The Harry W. Bass, Jr. Collection - Part II

DOUBLE EAGLES
1850 Onward

The Bass Collection $20 Double Eagles

A Beautiful Selection

Our offering of gold $20 double eagles commences with the first year of issue, 1850, and continues to the early 20th century. Included are the finest Proofs Harry W. Bass, Jr., was able to find in three decades of connoisseurship, plus many important business strikes, including notable rarities. As will be seen in the pages to follow, the Proofs of the 1860s and 1870s combine exceptional condition with extraordinary rarity, followed by the decade of the 1880s, laden with low-mintage dates and three Proof-only issues (1883, 1884, and 1887).

Many of the double eagles in the Bass Collection were acquired in the 1960s and 1970s when choice specimens were more available than they are today. As his numismatic interest became known, Harry Bass was given first choice of many outstanding coins. Among earlier issues, especially of the decades of the 1850s through the 1870s, he was fascinated with minute differences in dies, often involving the date logotype, but also including mintmark variations and die states. In the present catalogue many notes are given of such features.

Our Part III sale is planned to showcase important business strikes and at the same time offer duplicate Proofs (of which the selection is modest in comparison to the present offering).

Numismatic Notes

In 1849 the California Gold Rush was paramount in news accounts, discussions, and activities. Although the extent of the finds in the West would not be realized for some years to come, it was evident that gold, once rare in America, would become plentiful. The legislative act of March 3, 1849, reflected this, and created two new denominations: the gold dollar, a utilitarian issue which would become the lowest federal gold denomination to circulate, and the large and heavy $20 double eagle, the latter forming an efficient way to convert bullion to coin form. Several patterns were struck in 1849, of which only one gold impression is known today, residing in the Smithsonian Institution. Beginning in 1850, double eagles were produced in quantity for commerce.

Double eagles were made in six major design types. In the Liberty Head series, from the first year of issue, 1850, mintage was accomplished continuously. New Orleans struck coins in the era 1850-1861 and again in 1879. San Francisco produced the denomination from the year of its opening, 1854, onward; and Carson City struck double eagles for many years during the period 1870-1893. Beginning in 1906, the Denver Mint issued $20 pieces as well.

The $20 denomination was the largest regularly issued American coin. It represented the most efficient way to coin a given amount of gold bullion into coin form. Thus, for most of the years in which double eagles were struck, their total face value far exceeded that of other denominations.

Type I

1850-1866 Liberty Head, No Motto

Designed by James B. Longacre, the obverse features the compact head of Miss Liberty, her hair tied in a bun, wearing a coronet inscribed LIBERTY. Stars surround, and the date is below. The motif is similar to that used on the gold dollars of 1849-1854.

The reverse is a new motif not used elsewhere on American coinage and consists of an eagle with a squared-off shield on its breast, holding an olive branch and arrows, with ornaments to the left and right, stars and rays above, with the inscription UNITED STATES OF AMERICA, TWENTY D. surrounding.

The business strike mintage of the type totaled 23,526,676, while an estimated 375 or so Proofs were made.

The type collector will have no difficulty acquiring an example of one of the more plentiful dates in Very Fine to Extremely Fine preservation. AU pieces are scarce. Uncirculated pieces are very scarce, and superb Uncirculated coins are exceedingly rare, although occasionally pieces dated 1861 come on the market. Early San Francisco Mint issues, 1854-S through 1857-S, are sometimes seen with lightly etched surfaces. Such pieces were recovered from shipwrecks and spent a century or more subjected to the effects of salt water. Proofs in all instances are exceedingly rare.

Two sunken ships laden with double eagles have been salvaged, and beautiful specimens have come to the surface. The S.S. Central America, sunk off the coast of North Carolina on September 12, 1857, was found by the Columbus-America Discovery Group in the late 1980s, and as the present comments are being written, various marketing plans are being discussed. The primary treasure seems to be several thousand beautiful 1857-S double eagles, some of which are gems. To a lesser extent, other San Francisco Mint gold coins were included in the find, most being of the $20 denomination. These will make available to the numismatic fraternity many coins of a quality and quantity not heretofore encountered.

The S.S. Brother Jonathan, sunk off of Crescent City, California, on July 20, 1865, was found by Deep Sea Research, Inc. During the late 1990s 1,207 coins, mostly double eagles, were recovered from the wreck. An inventory was published in the book The Treasure Ship S.S. Brother Jonathan, published in 1999, and 1,006 of the coins were sold at auction by Bowers and Merena this past May. Hundreds of 1865-S $20 pieces, including many choice and a few gem pieces came to market, as did some attractive issues of earlier dates in the 1860s. The auction attracted hundreds of enthusiastic bidders, many of whom were new to the coin collecting hobby. No doubt the much more extensive S.S. Central America coins, when sold, will have a fantastically beneficial effect upon the market.

By contrast, just about any and all other $20 pieces of the 1850-1866 type range from scarce to rare to non-existent in Mint State, an exception being the year 1861 (Philadelphia Mint), for which specimens are occasionally seen.

The Bass Collection offers a wonderful selection of double eagles. The prospective bidder is encouraged to take the opportunity to add to a collection already in progress, or to begin one. A new era of great popularity for the double eagle–the largest and most impressive American gold coin denomination–seems to be just across the threshold.

Under Distribution of Double Eagles below we give an overview of how coins of this denomination were minted and circulated. This information, combined with production figures, helps understand why some dates and mintmarks are common and others are rare. Moreover, often a double eagle can be common in a circulated grade but an extreme rarity if Mint State.

Type II

1866-1876 Liberty Head, Motto, TWENTY D.

In 1866 the reverse of the Liberty Head design was modified by adding the motto IN GOD WE TRUST within the circle of stars above the eagle. This motto was continued from this point forward. The type minted from 1866 through 1876 is defined by the combination of the IN GOD WE TRUST motto with the denomination below expressed as TWENTY D.

In 1877 the denomination was expressed differently, thus isolating the earlier issues as a distinct type. Production was continuous at the Philadelphia and San Francisco mints. Carson City coins were produced beginning in 1870, with 1870-CC being a rarity today.

Business strike mintage of the Type II double eagle totaled 16,160,758 pieces, to which 335 Proofs can be added.

As fortune would have it, the emergence of treasure coins from the S.S. Central America and S.S. Brother Jonathan have made it a reality for the numismatist to acquire a choice or gem Mint State specimen of the Type I design (1850-1866). Other circumstances, discussed below under Collecting Considerations, have made Type III double eagles (1877-1907) plentiful in Mint State. However, no such special circumstances smiled upon the presently discussed Type II coins (1866-1876), and in comparison Mint State coins are very rare. The Bass Collection coins offer many opportunities in this regard, an offering that may never be equaled.

Although Mint State coins are scarce or rare and even AU specimens are elusive, the type set collector can readily obtain the higher-mintage issues in such grades as VF and EF.

Type III

1877-1907 Liberty Head, TWENTY DOLLARS

The Liberty Head obverse motif was continued during the 1877-1907 span, as was the reverse with IN GOD WE TRUST above the eagle. However, the denomination, formerly expressed as TWENTY D., was changed to read TWENTY DOLLARS, thus creating a new type.

Examples were produced continuously at Philadelphia and intermittently at Carson City and San Francisco. New Orleans produced double eagles of this style in 1879, and pieces were struck at Denver in 1906 and 1907.

There are a number of rare issues within the span, with the 1883 and 1884 Philadelphia coins being legendary Proof-only dates and the 1887, also a Proof-only issue, having its own degree of fame.

Business strike mintage of this type totaled 64,137,477 pieces, to which figure can be added 2,426 Proofs.

The type set collector will have no difficulty obtaining a representative example in any grade from Very Fine to AU, with Extremely Fine and AU pieces being abundant. Uncirculated pieces are scarcer and when seen are apt to be dated from the 1890s through 1907. Superb Uncirculated pieces are scarcer yet and when found are apt to be dated 1904. Proofs in all instances are rare, and it is probably the case that as many as two thirds of certain Proofs have been lost.

