1862 Proof

Struck against the backdrop of the Civil War's second year, the 1862 Proof Liberty Head Double Eagle stands among the most coveted Type 1 Coronet rarities. The Philadelphia Mint delivered just 35 Proofs, all from a single die pairing catalogued by John Dannreuther as JD-1, the only known dies for the date. Wartime collector demand was sluggish, gold premiums were rising sharply against depreciated paper currency, and unsold proof gold was routinely returned to the melting pot. The result is a survival population estimated at roughly 10 to 15 pieces across all grades, placing the issue in the Low to High R.7 range under the Sheldon scale used by Dannreuther for federal proof gold attribution.

Certified census data underscores the issue's elite status. PCGS and NGC together account for fewer than a dozen distinct certifications, with most surviving examples grading Proof-63 to Proof-65 and a small handful achieving Gem status. Cameo contrast is the rule rather than the exception on these early Type 1 proofs, with frosted devices set against deeply mirrored fields, and a meaningful share of the population earns Cameo (CAM) or Deep Cameo / Ultra Cameo (DCAM/UCAM) designations from the major grading services. Strike is uniformly sharp, as expected from carefully prepared proof dies, and the No Motto reverse, used only through 1866, lends additional series significance to surviving specimens.

The benchmark public sale is the Eliasberg specimen, graded PR65 Cameo by NGC, which Heritage Auctions sold as Lot 5845 of the January 2022 FUN sale for $552,000, an auction record for the date. That coin's pedigree traces to Louis E. Eliasberg Sr., the only collector ever to assemble a complete United States coin collection, and its appearance set a clear ceiling for the issue at the Gem Cameo level. Lower-graded pieces continue to surface only at multi-year intervals, and any Proof 1862 Double Eagle is a major event when offered. For broader context on the design, the No Motto subtype, and the wartime striking environment, see our Liberty Head Double Eagle series history.