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

Double Eagles

The Bass Collection Double Eagles

Welcome to the double eagle section of the Harry W. Bass, Jr. Collection Part III. The preceding sale emphasized Proofs, with some business strikes. Now, circulation strikes come to the fore—pieces which in many instances are even rarer than Proofs. Harry Bass’ penchant for quality is evident beginning with the first lot, a stunningly beautiful Mint State example of the first year of issue, 1850. Simply to state that this is the finest piece graded by PCGS, and that it is the only example at its grade level, gives an indication of the coin’s incredible importance.

Then follow other double eagles from the Philadelphia Mint, to which are added branch mint varieties as they occur. Among these, the famous and rare 1854-O stands proud as the finest graded by PCGS, and the only one in its category.

Amazing is one of several adjectives used to describe the 1857-O double eagle, the only Mint State coin certified by PCGS, a classic that traces its pedigree to the N.M. Kaufman Collection, where it was a centerpiece. Such terms as "finest certified" and "finest known" abound in the descriptions to follow. While the offering of Coronet Head double eagles will entice and delight you, toward the end of the offering a group of outstanding Saint-Gaudens pieces are of great importance as well. All told, the present catalogue will be forever remembered in the annals of America’s largest gold denomination.

Coinage of Double Eagles

In connection with the offering we give a numismatic and historical sketch of the series:

The $20 gold double eagle was authorized by the Act of March 2, 1849, which also saw the creation of the gold dollar. Scarcely a few months later the first official shipment of gold bullion from the new discoveries in California reached the Mint, and by March the entire nation knew that a golden bonanza had been discovered. Thousands of fortune seekers had already departed for the American West, by ship to the south, and by land across the continent to Missouri, where wagon trains awaited the arrival of spring to continue the trek toward the Pacific.

Anticipating the arrival of unprecedented quantities of gold bullion, officials of the Treasury Department realized that the $20 piece would facilitate the conversion of metal into coins. It was more efficient to strike a single $20 piece than two $10 pieces, or an even larger number of $5, $2.50, or $1 coins. As the largest gold denomination at this point was known as the eagle, it was logical to call the new issue the double eagle.

From the outset the new double eagle was popular, and large quantities were coined at Philadelphia, plus substantial mintages in New Orleans. Gold from California was taken to New Orleans by ship, with even larger quantities sent to New York City. From New York, the gold was taken overland to Philadelphia. So much gold arrived in New York that the legislators proposed in Congress that a mint be set up there, and discontinued in Philadelphia. This was not done, but in 1854 the New York Assay Office was instituted, and thence forth served as a refinery and depository for incoming gold.

In the spring of 1854 the San Francisco Mint became a reality, and double eagles quickly became the most popular denomination produced there. Afterward, quantities struck in New Orleans dropped sharply, creating numismatic rarities—although no one cared at the time. (The mints at Charlotte and Dahlonega did not have sufficiently heavy equipment to strike double eagles, and none were ever made at those locations.)

Double eagles continued to be made in large quantities throughout the 1850s. In December 1861, by which time the Civil War had been raging for months, and the outcome was uncertain, the public became apprehensive, and gold coins began to be hoarded. Toward the end of the month banks and the Treasury stopped paying out pieces at par. Thereafter, gold was obtainable only by paying a premium. The war resulted in the closure of the New Orleans Mint, which had fallen into the hands of the Confederacy. After 1861, coins were made only at Philadelphia and San Francisco.

As has been related earlier in the present catalogue, monetary conditions were tumultuous during the war. In the East, silver and gold coins completely disappeared, and, eventually, copper-nickel Indian cents were no longer to be seen. Their place was taken by a vast flood of paper money ranging from large denomination Legal Tender and other federal notes, to Fractional Currency in denominations from 3¢ to 50¢, plus an array of private substitutes such as copper tokens, encased postage stamps, and paper scrip.

Double eagles continued to be struck at the Philadelphia Mint, but primarily to the order of depositors of gold metal who desired such coins in exchange for the deposits. In addition, pieces were struck per the order of the federal government. Such coins were used in international commerce and also in trade with the American West. It was many years until double eagles and other gold coins were available at par from banks in the East and Midwest. Not until December 17, 1878, were gold coins, silver coins, and paper money all exchangeable at the same rate.

In the meantime, on the West Coast gold coins were dominant, with double eagles being the most important denomination. Such pieces were used extensively in banking and commerce, while paper money, when received at all, was accepted only at a deep discount. At one time, federal legal tender notes were worth only about 40 cents on the dollar in terms of gold!

Because of the circulation of gold in the West, double eagles and other coins struck at San Francisco tended to wear down quickly, whereas their counterparts made in Philadelphia tended to remain in storage and acquire less wear (unless they were shipped to the West and entered commerce along with their San Francisco cousins). Today, this is reflected by the higher average grade of Philadelphia coins.

In 1870 the Carson City Mint opened, to coin metal from the Comstock Lode. Double eagles were produced intermittently from that year through 1893, usually in fairly small quantities. In 1879 a small number of double eagles were struck at the New Orleans Mint, which reopened for coinage that year. However, the production proved ephemeral, and no others were ever made. In 1906 the Denver Mint struck double eagles for the first time.