Type IV

MCMVII (1907) High Relief

Augustus Saint-Gaudens, one of America’s most prominent sculptors, was part of a Mint committee in 1890 which considered coinage designs submitted by public competition. It was hoped to replace the Liberty Seated silver designs and Liberty Head gold designs which had been in use for many years. In 1892 he combined his talents with those of Chief Engraver Charles E. Barber to design a medal for the World’s Columbian Exposition, with Saint-Gaudens’ work appearing on the obverse and Barber’s on the reverse. The combination with Barber’s work apparently was against his wishes, for as Don Taxay notes in his monumental reference, The United States Mint and Coinage, the sculptor avoided the Mint from that time onward until 1905.

In the latter year Theodore Roosevelt commissioned Saint-Gaudens to do his inauguration medal. Pleased with the result, Roosevelt began a correspondence with the sculptor with the view in mind of improving the designs of the national coinage. A letter from Roosevelt dated November 6, 1905, notes:

How is the gold coinage design coming along? I want to make a suggestion. It seems to me to be worthwhile to try for really good coinage; though I suppose there will be a revolt about it. I was looking up some gold coins of Alexander the Great today [at the small display in the "Castle" building of the Smithsonian Institution], and I was struck by their high relief. Would it be well to have our coins in high relief, and also to have the rims raised? The point of having the rim raised would be, of course, to protect the figure of the coins; and if we have the figures in high relief, like the figures on the old Greek coins, they will surely last longer. What do you think of this?

Saint-Gaudens’ reply is quoted in part:

You have hit the nail on the head with regard to the coinage. Of course the great coins (and you might say the only coins) are the Greek ones you speak of, just as the great medals are those in the 15th century by Pisani and Sperandie. Nothing would please me more than to make the attempt in the direction of the heads of Alexander, but the authorities on modern monetary requirements would I fear "throw fits" to speak emphatically if the thing were done now. It would be great if it could be accomplished and I do not see what the objection would be if the edges were high enough to prevent the rubbing. Perhaps an inquiry from you would not receive the antagonistic reply from those who have the say in such matters that would certainly be made to me.

Up to the present I have done no work on the actual models for the coins, but I have made sketches, and the matter is constantly in my mind. I have about determined on the composition of one side, which would contain an eagle very much like the one I placed on your medal with a modification that would be advantageous; on the other side some kind of a (possibly winged) figure of Liberty striding forward as if on a mountain top, holding aloft on one arm a shield bearing the stars and stripes with the word Liberty marked across the field; in the other hand perhaps a flaming torch, the drapery would be flowing in the breeze. My idea would be to make it a living thing and typical of progress.

Tell me frankly what you think of this and what your ideas may be. I remember you spoke of the head of an Indian; of course that is always a superb thing to do, but would it be a sufficiently clear emblem of Liberty as required by the law?

Correspondence continued. Saint-Gaudens was commissioned by President Roosevelt to redesign the entire coinage from the cent to the double eagle. The story of the issue is further told in the present catalogue in the notes under Lot 1957, description of a lovely MCMVII High Relief $20, the epitomization of the project.

As forecast by Chief Engraver Charles E. Barber, great problems occurred with striking the coins in high relief. It was found that three blows of the press were necessary in order to bring the design up to the required sharpness. Realizing that the configuration was unacceptable for high speed coinage production, Mint officials decided to strike a limited number and then modify the design. Accordingly, 11,250 of the high relief, MCMVII Roman numerals design were made. The Saint-Gaudens design was then changed to a shallow relief. The Roman numeral date, which caused confusion with the public, was dropped.

Type V

1907-1908 Saint-Gaudens, No Motto

After the 11,250 High Relief MCMVII pieces had been struck, the design was modified under the direction of Chief Engraver Barber at the Philadelphia Mint, and subsequent issues featured shallow relief and the date in Arabic numerals. The first style minted, that produced at the Philadelphia Mint in 1907 and 1908 and in Denver in 1908, lacks the motto IN GOD WE TRUST, for President Theodore Roosevelt personally objected to it.

The general design remained the same as on the MCMVII High Relief issues and depicts Miss Liberty striding forward, with rays and the Capitol building in the background, LIBERTY above, and the date, now expressed in Arabic numerals as 1907 (or 1908), to the lower right.

The reverse is similar and depicts an eagle flying to the left over the sun, with UNITED STATES OF AMERICA and TWENTY DOLLARS in two lines above. Around the obverse border of all Saint-Gaudens $20 issues is a circle of stars, 46 stars on those minted from 1907 through 1911 and 48 stars on those made from 1912 through 1933. The lettered edge, E PLURIBUS UNUM, was continued on this and the next type.

Business strike mintage of the 1907-1908 No Motto double eagle totaled 5,294,968. Examples can be readily obtained in grades from Extremely Fine to AU. Uncirculated pieces are encountered with some frequency, but superb Uncirculated coins are decidedly scarce, exceptions being 1908 Philadelphia Mint pieces brought to market in the late 1990s and designated as the Wells Fargo Hoard.

Type VI

1908-1933 Saint-Gaudens, With Motto

In 1908 the Saint-Gaudens design was modified by adding IN GOD WE TRUST in an arc just above the sun on the reverse. Otherwise the design is the same as the preceding. Issues minted from 1908 through 1911 have 46 stars around the obverse border, while those minted from 1912 through 1933 have 48 stars, reflecting a larger number of states in the Union. Numismatists have taken little note of the star counts, and therefore the 46- and 48-star issues are not considered to be separate types.

Production was accomplished on a fairly continuous basis from 1908 through 1933, exceptions being the years 1916-1919. Despite high mintages, certain issues of the 1920s are rare, for many were simply stored by the Treasury Department and then melted following the 1933 gold recall.

Business strike mintage totaled a substantial 64,981,428. Matte and Roman Finish Proofs were made to the extent of 687 pieces, the total for all dates 1908-1915.

The type set collector will encounter no difficulty finding a specimen in Extremely Fine to AU grade. Uncirculated coins are relatively plentiful, but superb Uncirculated pieces are elusive. In general, issues from 1908 through 1921 are very rare in superb Uncirculated condition, while certain issues of the 1920s, particularly Philadelphia Mint coins from 1924 to 1928, are more readily obtained, but still they present a challenge.

Collecting Considerations

Similar to the situation for $5 and $10 coins, $20 gold double eagles were not widely collected by numismatists until the 1930s. In 1893, in his Mint Marks monograph, Heaton stated that he was not aware of a single numismatist who collected $20 coins by mintmark varieties. The situation did not change appreciably by 1909, when Edgar H. Adams published Adams Official Premium List of United States Private and Territorial Gold Coins. For example, Carson City rarities, so much appreciated by a later generation of numismatists, had no premium value at the time.

Numismatic interest in double eagles arose in the mid-1930s, advanced strongly in the 1940s, and came of age in the 1950s and 1960s, by which time dates and mintmarks were in wide demand. Ever since that time popularity has increased, and today in 1999 at least several dozen enthusiasts are specialists in the series, some concentrating upon certain areas, such as Carson City issues or 1907-1933 Saint-Gaudens pieces.

The following study provides a key to the availability of double eagles:

Distribution of Double Eagles:

A Key to Availability

Although many $20 gold coins were used in everyday American commerce, most found employment in bank transactions. A decade by decade study by QDB reveals the following characteristics:

Double Eagles Minted 1850-1859

This is the era of the California Gold Rush. Unprecedented quantities of gold metal were shipped from California to the East, to be minted into coins at Philadelphia and New Orleans. Beginning in 1854, the San Francisco Mint struck double eagles, after which time fewer were made at New Orleans. However, large shipments of gold bullion continued to the East, mainly through the port of New York City, and large quantities of $20 pieces were produced at the Philadelphia Mint.

In this decade, more so than any other in American history, the $20 found use in domestic commerce. On the West Coast, such pieces were commonly encountered in banking and trade. Double eagles were widely used in other areas, especially west of the Mississippi River. In the East and Midwest, most business was conducted via bank notes and credits. Gold coins were not widely used.

Many double eagles were exported, especially to London (a center of gold trading), but also to other European areas as well, plus South America. Such coins were virtually unknown in the Pacific trade, where silver was preferred. Of the double eagles that went to Europe, it seems that most were melted there. No significant hoards of Mint State double eagles of the 1850-1859 years are known to have come to light there in later years.

