The 1904 $20 is one of those Double Eagles with a relatively high mintage (Supposed mintage is 98 but some say it was higher) and are found in circulation quite "often" (Again that is a relative term). I've just never really thought about it but it is possible one of those 1904 $20 I see or handle could be a proof. I read Breen's Proof book but it gave some subpar diagnostics. Anybody have a good break down of the diagnostics of the 1904 $20 proof? Pictures be nice as well.
Not being smart but - Once you see an actual Proof - you'll know one if you see another. I'll suggest you look at $20 proofs on the Internet. I just looked for specifics but have none for this date. All the usual proof characteristics apply. Generally the Proofs have strong mirror surfaces w/orang peel scales. If I recall correctly, all I've seen are cameo, with square rims and wire edge. Sorry I cannot be more help on this date.
No not really. A good chunk of 1904 $20 proofs are circulated and some of the later $20 proofs can get quite a bit of circulation so some of these proofs won't be super noticeable. Sure most $20 proofs will BIG time stand out but not all. Add in that 1904 is a bit unusual as it has a quite a few business strikes that are proof-like. PCGS does not do it but NGC actually has a PL label for $20 gold pieces.
I examine coins with a stereo microscope looking for microscopic diagnostics. I know one of the guys at NGC takes micrographs of each proof he sees. There was an entire thread about circulated proofs in another forum - NGC I think but may be Collectors Universe. Roger Burdett was posting in it. Note: I just looked on Coin Facts. There are several obvious diagnostics visible. On PR-35 on down they would probably be worn off.
But how often do you see double eagles in VF? Especally the twentieth century issues. Even in VF I would expect there to still be evidence of the mirror fields and squared off rims and edges.
And how low a grade have they been? And were they 19th or 20th century issues? I would think if you had the free cash to be able to buy and collect proof double eagles back in the late 19th and early 20th century, your were probably well enough off that it would be unlikely you would have to ever spend them. But a collector of smaller means who might stretch to buy proof quarter and half eagles, might find themselves in tight situations from time to time and need to spend them. (They weren't worth much premium over face value. So if you were desperate enough for the money that you needed to get rid of them, you probably didn't have the time to try and sell them for the small premium they would bring. You probably just took the small loss and spent them.)
20th Century - VF's. About two dozen over the years. On several coins seen decades ago we could not tell for sure. Diagnostics for these are better to find since the Internet Era.
Did those VF's still show evidence of the mirror fields? and squared off rims/edges? (Assuming we aren't talking of the matte or sandblast proofs)
No, rims and sharp reeding gone. Usually only mirrors remained inside small parts of relief. Good example of coins giving authenticators problems: circulated 1890's $2/12 Liberties which come DMPL vs Proof.