Design Notes

Double eagles were first made in pattern form in 1849, and for circulation beginning in 1850. The design was by James B. Longacre, who had come to the Mint in 1844, succeeding Christian Gobrecht as chief engraver. The Liberty Head or Coronet Head motif was employed, essentially the same portrait as used on the gold dollar. The reverse depicted an eagle, shield, surrounding ornaments, and appropriate lettering.

In 1866 the reverse was modified in several ways. The sides of the shield were changed from straight to rounded, and the motto IN GOD WE TRUST was added. In 1877 another change made, and the denomination, which earlier had appeared as TWENTY D., was expanded to read TWENTY DOLLARS.

In 1907 a dramatic change took place when noted sculptor Augustus Saint-Gaudens utilized the goddess on the Sherman Victory monument to create a new motif—of Miss Liberty striding forward, holding a palm branch. The reverse depicted an eagle in flight, conceptually adapted from the 1857 Flying Eagle cent, which the artist said was his favorite historical emblem in American coinage. With modifications, the Saint-Gaudens double eagles were produced through 1933. Along the way a number of rarities were created.

Numismatic Considerations

When double eagles were first minted for circulation in 1850, they were viewed as strictly a utilitarian product. Numismatics in America was in its infancy, and did not become widely popular until later in the decade, when the copper cent disappeared from circulation beginning in 1857. All of a sudden a grass roots interest developed, and a scramble ensued to put together sets of cents from 1793 onward, as well as certain other denominations. Regarding gold coins, collecting interest seems to have centered nearly entirely on the early issues, namely the quarter eagles of 1796-1834, the half eagles of 1795-1834, and the eagles of 1795-1804. Little interest was evinced in anything else.

As time went on, later gold coins became popular, but primarily the gold dollar and $3 series. Years later in 1893, in his treatise titled Mint Marks, Augustus G. Heaton stated that he was not aware of a single collector anywhere in America who desired large denomination gold coins by mintmark varieties! As incredible as it may seem today, no one knew about or desired to own such rarities as early New Orleans double eagles, or scarce issues from San Francisco. Minor exceptions were provided by Proof coins, which had been issued continually since the late 1850s. A handful of collectors desired full gold sets, which by necessity included the double eagle. Otherwise, the writer has learned of no early interest in collecting double eagles on their own as a specialized denomination.

Fast forward to 1909, when Edgar H. Adams, America’s leading researcher of the era, published a premium list of United States gold coins, giving their values. He did not bother to itemize Coronet Head double eagles, as there was no interest in them! A stirring of interest took place in the early 1930s, when the federal government announced that gold coins would no longer be minted, and existing pieces would be withdrawn from circulation. Many numismatists all of a sudden turned their attention to double eagles, and collectors such as F.C.C. Boyd, Floyd Starr, and Louis E. Eliasberg—to name just three—set about acquiring different dates and mintmarks. Before that time interest was truly sparse, and the number of specialists could probably be counted on the fingers of one hand (John H. Clapp, Virgil M. Brand, and Waldo C. Newcomer come to mind).

By the late 1930s, double eagles were quite popular, and auctions held by J.C. Morgenthau and Company (catalogued by Wayte Raymond and James G. Macallister), Barney Bluestone, Thomas L. Elder, Stack’s, and a few others, typically included examples, sometimes with comments pointing out the elusive nature of Carson City or other issues. By this time, double eagles were available only where they could be found here and there—in the hands of citizens who had saved them as souvenirs, and occasionally in bank deposits of gold turned in by the public. Gone were the days when New Orleans, Carson City, and other issues could be obtained in high grades. Typical states of preservation were often Fine, VF, or EF. Even the most important "name" collections were apt to have this quality. For many if not most early issues, particularly from the 1850s through the 1870s, Mint State pieces were available only rarely, or not at all.

During World War II 1941-1945, when cash was common and things to buy were scarce, a great investment interest developed in gold coins, with double eagles garnering much of the limelight. Prices rose, and in addition to pieces being hoarded for their value, many specialists set about building date and mintmark collections. By 1946, scarce and rare double eagles were in exceedingly strong demand, and many varieties brought record prices.

Years later, in the 1950s, it was widely learned that certain overseas banks, particularly those in Switzerland, had large quantities of American double eagles that had been sent overseas decades earlier for international payments. These reserves were tapped, and many interesting, scarce, and rare coins came to light, in essence building a generous supply of the denomination, particularly for dates after about 1880. Just as a generous supply of Morgan silver dollars propelled that series into an all-time numismatic favorite, the wide availability of double eagles increased demand further, with the result that even today, dozens of different dates and mintmarks can be acquired for nominal prices in relation to their bullion value.

At the same time, studies were made of the rarity and availability of certain issues, with such authors as Walter Breen and David W. Akers publishing much information not readily available earlier in a single source. Today in the year 2000, the double eagle series has come of age. The rarities are recognized, values have been established, and a wide circle of collectors assures that any notable offering—such as the Bass coins in the present catalogue—will meet with a very warm reception.

