The 1891 Double Eagle is the last of the five ultra-low mintage rare date Philadelphia Type Three double eagles. Despite its obvious rarity, the 1891 has been overlooked in the past and it is only recently that its price level has become more in tune with its limited availability.

Expert’s Corner: 1891 Double Eagle

I often refer to the 1881, 1882, 1885, 1886 and 1891 as the Fab Five business-strike Type Three $20 Libs. I have always tried to buy virtually any nice, reasonably priced example that I am offered. Prices have risen considerably for these dates in this century. I still think they are undervalued given their limited supply and potentially huge demand. This is a date I recommend in nearly any grade.

The quality of strike seen on business-strikes of this year is very good. The obverse shows nearly complete detail on the hair including sharply defined individual hair strands. On a few coins, there is some minor weakness seen at the top of Liberty’s head. The reverse is well defined with strong feathers on the wings and below the arrows. The surfaces on most 1891 double eagles are very heavily abraded. The luster is always proof-like, with some coins more deeply so than others. Some 1891 business-strikes closely resemble proofs, while others have frost mixed in with the mirror-like reflectiveness. The coloration on uncleaned, original pieces is medium orange-gold with slightly greenish overtones. The level of eye appeal is generally above average, better than that seen on such low mintage issues as the 1881, 1882, 1885 and 1886. Examples exist which are well-struck and lustrous with moderate abrasions in the fields. These generally bring strong premiums over average quality coins.

1891 Double Eagle: Rare Business Strikes and Exceptional Proofs

A total of 52 proof 1891 double eagles were struck. There are around 25-30 known with as many as a dozen gem to superb pieces among them. The finest known to me is a proof in NGC PR68 Ultra Cameo. As I study population reports, I believe this issue has often been resubmitted to grading services.

Business-strikes have a date which slants slightly downwards. Proofs have a higher and more level date. On proofs, the rays below TE in STATES are thin, while they are fuller on business-strikes. The finest known business-strike 1891 double eagle to me graded MS64 by NGC (and later crossed to MS64 by PCGS).

The 1891 double eagle is a rare coin in all grades. It is likely that the total number known for business-strikes is around 80-90 pieces, and most are in the EF to AU grade range. The 1891 is very rare in the higher AU grades and extremely rare in uncirculated with an estimated 10 to 12 known.