1867 Proof

The 1867 Liberty Head Double Eagle Proof stands as one of the marquee rarities of the early Type 2 With Motto period, struck at Philadelphia in a delivery of just 50 pieces. Following the brief 1866 inaugural proof issue of 30 coins, the 1867 represents the second year of the Type 2 design and the highest proof mintage for a Type 2 double eagle in the entire 1866 to 1876 run. The Act of March 3, 1865, that authorized IN GOD WE TRUST on federal coinage placed the new motto inside a wreath above the eagle's head; the reverse legend continued to read TWENTY D., a legend that would persist until the 1877 transition to the Type 3 design. Cataloged today as JD-1 under John Dannreuther's reference numbering, the 1867 carries a Sheldon rarity of Low R.7, with PCGS CoinFacts and Dannreuther both estimating only 10 to 12 examples extant across all grades.

Quality among the survivors is the principal driver of value, and cameo contrast separates the headliners from the merely brilliant. The deep watery mirrors typical of Philadelphia Mint proof gold of this era pair with thickly frosted devices on the finest pieces, producing the dramatic black-on-gold effect that earns Cameo (CAM), Deep Cameo (DCAM), or Ultra Cameo (UCAM) designations from PCGS and NGC. Authentication is essential, since the issue's combination of low mintage, melt-era attrition, and stylistic kinship with surrounding proof gold makes grading-service certification non-negotiable. Collectors prioritize undisturbed surfaces; handling marks, hairlines, and cleaning attempts disqualify many candidates from the upper tiers, while documented cabinet pedigree adds meaningful premium.

Market position for the 1867 reflects both its absolute scarcity and its desirability as the second-year, highest-mintage Type 2 proof. The auction record stands at $276,000, set when the Henry Miller Collection PR65+ Deep Cameo (PCGS) crossed the block at Heritage in January 2011 (lot 5280). Before that, a PR66 Ultra Cameo (NGC) from the Greenwich Collection, Part I realized $195,500 at Heritage in June 2004 (lot 6373), and the issue has appeared only intermittently in the years since. Public offerings remain few and far between, with more than a decade often passing between major appearances. For broader context on the design and the entire 1850 to 1907 run, see our Liberty Head Double Eagle series history.