While rarity estimates and valuations can be obtained from many different places, there are still some uncharted areas, particularly in the realm of date logotype variations, repunchings, die states, etc. These aspects fascinated Harry Bass, and during his collecting career he made many notes of things that caught his eye. On the pages to follow, the coins catalogued by Mark Borckardt and edited by QDB, are often described with peculiarities and features that do not necessarily lend significant value to the specimens, but certainly add the quintessential aspect of interest.

Much more could be said about double eagles, their mintages and the collecting of them but the preceding remarks cover some of the high spots. Now, enjoy the opportunities in the pages to follow.

Choice Mint State 1850 $20

Finest Graded By PCGS

First Year of Issue


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757     1850 MS-64 (PCGS). Brilliant and frosty with prooflike surfaces. A few marks away from a higher grade—a point that is irrelevant, as this stands tall as the finest ever graded by PCGS and, in fact, the only specimen ever graded by PCGS at this level!

In 1850 not a single numismatist is known to have noticed the new denomination, or to have saved a specimen. In our review of early data, no record has been located of even one coin being preserved for posterity! Accordingly, the mintage went into circulation, where pieces became worn, often extensively so. By the time that numismatic interest did develop—over three quarters of a century later—the average 1850 was apt to be in VF or EF grade.

Today this 1850 is of simply incredible importance, representing as it does the first year of issue, a showpiece that will highlight any specialized collection of double eagles as well as any type set of gold. Once sold, it is likely that no amount of money could secure a duplicate.

PCGS Population: 1; none finer.

There are at least two obverse die styles among 1850 double eagles, of which this is believed to be the earliest. The fields are plane, not basined in the area between the stars and the portrait. The reverse configuration is similar. These differences have been virtually ignored in the literature, and are now being studied. A related situation occurs among 1849 gold dollars of the early style.

The date logotype is well centered, top of 1 marginally closer to truncation than dentils, left edge of lower serif over space between dentils. Ball of 5 barely touching upright, Breen’s "closed 5" (although this simply refers to the depth at which the four-digit logotype was impressed into the working die; the same date logotype was used to make all 1850 double eagle dies from both mints, so far as is known). Numerous die striae are seen in the obverse and reverse field, indicating that this is a very early impression from this early die format. Most possibly, this coin was one of the very first of the denomination struck.

On the reverse the crossbar of the A (STATES) is normal. Die crack starts at the rim just left of the first T in (TWENTY) and extends through the tops of UNITED STATES OF AMER. Another starts at the same area and runs to the right through the first T in (TWENTY) and a little more than midway to the W. Yet another starts at the foot of E just past the N. Most probably, this is among the first struck—although not the very earliest, as the reverse die state indicates.

From New Netherlands’ sale of April 1972, Lot 967.

Marvelous Mint State 1850 $20

Another Classic

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758     1850 MS-60. Lustrous honey gold with pleasing prooflike surfaces. Another Mint State 1850 double eagle, a marvelous coin in its own right—a piece which is certainly among the finer examples we have ever had at auction.

The date logotype is significantly lower than on the preceding, with the bottom of the 1 much closer to the dentil than to the neck truncation, left edge of lower serif over center of dentil. Ball of 5 barely touching upright, Breen’s "closed 5." Die unfinished at front of Liberty’s neck, also a die line is visible below the hair wave on neck which runs to a point even with the center of the lowest curl on the neck. The reverse is from the identical die used to strike Lot 758, but in a slightly earlier state. Both obverse and reverse dies are of the early plane field style.

Purchased from Abe Kosoff, July 23, 1973.

759     1850 EF-40. Lustrous yellow gold with superb brightness in the protected areas. Some prooflike surface can be seen when the coin is held at an angle to the light.

Date logotype well centered, thin numerals, top of 1 equidistant between truncation and dentils, left edge of lower serif over center of dentil, 5 open. On the reverse the crossbar of A (STATES) is clumsily patched; the crossbar seems to be patched to one degree or another on just about all double eagles of this era, but often it is better done than on the present piece (however, from a numismatic viewpoint the more rustic the better!).

Purchased from Stanley Kesselman, July 9, 1968.

760     1850 VF-30. Warm honey gold. Some lustre still remains. About the grade that one expects when encountering an 1850 double eagle. There are enough specimens in existence t the VF-30 level that the present piece is affordable for just about anyone interested in gold coins.

Date logotype well centered, thin numerals, 1 marginally closer to dentils than truncation, left edge of serif over left side of dentil, 5 open. Crossbar of A (STATES) just beginning to fail. Faint die crack connects the tops of MERICA.

Purchased from Stanley Kesselman, July 9, 1968.

761     1850 VF-30. Much lustre remains on yellow gold surfaces. Reverse scratches in and around the eagle are mostly hidden except upon close inspection.

Date logotype well centered, thin numerals, base of 1 closer to dentils than top is to truncation, left edge of lower serif over right edge of dentil, 5 open. Crossbar of A (STATES) normal. Faint die cracks at tops of UN and MERI.

From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 2326.

Attractive 1850-O $20

Condition Census

Rare So Fine

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762     1850-O AU-55 (PCGS). An attractive example of the first New Orleans issue of the new denomination. Lustrous yellow gold surfaces. Among the finest examples of the date graded by PCGS; none have been certified in Mint State by that organization! Light vertical planchet lamination from the rim at the ninth star to the bun.