The S.S. Central America, laden with thousands of double eagles including newly-minted 1857-S coins and some earlier issues, mostly from the San Francisco Mint, was sunk in a hurricane on September 12, 1857. As related earlier in the present discussion, many coins were found in the late 1980s by the Columbus-America Discovery Group. These constitute the only significant hoard of Mint State double eagles known to exist.

Numismatic interest during the era: Perhaps two, three, or four collectors acquired Proofs from the Philadelphia Mint, and each year an example of the date was placed in the Mint Cabinet. There was no interest in mintmarked coins.

Double Eagles Minted 1860-1869

Double eagles of 1860 follow the distribution pattern of the preceding decade. On December 28, 1861, Eastern banks stopped paying out gold coins at par. By that time the New Orleans Mint had stopped producing coins and was under the control of the Confederate States of America.

By early 1862, double eagles were available only at a premium in terms of paper money. The same situation existed in the Midwest. From that time until December 14, 1878, gold coins did not circulate in those areas. Trade and commerce was conducted by an array of federal paper money, mainly Legal Tender notes and, later, National Bank notes as well. Fractional Currency notes were made of various denominations from 3¢ to 50¢. Not a single gold coin was to be found in normal circulation.

However, double eagles continued to be struck at the Philadelphia Mint from bullion shipped by sea from California. Such coins were either kept in Treasury vaults or sold at a premium to individuals and firms who used them in the export trade with Europe. While some double eagles shipped to England and elsewhere were melted, many were retained in vaults there. Nearly all were subjected to extensive handling then and later, with the result that a high-grade American double eagle of this era, if found in Europe at a later date, was apt to grade AU or very low Mint State, often with very extensive bagmarks. The typically encountered grade was not high at all, but was more likely to be EF or, sometimes, VF.

The West Coast had entirely different monetary arrangements. Federal paper money was not in general circulation, and commerce was conducted via silver and gold coins. These were aplenty in circulation and traded at face value. However, if anyone wanted to make a purchase in Legal Tender or National Bank notes brought from the East, an appropriate surcharge would be paid. Double eagles struck at the San Francisco Mint were circulated extensively, and over a period of years became worn down to such grades as VF and EF, generally showing much more wear than their lightly used counterparts struck in Philadelphia.

The aforementioned group of 1865-S and earlier $20 pieces recovered from the S.S. Brother Jonathan constitute about the only source for choice and gem Mint State double eagles from this decade.

Numismatic interest during the era: Perhaps five to 10 collectors acquired Proofs from the Philadelphia Mint, and each year an example of the date was placed in the Mint Cabinet. There was no interest in mintmarked coins.

Double Eagles Minted 1870-1879

In 1870 the Carson City Mint opened for business. It seems to the writer that the issues of the early 1870s were mostly used in the region in which they were struck. Similar to typical San Francisco double eagles, the coins of the early 1870s wore quickly, with the result that most became designated as VF by a later generation of numismatists. EF coins proved to be scarce, and AU coins were rarities. About mid-decade, after 1873, quantities of lightly circulated Carson City double eagles were used in the export trade, shipped to European and South American markets via the port of San Francisco. Years later, such locations provided the source for specimens, including some high-grade AU and even Mint State coins, but typically EF to AU. However, as Carson City double eagles were, for the most part, minted in small numbers, the quantities found were not extensive.

During the decade double eagles minted in San Francisco continued to be used extensively in commerce, although in this era paper money, including a special issue of National Gold Bank notes, began to be employed in the West. Many pieces were shipped to Europe and South America. Surviving San Francisco Mint specimens seen today range from VF to low Mint State, with VF, EF, and AU being typical.

Philadelphia Mint coins continued to be used primarily in the export trade, for such coins still did not circulate in commerce. Surviving pieces tend to range in grade from EF to AU, plus some heavily bagmarked low-level Mint State pieces.

The New Orleans Mint began striking double eagles in 1879 and made only 2,325 pieces. It seems that most of these coins were used in domestic circulation. Today, nearly all pieces show extensive wear. This proved to be the beginning and the end for New Orleans involvement in the Type III $20 design, and no further pieces were struck there.

Toward the end of the decade, gold coins were again available in banks in the East and Midwest (see following section).

Numismatic interest during the era: Perhaps 10 to 15 collectors acquired Proofs from the Philadelphia Mint, and each year an example of the date was placed in the Mint Cabinet. There was no interest in mintmarked coins. Numismatists found that there was virtually no resale market for earlier-dated Proofs, and when they tired of owning such pieces, it was often easier to spend them than to find a buyer who would pay a premium. So far as is known, not a single numismatist cared a whit about the newly opened Carson City Mint!

Double Eagles Minted 1880-1889

Beginning on December 17, 1878, gold coins began to circulate at par (in terms of paper money), ending the premium that had been demanded for such coins ever since the waning days of December 1861. A new generation of bankers, merchants, and general citizens became familiar for the first time with large, heavy, and impressive double eagles. In the East and Midwest, currency was so firmly entrenched in commercial channels–with various types including Legal Tender notes, National Bank notes, and the new Silver Certificates, among others–that $20 gold pieces never became popular with the public. On the West Coast paper money came into widespread use, and in populated areas such as Los Angeles, San Francisco, and Portland, transactions that were once effected in gold coins were now mostly handled by paper. In inland districts such as Nevada, Colorado, and other mountain and desert states, gold coins were seen more often.

San Francisco was the mint of choice, and most double eagles were struck there during the decade.

A large export trade arose with double eagles, and large quantities of newly minted issues as well as circulated older pieces were sent to Europe and South America. Typically jostled together in cloth bags, such pieces soon became extensively nicked and marked as they were moved around from place to place.

Numismatic interest during the era: Perhaps 15 to 30 collectors acquired Proofs from the Philadelphia Mint, and each year an example of the date was placed in the Mint Cabinet. There was no interest in mintmarked coins. The resale market for Proofs continued to be negligible, and many such coins were spent.

Double Eagles Minted 1890-1899

The 1890s were essentially rerun of the scenario of the 1880s. Paper money continued to be in use almost everywhere except for certain interior desert and mountain states in the West. The San Francisco Mint was again the most popular depot for coinage of the double eagle. In 1893 the coinage presses at Carson City struck their last coins. After that time, production was limited to San Francisco and Philadelphia, with both making generous quantities, San Francisco remaining in the lead.

Numismatic interest during the era: Perhaps 20 to 40 collectors acquired Proofs from the Philadelphia Mint, and each year an example of the date was placed in the Mint Cabinet. The resale market for Proof continued to reflect about a zero demand. More coins were spent.

In 1893 Augustus G. Heaton, an accomplished numismatist, scholar, and writer, published A Treatise on The Coinage of the United States Branch Mints. Familiarly designated as Mint Marks, the monograph sold well at $1 per copy. The author listed various causes of attractiveness in an effort to encourage the collecting of silver and gold coins by mintmark varieties. Apparently, Heaton did not know of even a single numismatist who collected double eagles by mintmarks. Regarding the series he commented:

DOUBLE EAGLES OR $20 PIECES: In New Orleans double eagles were coined from 1850 to 1861 and not again until 1879. 1854, 1856, and 1879 are very scarce dates. The others should be freely found. The San Francisco Mint has issued this coin from 1854 to the present (except the void year 1886), in such uniformly large amounts that the smallest coinage, in 1887, is of 283,000 pieces. All should be common by this criterion.

Carson City supplies the piece from 1870 to 1885 (except the 1881 and 1882), and from 1889 to the present date of 1893. The first date only should be rare, and 1878, 1879, 1881, and 1885 are rather scarce.

There are in all 71 double eagle mintmarks to 1893, representing a face value of $1,420.

It is seen from the preceding that Heaton was confused concerning Carson City issues, in one place stating that no 1881 or 1882 coins were minted, when in fact both were made in fairly large quantities. At the time there was no regularly issued numismatic guide listing coins by dates, mintmarks, and production quantities, and it was difficult for collectors to determine which issues actually were struck. The Annual Report of the Director of the Mint was helpful in some instances, but many figures required analysis, as from the late 1850s onward the reports were given in fiscal years (July 1 to the following June 30) rather than in calendar years. Thus, for many varieties it was no easy matter to determine which coins had been struck bearing specific dates.

