Rare NGC-certified 1888 US Proof Set Realizes Over $650,000

An extremely rare 1888 US Proof Set that is entirely certified by Numismatic Guaranty Company™ (NGC®) sold for an outstanding $672,000 in a Spink sale held on September 24, 2022. According to the auction house, this may be the last remaining original intact set in private hands. Pedigreed to John Robert Fletcher, each coin in the set is certified by NGC and encapsulated with a special John Robert Fletcher NGC certification label.

One of the stars in the set is an 1888 Liberty Head Double Eagle graded NGC PF 64+ Cameo. According to the auction house, it is believed to be one of 20 remaining examples from a mintage of a mere 105 Proofs. This beautifully struck issue has frosting around each of the 13 stars.

1888 Liberty Head Double Eagle graded NGC PF 64+ Cameo and pedigreed to John Robert Fletcher Click images to enlarge.

The set also includes an 1888 Gold $3 graded NGC PF 65 Cameo. It is well-struck, with frosting around the stars on the reverse. This coin is one out of the 291 Proofs struck in the series’ penultimate year.

1888 Gold $3 graded NGC PF 65 Cameo and pedigreed to John Robert Fletcher Click images to enlarge.

Other coins in the 1888 Proof Set include:

• a Liberty Head Eagle graded NGC PF 64+ Cameo
• a Liberty Head Half Eagle graded NGC PF 64 Cameo
• a Liberty Head Quarter Eagle graded NGC PF 65 Cameo
• a Gold Dollar graded NGC PF 64 Cameo
• a Morgan Dollar graded NGC PF 65
• a Seated Liberty Half Dollar graded NGC PF 65
• a Seated Liberty Quarter graded NGC PF 66
• a Seated Liberty Dime graded NGC PF 65
• a Liberty Head Nickel graded NGC PF 65
• a Three-Cent Nickel graded NGC PF 64
• an Indian Head Cent graded NGC PF 65 RB

The story of the set and its record-breaking price

The history of the rare 1888 Proof Set begins in England with tissue paper specialist and businessman John Robert Fletcher. After winning a gold prize at the Philadelphia Exhibition, Fletcher would expand his business ventures in the US, including contracting as a supplier with the US Mint. He purchased the Proof Set for $46, an equivalent to the average monthly wage in the US at that time. In 1889, Fletcher returned to England to deal with the murder of his uncle, which gained widespread notoriety at a time when that country’s attention was captivated by the Jack the Ripper serial killings and the inaugural Sherlock Holmes novel.

“I knew this was going to be a career-defining moment and I feel truly privileged to have shared in this remarkable story,” said Gregory Edmund, Head of Numismatics and Chief Auctioneer of Spink. “John Robert Fletcher will undoubtedly go down in the hall of fame as a home-grown British legend.”

The Proof Set remained in the family for generations until it was given as a gift to the Spink consignor in 1998. Recently rediscovered, the set was sent to NGC for certification, then was offered as a single lot by Spink. After spirited bidding by over 300 bidders, the 1888 Proof set was sold to a US collector for the record-breaking price.