February 2026 Showcase Auction - The James A. Stack, Sr. Collection Part II

Auctioneer

Stack's Bowers

Lot Number

23022

Grade

PR69DCAM

Price

228,000

Lot Description

A leading highlight of the James A. Stack, Sr. Collection, and one of the most significant Proof Liberty Head gold coins of any denomination or date that we have ever had the privilege of bringing to auction. Not only is this the single finest Proof 1899 certified by PCGS, but it is also the single finest PCGS-certified Proof in the entire Liberty Head half eagle series, 1839 to 1908. It is the ultimate Proof type coin of the With Motto design, and would also serve as a focal point in the finest specialized collection of classic U.S. Mint Proof gold coinage.<p>The mintage for the Proof 1899 half eagle is, ironically, 99 coins, delivered in at least four batches throughout the year. This is a sizeable total for an 1890s U.S. Mint Proof gold issue, but yearly mintages would increase dramatically with the turn of the century as more contemporary collectors became interested in these special coins. Even so, demand for complete Proof sets was strong enough in 1899 that more than half were sold or otherwise distributed that year. Many were subsequently preserved with the utmost care, further evidence of growing numismatic interest in Proof gold coinage during the late 19th and early 20th centuries. Yet while there are some truly stunning Proof 1899 half eagles known in Superb and Ultra Gem grades, there are also more than a few impaired pieces that probably represent the unfortunate break up of some sets by earlier generations of collectors. In fact, our last three offerings for this issue, from 2020 to 2022, were for mishandled coins in PCGS/CAC Proof-58, PCGS Proof-61 Deep Cameo, and PCGS Proof-55. Quality among survivors clearly runs the gamut of what one would expect for a Proof Liberty Head gold issue from the late 1890s.<p>One coin, however, truly stands out among the 50 to 65 believed extant for the Proof 1899 half eagle (this estimate per John W. Dannreuther, 2018). The James A. Stack, Sr. specimen is at the threshold of numismatic perfection with surfaces that present as virtually pristine both in-hand and when closely scrutinized with the aid of a loupe. This is as one should expect given the incredibly desirable Proof-69 numeric grade from PCGS. The amazing level of preservation of the Stack coin allows full appreciation of another one of this issue's desirable attributes - it was produced to an exceptionally high standard of quality even for a U.S. Mint Proof from the late 1890s. Not only is the strike detail complete for even the most intricate design elements, but the finish is deeply cameoed with strong contrast between thickly frosted motifs and highly reflective fields. Magnification reveals the desirable orange peel texture in the fields for which many late 19th century Proof Liberty Head gold coins are known - the result of the Mint overheating the planchets during preparation for coinage. The entire package is dressed in original medium golden-yellow color that appears to "go black" in the mirrored fields as the coin rotates away from direct lighting. Both the quality and eye appeal are exquisite, unmatched and unsurpassed by those of any Proof Liberty Head half eagle certified by PCGS.<p>Only two other Proof Liberty Head half eagles of all dates approach the Stack coin in terms of quality and significance for the type. These are the 1899 certified Proof-69 Ultra Cameo and 1900 certified Proof-69 * Ultra Cameo, both at NGC; the former coin was offered in our June 2012 Baltimore Auction. The PCGS Proof-69 Deep Cameo 1899, however, is further distinguished by an illustrious numismatic provenance that includes the James A. Stack, Sr. Collection - one of the finest U.S. cabinets ever formed. Its last auction appearance was more than a century ago, in Thomas L. Elder's August 1921 sale of the Lewis C. Gehring, Esq. Collection. Offered as lot 129, the coin was cataloged simply as "Br. Proof" with no indication that its exceptional quality made it a candidate for the title of finest known Proof 1899 half eagle. Certification by PCGS in the modern market has now confirmed this coin's CC#1 ranking. The copy of the Gehring Collection catalog on the <em>Newman Numismatic Portal</em> identifies the buyer of lot 129 as Hillyer C. Ryder, the accomplished collector who is perhaps best known today as the author of standard references on Massachusetts and Vermont state coppers. The Ryder collection was sold to Wayte Raymond on May 5, 1945, for $30,000. We know that many of Mr. Stack's significant gold coin acquisitions were made during the 1940s, and that he purchased several pieces through Wayte Raymond, so this is likely the path taken by this Proof 1899 half eagle from the Ryder to Stack collections. The Stack Proof 1882 half eagle, offered above, is also ex Hillyer C. Ryder and, as such, likely also a Wayte Raymond purchase during the mid to late 1940s.