In the early 1850s the New Orleans Mint received much gold from California, typically by steamer connecting at Panama. Mintages tended to be generous, but none were specifically saved in higher grades. Today the average 1850-O is apt to be in VF preservation. Even the most important "name" collections did not include a coin even close in quality to the piece offered here.

PCGS Population: 8; 2 finer (AU-58).

Date logotype lightly impressed in the die, from relapping at the New Orleans Mint; also creating some "field" surface within the hair details. Bottom of 1 marginally closer to dentils than top is to truncation, left edge of lower serif just past left side of dentil below, 5 open (as is the case on logotypes that are either lightly punched or dies that have been relapped; whether the digit is open or closed has nothing to do with the logotype itself, which is the same on all 1850 double eagles). Mintmark lightly impressed and centered between N (TWENTY) and eagle’s tail feathers, closer to feathers than to N. Diagonal die lines and patches of roughness in the vertical shield stripes.

From Stack’s sale of the 85th Annual ANA Convention, August 1976, Lot 3159.

763     1850-O EF-40. Lustrous yellow gold with some prooflike reflectivity in the protected areas.

Date logotype lightly impressed in the die, bases of numerals thin and tenuous, 1 about equidistant between truncation and dentils, left edge of lower serif over left edge of dentil. From the same reverse die as the previous lot, but now polished to remove some of the die roughness in the reverse shield. Also, a curious group of raised wavy lines can be seen at S OF AM. The lines are unlike any portion of the design, do not seem to be clash marks, do not seem to be die breaks, and for the moment are of mysterious origin (ideas will be welcomed).

Satiny Mint State 1851 $20

Condition Census

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764     1851 MS-63 (PCGS). Lovely honey gold with a trace of pale rose iridescence. Beautiful satiny lustre is present on both sides. The present coin is easily one of the finest examples of the date we have seen. Finer than the three Mint State specimens we sold in Part II of the Harry W. Bass, Jr. Collection, October 1999. A truly delightful coin.

PCGS Population: 8; 2 finer (MS-64).

Wide Date logotype lightly impressed, one of at least two different four-digit logotypes used this year, and apparently the scarcer. First 1 twice the distance from truncation as from dentils, left edge of lower serif over right edge of dentil, 5 open. A die crack at the rim below the point of the bust connects the bottoms of the date numerals; another starts between the 5 and 1 and continues to the rim. Yet another die crack starts at the 11th star and continues just past the 13th star. Crossbar of A (STATES) on reverse patched.

From Stack’s sale of the 85th Annual ANA Convention, August 1976, Lot 3161.

765     1851 AU-58. A lovely coin with lustrous surfaces. A very attractive example of an issue which can be rated as extremely scarce at this grade level.

Compact date logotype with numerals closer together than previously, and also more heavily impressed into the working die. This seems to be the usual logotype for the year and is known on Philadelphia as well as New Orleans dies. First 1 about equidistant between truncation and dentils, left edge of lower serif over right side of dentil. Reverse with patched crossbar on A (STATES); we will discontinue mentioning this patching, as it exists on most of the double eagles of this era, in varying degrees of finesse.

Purchased from Julian Leidman, February 18, 1972.

766     1851 AU-50. Bright honey gold. Much mint lustre still remains.

Compact Date. First 1 marginally closer to dentils than truncation, left edge of lower serif over left edge of dentil, knob of 5 nearly touches upright. Center portion of crossbar of the A (STATES) is missing; the left side is thin, the right side is of normal thickness. A die crack starting at the rim between A and M (AMERICA) links the tops of MERIC, then juts back to the rim.

Purchased from Stanley Kesselman, March 25, 1970.

Brilliant 1851-O $20

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767     1851-O AU-58 (PCGS). Brilliant and lustrous. A thoroughly pleasing example of a fairly plentiful issue.

PCGS Population: 7; 6 finer (MS-62 finest).

Compact Date. Logotype centered, top of 1 slightly more distant from truncation than bottom is from dentils, left edge of lower serif over space between dentils. Raised rust marks are seen on Miss Liberty’s neck and on her coronet. The O mintmark is high, just below the eagle’s tail feathers, much closer to the feathers than the N below, centered mostly over the left side of the N. Many of the letters in the peripheral legend are rough and unfinished within.

Under magnification the reverse die is a fascinating study. The interior of many of the letters is rather rough and mattelike, and we can only imagine that the die sustained rust, which was removed by resurfacing, except for certain interior areas.

Purchased from John Smies, April 16, 1967.

Attractive Mint State 1852 $20

Condition Census

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768     1852 MS-63 (PCGS). Sharply struck and very attractive with lustrous, frosty surfaces. A desirable coin, one of the finest examples of the date to ever come under our view. Early Liberty double eagles are few and far between when high quality and equally high eye appeal are concerned.

PCGS Population 4; 3 finer (MS-64 finest).

Date logotype deeply impressed, top of 1 three times the distance from truncation as bottom is from dentils, left edge of lower serif over right edge of dentil. A new style 5 makes its debut on this date logotype, the appearance being somewhat clumsy, with the point of the upright extending well left and partly down the side of the ball of the 5, sheltering the ball within its curve. Additionally, the flag at the top of the numeral is deeply curved on its upper side, matching the curve of the lower side, and its left side is flat where it meets the top of the upright. Die crack beginning at rim after the third star connecting the fourth and fifth stars. Another starts at the rim above the seventh star, goes through the eighth and tip of ninth, then to rim. A die crack starts at the rim above M (AMERICA), connecting the tip of M to the tops of ERIC. Light die clash marks around eagle.