Heaton’s Mint Marks treatise was popular, but few collectors could afford or were interested in saving double eagles by varieties other than date.

Double Eagles Minted 1900-1909

These were heady times in the American and international economy (although a hiccup was provided by the Panic of 1907). Large quantities of double eagles were minted, with the year 1904 breaking all previous records with a quantity of over 11 million pieces. It seems that most double eagles were used in the export trade, where such pieces were deposited in the vaults of private and public banks as well as national treasuries.

In terms of gold bullion processed into coins, double eagles accounted for many multiples of the small amounts used for other denominations, which by this time included the $2.50, $5, and $10.

The Denver Mint opened for business in 1906 and thenceforth coined double eagles, among other denominations.

Numismatic interest during the era: Interest in mintmarks perked up slightly, and perhaps two or three numismatists seriously sought such specimens. One individual was J.M. Clapp (who died in 1906), whose coins later passed to his son, John H. Clapp, and in 1942 to Louis E. Eliasberg, Sr.

In 1909 Edgar H. Adams, one of the foremost scholars in numismatics, published Adams’ Official Premium List of United States Private and Territorial Gold Coins Indicated by Prices Brought at Public Sales. Adams was also a coin dealer and had as one of his most important clients William H. Woodin, who sought gold coins by date and mintmark, but concentrated on the denominations from $1 through $3.

Regarding double eagles, Adams did not indicate a single date or mintmark in the Liberty Head series that had even the slightest premium value! For Saint-Gaudens double eagles, which had been minted since 1907, only the MCMVII coins ($30 and $35 value) and the 1907 Arabic numerals varieties ($20.50) were listed!

As demonstrated, collecting interest was very close to the zero mark! It is worth quoting Adams’ comment, which also included $10 coins:

"$10 and $20 pieces do not bring much of a premium, as they are sought by only a few collectors. The collectors as a rule value only those $10 gold pieces which were issued from 1795 to 1804, and all such coins are here scheduled."

While it may seem from the mintage figures that there was a demand for Proof double eagles, the facts belie this, and correspondence from Henry Chapman to Robert Garrett in 1911 indicated that a year of searching did not turn up a gold Proof set of the year 1909! Other information suggests that no more than five collectors acquired Proof $20s each year.

Double Eagles Minted 1910-1919

Good times continued in the economy, until August 1914, when the World War broke out in Europe. After that time, conditions in Europe were parlous, while in the United States rampant inflation took place. Double eagles continued to be minted through 1916, after with production ceased.

Large quantities of $20 pieces were exported during the decade. If anything, the wartime conditions in Europe caused great distrust of national currencies on that continent, and highly-regarded United States gold coins were considered to be more desirable than ever.

Within the United States, double eagles were hardly ever seen in circulation, except perhaps in remote towns in the interior of the American West. The $20 gold piece was nearly completely relegated to the status of an international trade coin.

Numismatic interest during the era: There was a modest increase in interest, and it is likely that several numismatists sought new issues as they became available. However, it also seems that no effort was made to track down a date or mintmark if it could not be readily found. The writer has located nothing in numismatic literature to indicate that even a single collector of the decade was interested in the mintage figures, history, or distribution of mintmarked issues.

Double Eagles Minted 1920-1929

After the Treaty of Versailles, which ended the World War, the economy of Europe was in a turmoil, especially within conquered Germany. American gold double eagles continued to be highly prized, and large quantities were minted at Philadelphia, Denver, and San Francisco. Freshly minted coins were deposited in federal vaults. As export demand arose, the contents of these vaults were tapped. As fortune would have it, some varieties of double eagles were largely exported, while other varieties, including those struck in large quantities, remained in storage.

Of the various issues produced during the decade, the following were exported in quantity: 1920, 1922, 1922-S, 1923, 1923-D, 1924, 1925, 1926, 1927, and 1928. Many other issues, including Denver and San Francisco coins after 1923, remained in storage, and only a few were ever distributed.

As an example of these unusual arrangements, of the 1923-D double eagle, 1,702,250 were struck, and hundreds of thousands were exported. Today, the 1923-D is readily available in Mint State. On the other hand, for the 1927-S the mintage was 3,107,000, but it seems that very few were ever distributed, perhaps fewer than 1,000 coins. Today, the 1927-S is regarded as an important and expensive rarity.

Numismatic interest during the era: Interest remained very modest and B. Max Mehl, for one, found that certain high denomination Proof gold coins were better spent than listed in his catalogues, as there was little demand for them. Thomas L. Elder, the New York City dealer, bemoaned that the market had relatively few "large buyers," and that the great numismatists of earlier times had no modern counterparts.

In Chicago, Virgil M. Brand, who had been collecting coins of all nations and denominations since the inception of his interest in the 1880s, passed away. Nearly all of his business strike double eagles were later cashed in for face value!

Double Eagles Minted 1930-1933

During the decade, double eagles were minted from 1930 to 1933. In April 1933, the government stopped paying out gold coins at face value and began to call in the pieces held by the public, except for those of recognized numismatic value. With the coinage of pieces minted early in 1933, the production of the American double eagle ceased.

Business strike double eagles were turned into the Treasury by the millions and melted, and further millions of undistributed issues from the 1920s met the same fate. Meanwhile, foreign banks and governments held on to American $20 pieces more tightly than ever and had no interest in shipping them back to the United States in exchange for freshly printed paper money.

Numismatic interest during the era: Interest was modest, but was beginning to increase. Frederick C.C. Boyd was early in the date-and-mintmark game in the $20 series, Wayte Raymond was interested, and perhaps a handful of others were as well. Still, there was little concern as to which issues minted in recent times, including the 1920s, were scarce. The Treasury Department obligingly provided needed earlier dates of the 1920s and early 1930s, including the 1927-D $20 (which later proved to be a rarity), to anyone who cared to pay face value plus a nominal handling charge.

Epilogue: Collecting Comes of Age

(but too late!)

A widespread interest in double eagles arose in the mid-1930s, when gold coins were absent from circulation and their desirability was recognized.

On August 31, 1934, two young boys, described as poor and underprivileged, were playing in the cellar of a house at 132 South Eden Street, East Baltimore, rented by the father of one of the boys. Henry Grob, age 15, and his companion, Theodore Jones, 16, came upon a cache of gold coins. After a brief discussion as to what should be done, the lads took the treasure to the local police station and turned the find over to the authorities. Later, the boys said that they had "held out" some of the pieces, and these were subsequently added to the first group. One newspaper account put the amount as 3,558 coins with $11,425.50 face value. All were dated before 1857. Meanwhile, at the police station some of the patrolmen "tried their hand at cleaning them with coal oil [kerosene] and vinegar," a procedure definitely not recommended by numismatists!

Multiple claims were filed for ownership. For the rest of 1934 and into May 1935 the matter was in the courts. Meanwhile, although the gold coins were to have remained undisturbed pending the outcome, the family of one of the finders sold $185 worth for face value. Judge Eugene O’Dunne of the Second Circuit Court of Baltimore eventually awarded proceeds from the entire find to the two teenagers, negating an offer by the two ladies who owned the house to give the boys 24%. To finally settle the matter, the court mandated that the coins be sold at auction. The sale was held on May 2, 1935, at the Lord Baltimore Hotel downtown, with Perry W. Fuller serving as auctioneer. About 100 attended including a few out-of-town dealers and many local curiosity seekers. Grouped into 438 lots and casually described (most pieces were simply called "very fine") in a printed catalogue, the hoard realized $19,558.75.

