The 1885 has the second lowest mintage of any Type Three Liberty Head double eagle (not including the proof-only issue), and it trails only the 1882. The 1885 is clearly a rare issue, but it seems a bit more available in mint-state than one might assume, given its minuscule production.

Expert’s Corner: 1885 Double Eagle

One of my rules of thumb is that any coin, especially in a popular series, with a mintage of less than 1,000 business-strikes, is in demand and a good issue to “put away” as a result. This is certainly the case with the 1885.

Business-strikes of this date are always seen with good detail. On some pieces, the hair at the top of Liberty’s head is not quite full, but the rest of the detail on both sides is well-defined. The surfaces are nearly always very heavily abraded. This was an issue that seemingly did not see much circulation, but the surviving coins were handled roughly and show “beat up”surfaces as a result. The luster on all examples is semi-proof-like to fully proof-like but lacks the “orange peel” texture that is found on proofs. The coloration on the few remaining uncleaned, original 1885 double eagles is a coppery golden hue. As a rule, this date has below average eye appeal. This tends to be due to the fact that the reflective, proof-like fields seen on the 1885 double eagle tend to greatly magnify the extensive surface abrasions that are common to this issue.

1885 Double Eagle: Proof Rarity and Scarce Business-Strikes

A total of 78 proofs were produced. These have always been regarded as ”special” coins due to the rarity of the business-strikes produced this year. Approximately 15 to 20 are known, including a small number that are impaired, as well as a few that are impounded in museum collections. Proof 1885 double eagles have a date position farther to the right than seen on business-strikes. In addition, there is a small patch of rust on the neck of Liberty above the first 8 in the date which is not seen on business-strikes.

There are an estimated 90-100 known business-strike 1885 double eagles. Most are in the EF45 to AU55 grade range. In uncirculated, the 1885 double eagle is rare with an estimated 25-30 are accounted for. Most of the uncirculated pieces grade MS60 to MS61, and are characterized by heavily marked surfaces. The finest known to me are a pair of MS63’s that have been graded by PCGS; and a single MS63 graded by NGC.