Purchased from Bob Roth, August 13, 1971.

769     1852 Doubled Date. EF-45. Lustrous and attractive. A pleasing example of a scarce and popular variety.

Breen-7152. "Obvious double date. Scarce." Heavy italic 5 as in previous lot. 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 at the tops of the numerals and toward the end of the string of numerals, indicating a slight rotation of the logotype between blows. A die crack connects the bases of the date numerals. Crossbar in A (STATES) weak on left side.

From Stack’s sale of the Copeland Collection, April 1967, Lot 1780.

770     1852 EF-45. Lustre remaining in the protected areas.

Date logotype lightly impressed, distinct italic 5 thin, top of 1 twice as far from truncation as bottom is from dentils, left edge of lower serif over left edge of dentil. Die clash at Liberty’s ear reveals shield stripes from the reverse (revealing that this is a low area of relief, although it is sufficiently within the portrait that the elevation cannot be easily determined otherwise). Crossbar of A (STATES) crudely patched.

Purchased from Ed Shapiro, September 20, 1967.

Superb 1852-O $20

Tied for Finest Graded by PCGS

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771     1852-O MS-62 (PCGS). Lively yellow gold with a definite olive blush. A superb specimen with brilliant and lustrous surfaces that display areas of prooflike reflectivity. Significantly finer than the choice AU-58 specimen we offered in Part II of the Harry W. Bass, Jr. Collection, Lot 1694, October 1999. Harry Bass outdoes himself once again! The opportunity to obtain this piece is probably more important than the price paid—as it combines very high grade with a very high aesthetic appeal.

PCGS Population: 4, none finer.

Date logotype moderately impressed. 1 equidistant between truncation and dentils. All stars are sharp with six points per star; many dies in use in the double eagle series prior to this date have inner points that are severely elongated and rounded, resembling teardrops more than star points. Crossbar of A (STATES) normal. O mintmark tall and thin, significantly closer to feathers above than to N below, left side of O over left upright of N. Many of the peripheral letters are rough and unfinished inside; the bottoms of ED in UNITED are joined by roughness.

Purchased from Paramount, July 16, 1976.

Satiny 1853 Blundered Date $20

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772     1853 Blundered Date. MS-62 (PCGS). Warm orange-gold surfaces show satiny lustre.

PCGS Population: 7; 1 finer (MS-63). These numbers are for "normal" date examples, with no notation as to "blundered" dates.

Breen-7161. "Blundered date. Rare. Base of another 3 between 53, a little above bases. Base of extra 1 below and left of 1. Evidently began [by entering the date logotype] as a double date, first slanting up to right, then mostly effaced and corrected." 5 in date less italic, tip of upright touches top of ball of 5, several inner star points elongated and teardrop-like. Crossbar of A (STATES) weak at left side; the broken A was patched by hand on various working dies, and the patches ranged from virtually perfect (and thus not mentioned in the text) to rather crude, with degrees in between.

Purchased from Paramount, February 2, 1974.

773     1853 AU-58. Brilliant and lustrous with plenty of eye appeal for the assigned grade.

Date logotype deeply impressed, 1 equidistant between truncation and dentils, left edge of lower serif over center of dentil, italic 5 closed, triangular artifact in top loop of 8. Several raised horizontal die lines run from the bottom of the 1 to the first two stars. The I in LIBERTY is apparently from a broken L punch; this is seen on the coronet of nearly all double eagles examined to this point, but it is especially obvious on the present coin. Left side of crossbar of A (STATES) missing—someone forgot to patch it!

From Stack’s sale of the Shapero Collection, October 1971, Lot 715.

774     1853 Net AU-50; sharpness of MS-63, five tiny vertical punch marks follow the edge of Liberty’s throat. Lustrous with a touch of reddish toning at Liberty’s bun. A lovely coin except for the series of little punch marks—which may have been some privy marks or secret notations—certainly not accidental—perhaps identification marks in a security check, or something else—imagination can run wild!

Date logotype moderately impressed, 1 equidistant from truncation and dentils, left edge of lower serif over right edge of dentil. Crossbar of A (STATES) very weak on left, faint die crack connects the tops of MERI.

Purchased from Stanley Kesselman, September 17, 1971.

775     1853-O EF-45. Attractive honey gold with some lustre still remaining. Scarcer than its mintage of 71,000 pieces indicates.

Date logotype evenly impressed, 1 equidistant from truncation and dentils, 5 closed (recall that the closing of the 5 simply refers to the depth of impression of the four-digit logotype in the working die and does not constitute a separate variety). Crossbar of A (STATES) missing at left. O mintmark tall and thin, significantly closer to feathers above than to N below, left side of O over left upright of N.

From Lester Merkin’s sale of June 1970, Lot 465.

776     1853-O VF-35. Some lustre remaining with reddish highlights on the high points.

From the same dies as the preceding lot.

Purchased from Paramount April 30, 1967.