The star of the sale was a "very fine" 1856-O double eagle at $105 which went to a Virginia numismatist, setting a record for a rare mintmark issue of the denomination. A copy of the sale listing was later studied by Walter Breen, who compiled inventory from it. The following double eagles were included:

1850-dated double eagles: 92 pieces • 1850-O: 5 • 1851: 79 • 1851-O: 10 • 1852: 47 • 1852-O: 2 • 1853: 27 • 1854: 12 • 1855: 6 • 1855-S: 12 •1856: 1 • 1856-O: 1 [prized as a rarity] • 1856-S: 23

News of other events and finds, plus widespread awareness of the instability of banks and financial institutions, drew more citizens to the allure of owning gold and to the challenge of collecting double eagles. Within the decade at least a dozen numismatists–Louis E. Eliasberg, Sr., the Baltimore financier, prominent among them–began collecting large denominations with a passion.

In 1934, Wayte Raymond launched the first edition of A Standard Catalogue of United States Coins, which for the first time brought to the numismatic community a handy source listing dates, mintmarks, mintage figures, and values. While the American economy faltered during the Depression, the rare coin market was experiencing boom times, further accelerated by the commemorative craze of 1935-1936, the initiation of the monthly Numismatic Scrapbook Magazine in 1935, and other factors.

In the years since the 1930s, double eagles have become widely popular. After World War II, various foreign banks and national treasuries yielded millions of long-stored American double eagles, in essence providing the basis for the supply known today. As the series was studied, it was found that certain issues were common, others rare. Authors such as Walter Breen, David Akers, Douglas Winter, and Lawrence Cutler (Carson City gold) shared thoughts, opinions, and discoveries. The present writer (QDB) added his share, including sagas of lost treasure ships and hoards. Double eagles became a dynamic and highly appreciated series.

While much more could be written, the preceding "essay" serves as a summary of the double eagle series and the factors determining availability of certain issues today.

Choice Mint State 1850 $20

Among Finest Known

First Year of Issue


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1677     1850 MS-63 (PCGS). Brilliant and deeply frosty. A splendid business strike, one of the finest we have ever seen. The obverse and reverse are both well struck with needle-sharp definition. An ideal coin for the double eagle specialist as well as the type collector.

In 1850 there was no numismatic interest in the new double eagle denomination, or at least the writer has not been able to locate a record of such. Thus, examples were not saved by collectors. Years later when interest finally did develop, double eagles from the decade of the 1850s were found to be well-worn, with typical grades being VF or EF. Regarding the 1850, even a choice AU example can be regarded as scarce.

Among 1850 double eagles from the Philadelphia Mint there are some interesting differences regarding the surface (plain or basined) of the obverse, such not having been studied in detail.

PCGS Population: 1; 2 finer (MS-64).

The date logotype is slightly low, with the 1 closer to the dentils than to the neck truncation. Numerous die striae are seen, at a slight angle to the left of the vertical, from upper right to lower left. The fields are slightly basined, and thus this is probably struck later than the prooflike example in the next lot. Moreover, the present piece seems to be an early impression from the obverse die.

The reverse die has the A (STATES) lightly patched to the left, a situation that recurs in subsequent listings of double eagles of the decade. On the master die the A had only the right-side 40% of the crossbar. Working dies were sometimes left alone (showing just this part of the crossbar) or, more often, patched by adding a line to the left. On the present die a crack connects the tops of ED (UNITED). Another begins above the first S (STATES) and connects the tops of TATES. Yet another extends from F (OF) to the right, intermittently through the tops of AMERICA. Yet another crack begins at the border below W (TWENTY), extends to the right and connects the bases of ENTY D.

From Stack’s sale of the Miles Collection, October 1968, Lot 824.

Superb 1850 $20

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1678     1850 AU-58 (PCGS). A spectacular coin, virtually of presentation quality. Extremely sharply struck in all areas, with the obverse portrait appearing almost cameo-like. The fields are semi-prooflike, especially on the obverse, giving another aspect of quality to what is truly a remarkable coin.

Representing as this does the first year of issue of the $20 denomination, the inspection of America’s most popular (in terms of face value coin) gold issue, this coin will deservedly attract much attention as it is being sold. One could spend years in searching and not come up with a comparable example. Truly a great coin in every sense of the word.

Multiple dies were used to produce 1,170,261 pieces this year. All are of the same general configuration. The Breen text notes that certain varieties have the ball of the 5 "closed," meaning that it touches the upright above. These do not constitute a significant die varieties as such, but simply refer to the depth in which the four-digit logotype punch was impressed into the working die.

Some varieties of this and later years can be distinguished by having part of the crossbar in A (STATES) broken, this being on the master, not uniquely the working die, as it occurs across a number of years for this decade and beyond.

Even a casual examination of the presently offered Bass Collection double eagle of 1850 reveals that the field is not as dished as that seen on most contemporary issues, including the New Orleans varieties offered subsequently. The obverse is quite plane and is certainly related in concept to certain gold dollars of the preceding year (1849) that also have plane fields. This aspect does not seem to have been discussed in any literature immediately at hand.

For the record, certain die characteristics are given of the piece offered here: the field of the coin is deep inside the dentils and, as noted, is not significantly dished or basined. Thus, the dentils are more prominent on this than on the later varieties, and even the spaces between the dentils are significantly elevated in comparison to the fields. The hub die, however, is the same as used later in the era and is distinguished by the relationship of the star points to the nearby dentils, by the inside upper left of Y (LIBERTY) being doubled, and other characteristics. However, the preparation of the working die was significantly different in the present instance. The logotype 1850 was punched into the die in medium depth, giving a "light" date, but still well defined. The left edge of the left serif of the first digit is closer to the left side of a dentils than to its center. The distance to the dentil is about one third that of the distance from the peak of the 1 to the neck above. Doubtless, a review of other $20 dies would show positional differences.

On the reverse the crossbar of the A (STATES) is mostly missing. A fine crack extends from the border through the tops of TE (UNITED), the upper left of the D, and back to the border.

Purchased from Joe Flynn, Jr, August 4, 1972. Later, Harry kept a weather eye out for choice 1850 $20 pieces, and noted that two years later in 1974, Paramount offered him a "bagmarked AU-50."

Pleasing, Lustrous 1850 $20

1679     1850 AU-55. A very nice coin from an early die pair, pleasing and lustrous. While the Bass Collection contains many treasures, and one can almost lose a sense of reality, the fact remains that this particular $20 is one of the finest to come on the market in recent times.

Obverse die with field quite plane, with the result that it has a cameo-like appearance. Ball of 5 barely touching upright, Breen’s "closed 5."

A (STATES) normal. Crack begins at border at lower left of T (TWENTY) and continues clockwise to link all the letter tops through the final S in STATES. Another crack connects OF AMERIC.

Purchased from Paramount, February 28, 1974.

1680     Trio of double eagles dated 1850: I EF-45. Some prooflike surfaces seen when the coin is held at an angle to the light I VF-35. Some lustre still remains I VF-30. Some prooflike surface. (Total: 3 pieces)

Double Eagle Group

1681     Group of double eagles dated in the 1850s: I1850 VF-20 I 1851 EF-40 (2) I "1853/2" So-called overdate. VF-20 I 1853 VF-35 I 1856 EF-45 I 1857 VF-35. An attractive group that offers a nice selection of dates. (Total: 7 pieces)

Nice $20 Selection

1682     A nice selection of early double eagles: I 1850 VF-20 I 1851 VF-30 I 1852 Double Date. EF-40 I 1853 VF-20 I 1856-S VF-30 I 1857-S EF-40 I 1858 VF-25 I 1860 EF-45. A nice selection from the early range of the series. (Total: 8 pieces)

Attractive 1850-O $20

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1683     1850-O AU-55 (PCGS). A very nice example of the first New Orleans issue of the new denomination. Yellow gold probably from California. Prooflike surfaces are evident particularly in protected areas.

Date logotype impressed rather lightly in the die, giving an "open" 5. Dies normal compared to the 1850 earlier described, and now with sufficient basining that the dentils stand on their own as discrete entities, not with raised areas within.

In 1850 New Orleans was a popular stop for steamers and other ships connecting with California commerce via the Isthmus of Panama. Typically, vessels would go north from Panama (later from Nicaragua as well) and touch at New Orleans or New York City, bringing with them cargoes of gold from the West.

Purchased from N.K.S., March 25, 1970. Harry Bass found the 1850-O to be interesting and formed what he called a "study group" of various pieces, but apparently made no detailed notes thereafter.