Impressive Mint State 1854 Small Date $20

High Condition Census

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777     1854 Small Date, Repunched Date. MS-62 (PCGS). Lustrous honey gold with strong brilliance in the protected areas. "In Mint State, the date is definitely rare," wrote David Akers, this despite its sizeable mintage figure of 757,899 business strikes. We would have to agree. The present specimen is one of the finest examples of the date graded by PCGS. Moreover, in Mint State the 1854 Philadelphia double eagle is significantly rarer than the San Francisco version, as examples of the latter were recovered in quantity, possibly as many as a couple hundred or so pieces, from the wreck of the S.S. Yankee Blade.

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

Possibly Breen-7167, but if so, it is misdescribed by Breen. A more accurate description would be that the four-digit logotype was first entered at an angle, the left side being slightly low and the right side of the date being slightly high (being rather than "first punch too high" overall), then corrected; otherwise, the digits match what Breen has to say. Further, on the present piece the left side of the crossbar of A (STATES) is missing, whereas on the specimen Breen saw the letter was unbroken.

"Repunched small date, normal A. Date first punched too high, then corrected. Tops of 1 and 54 obviously double, 8 normal; 54 about touch."

The nomenclature for this year would be better stated as Medium Date (as offered here and in the next lot), and Large Date (as is presently used, see Lot 779).

Purchased from Paramount, February 28, 1974.

778     1854 Small Date. VF-30. Attractive honey gold. Some mint lustre still remains in the protected areas.

Date lightly impressed, numerals high in die, bottom of 1 three times the distance from dentils as top is from truncation, top close to truncation; a small scoop has been removed to allow the top to fit—possibly, separately, or possibly from a flange or part of the four-digit date logotype which simply impacted on that area (the latter being the general thought of John Dannreuther, with whom this situation, seen on many different gold coins, has been discussed). Left edge of lower serif over left side of dentil. Crossbar of A (STATES) now just a tiny nub on the right inside of that letter.

From Superior’s sale of February 1973, Lot 853.

779     1854 Large Date. AU-50. Attractive honey gold. Lustrous with a small copper spot at the date.

Date logotype lightly impressed, numerals tall and thin. Top of 1 nearly touches truncation, bottom four times the distance from dentils, left edge of lower serif over right side of dentil. Noticeable raised dot on Liberty’s neck above the 8 in date, no doubt caused by die rust. A tiny raised horizontal dash is noted in the field above the 4. Crossbar of A (STATES) patched and finely repaired at left side. Light die clash marks noted on both sides.

Purchased from Lester Merkin, June 15, 1967.

Important 1854-O $20 Rarity

Finest Graded By PCGS

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780     1854-O Small Date. AU-55 (PCGS). Delightful yellow gold surfaces display plenty of mirror brilliance and strong lustre. A superb specimen. Sharply struck with raised die lines at TY of LIBERTY, characteristic of all genuine examples of the date. From a scant mintage of just 3,250 pieces.

"The 1854-O has long been regarded as a great rarity within the Liberty Head double eagle type. It trails only the 1856-O double eagle as the rarest gold coin ever struck at this mint," proclaims Douglas Winter’s reference. This is one of the key dates in the Liberty double eagle series, with just a handful of specimens known today.

Insight: It seems to us that the 1854-O may be the rarest, not the second rarest—more information is being gathered in connection with the gold coin research project, but this seems to be the case. In any event, whether or not this proves to be true, in higher grades the 1854-O is most assuredly rarer than the 1856-O.

All things said, all things considered, all things contemplated, this is a truly fantastic coin, a double eagle for the ages—a specimen of incredible importance, incredible quality that will be the highlight of the collection of its next owner. In summation, this is the finest known example of the rarest New Orleans coin.

PCGS Population: 1; none finer.

Date logotype evenly impressed, numerals nicely spaced although 54 nearly touch, 1 equidistant from truncation and dentils, left edge of lower serif over left edge of dentil. Raised die lines around Y of LIBERTY, other fairly heavy lines protrude horizontally from Liberty’s hair across her ear. A tiny circular die lump is noted at the center of Liberty’s neck near the largest curl. Reverse O mintmark tall and shapely, well centered between the eagle’s tail feathers and the N below, over the center of that letter. Around the periphery, there are matte or somewhat unfinished surfaces within a number of the letters, such serving to hallmark this particular die. For reference—as it is not often that one has a chance to examine the finest known specimen of any rarity—we give some notes herewith, stating that unfinished areas are especially prominent as follows: central part of E, and connection to D (UNITED); bottom and part of top of first S (STATES), complete interior of A, complete interior of E, and complete interior of second S; interior of F (OF); complete interiors of both A’s (AMERICA), interior of E, nearly complete interior of R; upper interior of W (TWENTY), interior of E, top interior of Y. These are artifacts of the master die, as other working dies show the same characteristics in varying degrees. For example, Lot 771 in the present sale has the majority of these characteristics, but not as prominent. That Lot 771 is from a different die is evident by the position of the mintmark [which on Lot 771 is more distant from the upper right of the N (TWENTY) than on the 1854-O]. It is known that dies were sent unfinished from the Philadelphia Mint to the branch mints. At New Orleans and elsewhere, dies for different denominations were then dressed and finished, typically removing some of the rough surfaces such as described for the 1854-O. On the present die, only a minimum amount of finishing was done, and thus the impression from the master die is virtually as made in Philadelphia—a very interesting situation when studied in detail.