Another 1850-O $20

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1684     1850-O AU-55 (PCGS). A pleasing example of the date, mintmark, and grade.

Date and mintmark both fairly deeply impressed into their respective dies.

From Stack’s sale of the Miles Collection, October 1968, Lot 825.

Lustrous Mint State 1851 $20

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1685     1851 MS-62 (PCGS). Brilliant, lustrous, and frosty, one of the finest we have seen of the second date in the series, a variety which is not rare in an absolute sense, but which is usually seen well worn. The present coin is a numismatic delight.

The reverse die is oriented about 170° from the obverse, instead of the normal 180° On the obverse the date logotype is deep into the die and is slightly closer to the dentils than to the neck truncation. The stars are somewhat "small," especially near the coronet of Miss Liberty, indicating either relapping (not otherwise evident) or light impression of the master die into the working die.

On the reverse A (STATES) has the crossbar mostly missing and is not corrected. A massive die break, certainly unusual in the $20 series, extends from the rim above the first A (AMERICA), down through the tops of ME, and back through the rim. It seems that a chunk of the obverse rim was about to break away, just a few strikes separated from a cud. A smaller crack continues to the right to link the tops of the letters of ERIC.

In addition to the attributes of the present specimen regarding its high grade, the coin is of importance to the specialist for the idiosyncrasies just noted.

Purchased from Paramount, February 28, 1974.

High-Grade 1851 $20

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1686     1851 MS-62 (PCGS). A lovely specimen, one of the finest seen, of this $20 date. Both obverse and reverse are boldly struck. This lustrous, simply gorgeous coin will attract wide bidding attention and will no doubt forever occupy the "1851 space" in the cabinet of its next owner.

Date logotype about centered between bust and dentils. Reverse with broken A (STATES).

Purchased from Paramount, February 28, 1974.

Lovely Mint State 1851 $20

1687     1851 MS-60. A lovely coin with satiny lustre. Some horizontal brush marks separate the piece from a higher grade. Not easy to find at this level.

Date logotype high, much closer to bust then dentils. A (STATES) crudely patched to the left, no doubt on the working die after someone observed this defect.

From Stack’s sale of the Alto Collection, December 1970, Lot 405.

1688     Pair of Liberty double eagles: I 1851 AU-55 Most mint lustre still remains. A very attractive example of an issue which can be rated as extremely scarce at this grade level I 1851 AU-50. Some mint lustre still remains. (Total: 2 pieces)

Remarkable 1851-O $20


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1689     1851-O MS-62 (PCGS). A superb, almost unbelievable quality example of an issue which is rare even in AU! True Mint State pieces are virtually unheard of. The double eagle specialist will find this to be one of the most remarkable coins in this section of the catalogue. Worthy of a strong bid, with the realization that it may be a long time until a comparable coin crosses the block.

PCGS Population: 2; none finer.

Obverse with date logotype centered. Some interesting raised rust marks are seen on the lower part of the neck. In the headband of Miss Liberty, the I (LIBERTY) appears to be an L, typical for the era, but particularly noted by Harry Bass in this instance. A tiny ridge of metal connects the I with the adjacent D.

The mintmark O is high and is just a hair’s breadth from the eagle’s tail. A delicate crack links the tops of MERICA and extends to the right, going to the border below the period following D.

As time went on and coin collecting became popular in the United States, the acquisition of double eagles by date sequence finally took hold. By circa 1859-1860, a handful of collectors began to acquire Proofs of the different dates. Still, there was absolutely no interest in mintmarked coins. In 1893 in his treatise, Mint Marks, Augustus G. Heaton stated that he did not know of a single collector of mintmarked coins for any of the $5, $10, or $20 denominations! Not even the Mint Cabinet saved examples of New Orleans or other branch issues. Instead, the few interested collectors concentrated only on acquiring date runs.

In the meantime, New Orleans coinage was produced to service the commercial needs of the Mississippi River basin as well as commerce in and out of the port. Such pieces were strictly workhorse pieces in the economy, and within a few years the large and heavy $20 pieces became worn down to grades such as EF, and a few years later, to VF.

From Stack’s sale of August 1976, Lot 3164, there noted: "May be part of the Baltimore find unearthed August 1, 1934."

1690     Pair of double eagles: I 1851-O EF-40. A nice example at this grade level of this early New Orleans issue I 1852 AU-58. Highly lustrous and frosty. A very attractive piece. (Total: 2 pieces)

Choice Mint State 1852 $20

Doubled Date

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1691     1852 Breen-7152. Doubled Date. MS-63 (PCGS). A superb specimen with lustrous, frosty surfaces. A numismatic prize. Both obverse and reverse have satiny lustre of exquisite beauty. Desirable enough as an example of the 1852 year, but even more so because of the spectacularly repunched date digits.

PCGS Population: 2; 2 finer (MS-64).

On the obverse the date numerals were given one blow of the four-digit logotype, then another, with the second blow being about 5% below the first. The result is a sharply doubled date, more so toward the end of the string of numerals, indicating a slight rotation between blows. A hairline crack connects stars 8-11, another crack connects stars 12-13 and continues onward, and still another crack connects the bases of the date numerals. Perhaps these cracks resulted in die failure, accounting for the scarcity of this variety.

On the reverse the A (STATES) is very lightly patched.

Purchased from Federal Coin Exchange, April 14, 1976.

Attractive 1852 $20

1692     1852 MS-60. Sharply struck and very attractive. Satiny lustre on obverse and reverse. One of the higher grade pieces that has ever come under our view. For the specialist here is another find in the gold series.

Obverse with date logotype lightly impressed into the working die; logotype centered. Reverse with lightly patched A (STATES). Both obverse and reverse have a somewhat granular or matte surface, as made–no doubt accounting for the satiny aspect mentioned earlier. A very interesting and desirable specimen.

From Stack’s sale of August 1976, Lot 3165.

1693     Pair of 1852 double eagles grading EF-45: Both are lustrous and attractive. (Total: 2 pieces)

Prooflike 1852-O $20

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1694     1852-O AU-58 (PCGS). A dazzling showpiece, a coin that is almost as prooflike as a full Proof! What a coin it must have been at the moment of striking! Today, some friction is seen, as noted by the grade, but still the piece is very beautiful and very important. A tiny planchet chip is seen to the right of the last date digit.

Date logotype entered deeply into the die; very slightly closer to the bust than to the dentils. Reverse with patched A (STATES), this patching done in a slightly different manner than that described earlier. It is obvious that this defect was noticed, and workers in the Die Department sought to fix the crossbar.

Purchased from Rowe & Brownlee, July 8, 1969.

Lustrous 1853 Double Eagle

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1695     1853 MS-62 (PCGS). Attractive and highly lustrous, an outstanding example of a common date $20 that is typically seen in such grades as VF and EF, only rarely in Mint State. Accordingly, the condition-conscious buyer will want to bid accordingly.

Date logotype punched very deeply into the die, more heavily towards the bottom than the top; about centered between bust and dentils. Reverse with A (STATES) patched so as to almost defy detection.

From the Quality Sales Corporation’s sale of the Beck Collection, February 1976, Lot 546.

1696     Pair of 1853 double eagles, grading AU-50. Much lustre is still evident, particularly on the reverse of both pieces. (Total: 2 pieces)

1697     Pair of double eagles dated in the 1850s: I 1853 EF-45. Light yellow gold with much mint lustres still visible I 1853-O VF-35. Some lustre still remains. (Total: 2 pieces)

Date logotype centered. Repunching at 3. Reverse with patched A (STATES).

From Superior’s sale of September 1972, Lot 2050.

Selection of Liberty $20s

1698     Selection of Liberty double eagles, all different: I 1853 EF-40, short reverse scratch I 1860 VF-35. Pale gold surfaces I 1873 Open 3. EF-45 I 1875 AU-55 I 1876 AU-50 I 1877 AU-53 I 1878 AU-58. Brilliant and lustrous except where noted. (Total: 7 pieces)

Varied Group of Philadelphia $20

1699     Octette of Type I double eagles: I 1853 VF-35 I 1860 EF-40 I 1861 VF-35 I 1864 VF-25 I 1870 VF-30 I 1872 EF-45 I 1873 Open 3. AU-55 I 1874 AU-50. A varied selection of Philadelphia issues, a nice intermittent date run. (Total: 8 pieces)

1700     1853-O EF-45. Lightly burnished in field.

Date centered. On reverse A (STATES) is broken at crossbar.

From Superior’s sale of February 1973, Lot 252.

1701     Pair of 1854 Small Date double eagles: I AU-50. Sharply struck and very lustrous. The reverse on its own could grade several points higher I VF-35. Some mint lustre still remains. (Total: 2 pieces)

Both coins are of the Small Date style, logotype fairly high. Last two digits repunched at the top, minor traces of the first digit repunched low, indicating a slight rotation of the date logotype centered around the second digit. Reverse with lightly patched A (STATES).

1702     Pair of double eagles: I 1854 Small Date. VF-20 I 1854-S EF-40. First double eagle issue from the newly opened San Francisco Mint. (Total: 2 pieces)

From Glendining and Company’s sale of October 1970, Lot 1048.

1703     1854 Large Date. AU-55. Lightly brushed. Brilliant, lustrous surfaces.

PCGS Population: 2; 1 finer (AU-58).

The Large Date logotype, listed for a long time by Breen, and only recently (new 53rd edition) recognized by the Guide Book, seems to be much scarcer than the normal or Small Date variety. Walter Breen suggests that the Large Date logotype was also used on the 1854 silver dollar. Not only were most Philadelphia Mint coins of the other (Small Date) variety, but New Orleans and San Francisco examples had the small date as well. The Large Date is easily discernible.

On the present coin, the date is very high, virtually touching the truncation of the bust (a small recess being made in the bust to accommodate it), and also lightly impressed into the die. On the reverse the A (STATES) is lightly patched.

From Lester Merkin’s sale of October 1966, Lot 371.

Beautiful 1854-S $20

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1704     1854-S MS-63. Surfaces very minutely granular. Reverse die extensively cracked. This is from the group of double eagles commonly referred to as hoard coins, and discussed at some length in Dave Bowers’ American Coin Treasures and Hoards. It could be that these were immersed in sea water for a short time, although stories vary widely. Another account has it that they were found in the walls of a San Francisco building. These pieces came on the market in the 1970s to delight collectors who were not accustomed to seeing any San Francisco coin in Mint State, let alone this, the first year of issue. How many were found is not known, but perhaps no more than a few hundred. Today they are widely dispersed. Grading opinions vary almost as widely and we have seen pieces such as this graded all the way up to Gem Mint State. The present coin stands on its own as a very desirable example and no doubt will attract much interest as it crosses the block.

The obverse logotype was entered shallowly into the die and is closer to the dentils than to the bust. On the present piece, a crack is seen from the border through the left side of the 5, continuing to the bust, with branches extending from the 5 to the right, continuing down to the border.

On the reverse the S mintmark is high and touches the tail feathers of the eagle. The A (STATES) is broken; not patched. A tracery of die breaks is seen, particularly on the lower area and on the left side. In addition some raised ridges are in the glory of stars above the eagle’s head, particularly a prominent ridge which connects from one of the leftmost top two stars, extending downward to the rightmost star.

Purchased from Stanley Kesselman on September 9, 1977.

Lustrous 1855 $20

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1705     1855 MS-61 (PCGS). Highly lustrous with nearly unbroken frost. A very attractive example of an issue which is normally seen in well worn grades.

PCGS Population: 1; 3 finer (MS-63).

Date and logotype quite low, with the space between 1 and the dentils being half that of the space between the 1 and the bust. Reverse with lightly patched A (STATES).

Purchased from Paramount, February 28, 1974.

Scarce 1855-O $20

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1706     1855-O VF-35. Quite scarce today as the reduced mintage of 8,000 indicates, a dramatic decline from the 71,000 struck in New Orleans in the preceding year. Today, examples are elusive in all grades.

Date logotype with italic 5’s as always. About centered between dentils and bust. Reverse with patched A (STATES). Mintmark close to but clear of eagle’s tail feathers.

Purchased from Fred Sweeney, April 14, 1972.

Lustrous 1855-S $20

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1707     1855-S MS-61 (PCGS). Highly lustrous and very attractive, a splendid specimen of an issue which typically occurs in VF and EF grades. Over the years few pieces equal to the present coin have come on the market.

Date logotype with italic 5’s, as always; well centered. Reverse with a hint of a patch on the A (STATES). Mintmark slightly closer to N (TWENTY) than to eagle’s tail feathers.

Purchased from Fred Sweeney, October 3, 1877.

1708     1855-S AU-50. Attractive light gold surfaces. A general rule among Bass Collection coins is that even if a piece shows some wear–as in the present instance–it is among the finer examples existing in that particular grade category.

Slanting 5’s in date as always. Medium S (again as always), sometimes called "Large S." Date logotype ever so slightly high.

Purchased from Roth, December 2, 1969.

1709     Pair of 1855-S double eagles: I EF-45 I EF-40. An attractive pair with much lustre. (Total: 2 pieces)

Frosty 1856 Double Eagle

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1710     1856 AU-55, or finer. Highly frosty and lustrous, a very nice example of the date and grade.

Date logotype with upright 5 (as always), positioned slightly high. Crack from left extends through base of date. Another crack connects stars 11-12 and extends to near the border close to star 13, while yet another crack commences in the field and goes through star 13. The die seems on the verge of shattering, but no doubt it was good for a few thousand additional impressions.

From Stack’s sale of the Shapero Collection, October 1971, Lot 1168.

Classic 1856-O $20 Rarity

Lustrous AU-53

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1711     1856-O AU-53 (PCGS). Both obverse and reverse are fully brilliant and with a generous quotient of mint lustre, particularly in protected areas. Of the 10 to 12 known (per the Breen Encyclopedia) certainly this is one of the several finest (another high quality piece will be offered in Part III of the Bass Collection).

For years the acquisition of an 1856-O has been the dream of every advanced specialist in the double eagle series. Only 2,250 pieces were struck, the smallest mintage recorded by any New Orleans $20 coin. These quickly passed into circulation, where most were worn down to such grades as VF and EF. Decades later, when collecting $20 pieces became popular, it was learned that there were virtually none to be found. Even some of the greatest specialized collections have lacked an example.

PCGS Population: 2; 3 finer (MS-63 finest).

It is seen that for the most part, the mintages of New Orleans $20 pieces dropped off sharply for the years 1854-1856, perhaps coinciding with the opening of the San Francisco Mint in the spring of 1854, thus providing a facility to coin gold that might have otherwise been shipped to the East.

Only one pair of dies is known to have struck 1856-O $20 pieces. Thus, the comments for this coin are probably appropriate for all other specimens as well. On the obverse the date logotype is low, with the 1 closer to a dentil than to the bust. The figures are punched deeply into the die, resulting in a "closed 5." On the reverse the O mintmark is high and close to the eagle’s feathers. The A (STATES) is lightly patched. On this particular specimen a crack is seen from a dentil through the D of the denomination extending upward to the band on which UNUM is inscribed.

Purchased from Jack L. Klausen, June 19, 1968.

Lustrous 1856-S $20

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1712     1856-S MS-63 (PCGS). Lustrous and attractive Mint State. A very nice example of this popular San Francisco issue, a piece that has spent its career on land and thus is different from some of the "seawater Uncirculated" pieces that have been offered over the years and have been widely cited in the literature.

PCGS Population: 3; none finer.

Date logotype boldly entered into the working die, deeply enough that the ball of the 5 touches the line above; positioned about twice as close to the dentils than to the bust above. Reverse with S mintmark about centered between tail and letter. A (STATES) appears virtually perfect.

From Stack’s sale of the Bartle Collection, October 1984, Lot 1124.

1713     1856-S AU-58. Sharply struck and very lustrous. Another pleasing example of a San Francisco Mint issue which, when seen, is apt to be well worn–excepting specimens fortuitously found as part of hoards.

Date centered (to reiterate, this feature is observed by comparing the position of the 1 to the bust truncation above and the dentils below). Reverse with well-patched A (STATES). S-mintmark is short at the top with the serif slanting.