If the successful bidder on this coin would like to have a copy of our draft printout on research involving the 1854-O, we expect that it will be largely gathered together by the time that the present sale takes place—and we would be happy to share it in confidence.

From Superior’s sale of February 1973, Lot 854.

Popular 1854-S Double Eagle

Lovely Mint State

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781     1854-S Small Date. MS-61 (PCGS). Lustrous honey gold with a trace of pale rose iridescence. A scarce date, especially so in Mint State. A hoard of Mint State examples of the 1854-S came to light in 1977, all of which had "seawater" etching on the surfaces (although the grading services have ignored this for the most part, and one cannot tell this at all by looking at reports from the grading services). Such coins are, of course, highly desirable as souvenirs from a particular treasure ship, in that instance believed to be the S.S. Yankee Blade. Unlike some treasure ship coins, those on the Yankee Blade seem to have been subjected to shifting sands which caused etching (in contrast, double eagles retrieved from the wrecks of the S.S. Brother Jonathan and S.S. Central America were in most instances absolutely pristine—without etching—once sediment was removed). In any event, the presently offered coin, an 1854-S without etching, is quite rare, and, in fact, is one of the very finest known. The surfaces are very attractive and satiny, yielding a classic example from the first year of San Francisco coinage—a numismatic prize.

Date logotype evenly impressed. 1 equidistant between truncation and dentils, left edge of lower serif over space between dentils. Several tiny raised lumps are present on and around Liberty’s neck. Crossbar of A (STATES) missing on left side, top of E (AMERICA) is broken. The S mintmark is large and shapely, high in the die, the top embedded in the tail feathers above.

Although extensive die preparation comments are beyond the scope of the present catalogue, to continue for a moment the commentary under Lot 780, we note that at San Francisco the working dies were very nicely finished, with the result that artifacts from the master die were nearly always removed. The typical San Francisco Mint coin is fully on a par, die perfection wise, with those from Philadelphia. In contrast, die finishing at the Charlotte and Dahlonega mints was casual at best, sometimes actually incompetent (which, of course, yields some mighty interesting coins for numismatists to collect!), and at New Orleans finishing ranged from excellent to casual. Many such differences, which tend to vary from mint to mint and also from year to year, will be discussed in the forthcoming volumes on gold coins now being prepared.

From Stack’s sale of the 85th Annual ANA Convention, August 1976, Lot 3175.

Lustrous 1855 Double Eagle

High Condition Census

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782     1855 MS-61 (PCGS). Fully brilliant yellow gold lustre with sharp design details. Some surface marks and a tiny scratch are mentioned, and are consistent for the grade—otherwise might it have been called MS-63? The coin stands as one of the very finest known to exist.

Although mintage of the 1855 Philadelphia Mint double eagle amounted to 364,666 examples, no instance has been traced of even a single piece being retained by a private numismatist! Such pieces were struck, and then passed into the channels of commerce. Today so few exist that a period of years will elapse between offerings. Again we mention that the word opportunity in connection with the Bass Collection is more important than the price paid—at least this being the opinion of the editor (QDB). Once a coin such as this is sold, the chances of obtaining an equal are iffy at best—the wait may be long, and, in fact, may never end. The time to buy is when something is available. Money can always be obtained, coins like this can be obtained in only very special occasions.

PCGS Population: 2; 1 finer (MS-63).

Date logotype evenly impressed, 1 equidistant from truncation and dentils, left edge of lower serif over right edge of dentil. Rust mark below left base of I in LIBERTY and curious die lines extending up from the hair curls into the space below TY. Crossbar of A (STATES) missing on left end, a light die crack joins tops of MER.

Continuing the commentary about opportunity it is worth mentioning that the beautiful coins recovered from the S.S. Brother Jonathan and sold to a wide audience last year, and the even larger number of pieces recovered from the wreck of the S.S. Central America and brought to market beginning in the present year, has served to draw hundreds if not thousands of new people to what has been called the world’s greatest hobby (numismatics, of course). One can readily imagine that the owner of a brilliant, beautiful 1865-S from the Brother Jonathan or a lovely, frosty, 1857-S from the S.S. Central America would have his or her interest piqued and wonder what other Coronet Head double eagles might be "out there." From such situations, intense market demand is created.

Purchased from Julian Leidman, November 30, 1971.

Rare and Desirable 1855-O $20

Condition Census

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783     1855-O AU-50 (PCGS). Bright greenish gold with considerable lustre remaining, especially on the reverse. Sharply struck with mirrored finish visible in the protected areas. This is among the very finest survivors from 8,000 minted.

A year prior to the production striking of this coin, the San Francisco Mint opened, largely eliminating the need to ship newly mined gold to New Orleans for coinage. As a result, mintages decreased in later years, containing coins that in all instances are scarce and in some instances are extremely rare, especially high-grade coins such as the AU offered here.

Regarding the 1855-O, this is a very rare issue, with only a handful known in grades better than Extremely Fine.