1714     1856-S AU-55. Light yellow gold.

Date low, about twice as close to the dentil as to the truncation above. Reverse with lightly patched A (STATES). S mintmark short at top and with slanting serif. Delicate cracks linking bases of letters from TED (UNITED) clockwise through AME.

Purchased from I. Kleinman, November 13, 1971.

1715     1856-S AU-50. Bright yellow gold. Much lustre remains.

Date logotype slightly low. Reverse with broken A (STATES). Mintmark short at top with slanting serif. Crack connects top of TE (UNITED). Crack connects tops of MER (AMERICA).

Purchased from Rowe & Brownlee, August 4, 1967.

Nice Selection of San Francisco $20

1716     A very nice selection of double eagles from the first 15 years of San Francisco Mint operation: I 1856-S VF-30 I 1857-S VF-35 I 1858-S EF-40 I 1861-S VF-30 I 1863-S VF-35 I 1864-S VF-20 I 1867-S VF-35 I 1868-S VF-35. A wonderful selection of $20s. (Total: 8 pieces)

1717     1857 AU-55. Somewhat prooflike obverse. Much mint lustre on the reverse. A very handsome example of the issue.

Date logotype low. Diagonal die striae (upper left to lower right) in fields. Clash mark behind lower center of hair. Reverse with broken A (STATES). Diagonal die striae seemingly indicate an early impression from the die pair.

Purchased from Julian Leidman, August 15, 1972.

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1718     1857-O EF-45. Somewhat prooflike surfaces on obverse and reverse. Bright yellow gold, probably from California metal. A very attractive example of this scarce issue.

Date logotype well centered. Deeply punched into the die, more so toward the bottom of the date than the top. On reverse the A (STATES) is patched. First A (AMERICA) filled at the bottom. O mintmark leans slightly left.

From Parke-Bernet Galleries’ sale of the McGraw Collection, May 1968, Lot 14.

1719     1857-S AU-55. Sharp and very lustrous.

Date slightly low.

From Stack’s sale of the DiBello Collection, May 1970, Lot 1215.

1720     1857-S AU-50. Bright yellow gold with pleasing lustre remaining.

Date slightly low. Deeply impressed into die. On the reverse the S mintmark is heavier on the top than on the bottom, although it is not inverted.

Purchased from N.K.S., July 7, 1968.

Octette of Early San Francisco $20s

1721     Eight different dates of San Francisco double eagles: I 1857-S VF-30 I 1861-S VF-20 I 1869-S EF-40 I 1870-S EF-40 I 1871-S EF-40 I 1872-S EF-45 I 1873-S Closed 3. AU-50 I 1874-S AU-50. (Total: 8 pieces)

High-Grade 1858 $20

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1722     1858 AU-55 (PCGS). Nicely struck and with abundant lustre. A pleasing specimen of an issue which is very rare at this level and which has not been represented in any hoards or finds of which we are aware.

Date and logotype quite "open" this year, with the digit 8 leaning slightly to the right; the 5 is differently configured than the year before, and has a longer flag at the top, etc. On the present coin the date logotype is about centered.

On the reverse there is a very unusual clash mark from the outline of the head of Miss Liberty, this appearing below the ribbon (upon which is inscribed UNUM) at the lower right. Significant clash marks on $20 of this era are seldom seen.

From Superior’s sale of February 1973, Lot 865.

1723     1858 EF-45. Lustrous with some traces of prooflike effect in the protected devices.

Notable 1858-O $20

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1724     1858-O AU-55 (PCGS). A dazzling specimen of this fairly scarce issue, a variety which is seldom seen in higher grades and, in fact, is fairly scarce in lower grades as well. Another find for the advanced collector.

PCGS Population: 6; 1 finer (AU-58).

Date logotype very slightly low; (perfect, no repunching). Reverse with O mintmark lightly in the die, and slightly high. Patched A (STATES), anachronism.

From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 2416.

1725     1858-O VF-25. Some lustre remains.

Impressive 1858-S $20

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1726     1858-S MS-61 (PCGS). Deeply and nearly fully lustrous. Sharply struck. A very impressive example of a common date in lower grades, but anything but in the quality offered here. As marvelous Mint State coins from the S.S. Central America (sunk on September 12, 1857) and the S.S. Brother Jonathan (lost on July 30, 1865) come to market, a coin such as this 1858-S, not known to have been included in any hoard, will ascend in relative importance. One can readily envision that with the romance of sunken treasures recovered from the sea, plus the attractive low market price of bullion gold, more numismatists than ever will have their attention drawn toward the large, impressive, and fascinating $20 series.

Date logotype high and much closer to bust than dentils. Reverse expertly patched A (STATES).

From Stack’s sale of the DiBello Collection, May 1970, Lot 1218.

1727     1858-S AU-55. Brilliant and highly lustrous. A lovely coin for the assigned grade.

1728     1858-S AU-50. Bright yellow gold. Well struck and very attractive. Quite scarce in any grade higher than EF.

Date logotype high, twice as close to truncation as to dentils.

From Superior’s sale of February, 1973, Lot 867.

Sharp 1859 $20

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1729     1859 AU-53 (PCGS). A sharply defined specimen of this issue. Some nicks, especially on the obverse, account for the overall grade. Much finer than usually seen, the issue being rather elusive.

In this year a new master die was introduced in the $20 series. The differences are slight upon casual examination, but readily noticeable upon close inspection. The initials of the designer, J.B.L. (James Barton Longacre), formerly almost completely under the hair curls on the right side of the truncation, are now clear of the haircurls and immediately to the left. The star points have different relationships to the nearest dentil; as an example, the point of star 1, which points directly to the center of the dentil on the earlier 1850-57 hub, now points to a space between dentils.

Date logotype in small numerals, widely spaced this year. On the present coin the logotype is located slightly high of center. Reverse with broken A (STATES), no attempt at patching.

Purchased from N.K.S., November 7, 1968.

1730     1859 VF-35. Light yellow gold.

Date centered. Repunched, particularly noticeable at the tops of the first two digits. Reverse with patched A (STATES).

Purchased from N.K.S., April 28, 1967.

Remarkably Fine 1859-O $20


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1731     1859-O Heavy Clash Marks. AU-58 (PCGS). Bright yellow gold, no doubt struck from California metal. Lustrous and somewhat prooflike. Very sharply struck. The 1859-O is seldom seen in grades higher than VF and EF. Thus, the present offering is highly important.

PCGS Population: 2; none finer.

Date logotype well centered. On the high parts of Miss Liberty’s head are seen some clash marks from the glory of rays on the reverse and other eagle details, making the viewer wonder how such clash marks could have appeared so deeply in the die.

On the reverse the A (STATES) is lightly patched. In the leftmost recess of the small field area below the glory of rays on the reverse are seen many interesting raised die lines, perhaps clash marks from Miss Liberty’s hair, but if so, the dies were in a different orientation than they are now. As is true of so many coins of this era, inspection through a magnifying glass can reveal many fascinating details.

From our sale of the Herstal Collection, February 1974, Lot 9.

Condition Census 1859-O $20

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1732     1859-O AU-53 (PCGS). Lustrous and attractive. A Condition Census example of a New Orleans coin that when seen is apt to be VF or EF, only rarely AU.

PCGS Population: 9; 3 finer (AU-58 finest).

From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 2417.

A Final Rare 1859-O $20

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1733     1859-O AU-50 (PCGS). Some prooflike surfaces can be seen particularly on the reverse. A nice example of the date, mintmark, and grade. Scarce at any and all grade levels. The present specimen mounts a serious challenge to the Condition Census level.

Obverse logotype high, as preceeding. Reverse with patched A (STATES).

From Stacks’s sale of the Miles Collection, October 1968, Lot 858.

1734     1859-S AU-50. Brilliant with pleasing mint lustre.

Date very high and slightly repunched, the repunching most visible at the base of the first two digits. Reverse with well patched A (STATES).

Purchased from Leo A. Young, April 14, 1967.

1735     1859-S AU-50. Light yellow gold, much lustre remains.

Date logotype high, about 2-1/2 times farther from the dentils than from the neck truncation.

From Superior’s sale of February 1973, Lot 870.