PCGS Population: 4; 5 finer (AU-58 finest).

Date logotype with italic 5s as always seen, and apparently the same logotype as used for silver dollars of this year. 1 in date equidistant from truncation and dentils, left edge of lower serif over right side of dentil. Short raised die lines cross dentils outside star 11. Reverse die remarkably similar to that used on 1854-O double eagles (see note there), but mintmark placed much closer to tail feathers than N below. Roughness in letters in peripheral legends present, from partial finishing of the working die at the New Orleans Mint. Crossbar of A (STATES) weak on left side.

Purchased from Parke-Bernet’s sale of May 1968, Lot 11.

784     1855-S AU-55. Attractive brilliant yellow gold lustre with orange patina on the reverse. A few minor surface marks are noted, including some very faint obverse scratches, not unusual for the grade. Although this is hardly a rarity in terms of numismatic tradition, in view of treasure coins of slightly later dates being released, by comparison this 1855 is indeed elusive. Besides, any AU 1855-S $20 is worthy of second or even third notice.

Date logotype evenly impressed, numerals fairly thick, top of 1 marginally closer to truncation than bottom is to dentils, left edge of lower serif over space between dentils. Reverse S mintmark medium in size, somewhat thick at the center, equidistant from tail feathers and N below, lower serif over left upright of N. A in STATES perfect.

Purchased from Michael Brownlee, April 17, 1967.

785     1855-S AU-50. Moderately abraded with frosty obverse and prooflike reverse. Significantly finer than the usual VF or EF typically encountered.

Date logotype evenly impressed, 1 marginally closer to truncation than dentils, left edge of lower serif over right edge of dentil, several inner star points display an elongated teardrop appearance. Reverse S mintmark lightly impressed, medium in size, slightly closer to tail feathers than to N, placed directly over center of N below. Crossbar of A (STATES) thin at left, broken at center.

Purchased from the Goliad Corporation, January 26, 1973.

786     1855-S EF-45. Rich yellow gold with considerable remaining lustre. An attractive example.

Date logotype evenly impressed, numerals fairly thick, bottom of 1 marginally closer to dentils than top is to truncation, left edge of lower serif over space between dentils. Reverse S mintmark medium in size and well shaped, slightly closer to tail feathers than N below, nicely centered over that letter. Left side of crossbar of A in STATES weak.

Purchased from Stanley Kesselman, December 21, 1971.

Important Mint State 1856 $20

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787     1856 MS-62 (PCGS). Although several Mint State coins are known, few can match the quality of this example. Frosty rich yellow gold with a few scattered surface marks. Quite sharply struck. Light hairlines cross a planchet lamination above Liberty’s head.

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

Light planchet defects, as struck, are noted on the obverse above Liberty’s head, across her eye, and behind her in the field.

From Stack’s 1976 ANA Sale, August 1976, Lot 3182.

Lovely 1856-S Double Eagle

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788     1856-S MS-62 (PCGS). Formerly a scarce issue, however, numerous examples were recovered during salvage operations of the S.S. Central America, but far fewer than for the 1857-S. The present coin is a lovely example, long off the market, with deep golden lustre and very few imperfections of any type. Very minor scratches are located in the right obverse field. Extremely sharp strike with exceptional aesthetic appeal.

A (STATES) normal, no die cracks.

Purchased from I. Kleinman, November 13, 1971.

789     1856-S AU-55. Brilliant, lustrous greenish yellow gold with a trace of light wear on the very highest points. Light surface marks and hairlines are present.

A (STATES) just beginning to fail. Faint die crack connects EN (TWENTY) along the bottom.

Purchased from Michael Brownlee, April 17, 1967.

790     1856-S Repunched 56. AU-50. Light greenish yellow gold with moderate hairlines and a slightly subdued, matte appearance.

Breen-7184. Digit 5 is minutely repunched and digit 6 is boldly repunched, all that remain from an earlier four-digit logotype entry. A very faint planchet crack begins below the first star run to point of bust continues above the date and ends above the 6. Another starts just to the lower right of star one continues upward connecting stars one, two, and three.

From Superior’s sale of February 1973, Lot 861.

Choice Mint State 1857 $20

Finest PCGS Certified

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791     1857 MS-63 (PCGS). Highly lustrous light yellow gold with sharp design details and satiny lustre. A few faint areas of copper toning is noted on the reverse. This is an extremely important opportunity for the specialist, perhaps representing the finest known example of this issue.

Although this is the year in which the S.S. Central America was lost, that ship primarily contained gold from the West Coast. If there was an 1857 $20 among the treasure found, the writers are not aware of it as this coin is being catalogued (on April 5, 2000), at which time we do not have a full inventory of the treasure, as items are still being curated. Prospective bidders may wish to check with Chris Karstedt of our office a day or two prior to the sale, and an update can be made easily enough (if information is available to us through the distributor, the California Gold Marketing Group). All of this said, the present piece is the nicest we have seen up to now, and may remain that way for a long time.

PCGS Population: 1; none finer.

Die crack connects the tops of UNITE (UNITED), another starts at the rim above the A (STATES) connects the tops of TES OF. Yet another starts above the A (AMERICA) connecting the tops of AMERIC.

Purchased from Julian Leidman, September 25, 1970.