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

Amazing 1857-O Double Eagle

Choice Prooflike Mint State

Only Mint State Specimen Certified by PCGS

A Landmark in the $20 Series

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792     1857-O MS-63 (PCGS). A numismatic landmark, one of the most written about, most famous, most admired double eagles in the entire Coronet Head series from beginning to end. When this piece, in hiding since the 1920s, appeared in the N.M. Kaufman Collection sale, catalogued by RARCOA in 1978, it created an absolute sensation. The description in the catalogue is a starter for the present offering:

"An incredible Choice Brilliant Uncirculated specimen of this scarce date. Well struck with full prooflike surfaces! We have never seen any New Orleans Mint double eagle with prooflike surfaces that could even come close to this beauty. The highly mirrored fields show light bagmarks to a greater degree than would be evident on satin surfaces. Some small discoloration streaks on reverse. Certainly must qualify as the finest known."

In the David W. Akers reference, he said of this particular coin: "The 1857-O double eagle is a rare date in any condition and most known examples grade only VF or EF."

Douglas Winter, in his book New Orleans Mint Gold Coins 1839-1909, noted: "Most 1857-O double eagles are rather poorly struck."

In the draft of Dave Bowers’ multi-volume work on gold coins the piece also comes in for its well deserved share of attention.

Returning to the coin itself, we state that it is an exceptional specimen with fully prooflike surfaces and extraordinary design details. The fields are reflective bright yellow gold with lustrous, frosty surfaces. Superb cameo contrast is the result. The coin possesses an exceptionally sharp strike with each and every detail as clear as they were on the dies from which this piece was struck. If there ever was a presentation specimen in the New Orleans series, this is a candidate!

PCGS Population: 1; none finer. This is the only Mint State example certified by PCGS.

On the obverse the date logotype is especially deeply punched into the die, the numerals for this year quite distinctive–entirely unlike anything earlier used in the double eagle series, and may have been from Anthony C. Paquet, who supplied punches to the Mint around this time (later in the year joining the staff as an assistant engraver). The logotype is fairly well centered, being about equidistant between the neck and the dentils. On the reverse the mintmark is delicately impressed, fairly well centered above the N (TWENTY). Although both obverse and reverse die were given very high polish at the New Orleans Mint, very careful observation reveals some areas of frost from the master die–this phenomenon having been discussed earlier in the present offering. In the present instance some frost is seen within the base of E (UNITED) connecting at the bottom to D; in the base of the second S (STATES); the interior of the first A (AMERICA), the interior of the E, much of the interior of the R, and much of the interior of the second A. A boldness of the date on the obverse and the features remaining from the master die as seen on the reverse would seem to indicate that this piece was from deliberately polished dies, intended to be prooflike, rather than made inadvertently by relapping dies that had seen clashing or wear.

From RARCOA’s sale of the N.M. Kaufman Collection, August 1978, Lot 914.

793     1857-S EF-45. Light yellow gold with hairlines and scratches. Cleaned at an unknown time in the past.

Medium S mintmark. Reverse gouge at the rim and on the second T (TWENTY). A coin that presumably missed the sailing of the S.S. Sonora (departing from San Francisco in August) and which definitely missed the sailing of the S.S. Central America.

Purchased from Jack Klausen, June 19, 1968.

Choice Mint State 1858 $20

Finest Certified by PCGS

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794     1858 Blundered Die, Misplaced Date. MS-63 (PCGS). Deep orange-gold lustre with satiny finish. Microscopic vertical striae are visible in the obverse and reverse fields, indicating this is a very early impression from the die pair. This lovely, choice example is the finest certified by PCGS and is a fantastic landmark. As discussed early in the present text, one can imagine that someone who proudly possesses a lustrous, frosty 1857-S from the S.S. Central America and who seeks to diversify might wish to contemplate this example–along with others of the present offering–nearly all of which are very rare on a comparative basis (the present piece also being a condition rarity on an absolute basis).

PCGS Population: 1; none finer.

Misplaced Date. Upper curve of a stray 8 from the logotype punch is seen in the dentils directly below the digit 5. Discovered by Mark Borckardt on March 27, 2000 while cataloguing this coin. While Harry Bass was extremely observant, discovering countless varieties, both major and minor, it is a pleasure for us to take his observations a step further!

A planchet lamination is noted on the obverse above Miss Liberty and below stars seven, eight, and nine.

U (UNITED) just beginning to fail, ED are connected at the bottom.

On the reverse under magnification some evidence of the master die is seen–including frosting on certain interior letters. While we are not sure that present readers of the catalogue are interested in such technicalities, we do mention that this is worthy of in-person investigation for anyone who enjoys these differences.

From Stack’s sale of the DiBello Collection, May 1970, Lot 1217.

Amazing 1858-O Double Eagle Rarity

Finest PCGS Graded

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795     1858-O MS-62 (PCGS). Highly lustrous greenish gold with satiny, very slightly reflective lustre. A few very minor surface marks are noted. This is one of the finest known examples, and is the only example of this issue certified in any Mint State grade by PCGS. David Akers noted the existence of two MS-60 coins, with nothing finer. Similarly, Douglas Winter listed two MS-60 examples as the finest he was aware of. We can not overemphasize the importance of this opportunity, and recommend the connoisseur prepare accordingly. In the past decade, just six examples of this issue grading higher than AU-50 were offered at public auction. None of those were Mint State.

Again the word opportunity comes to the fore–if it does, in fact, for just about every lot in the present sale! Remember that Harry Bass spent over three decades building his collection, and now in our series of sales bidders can by the raise of a paddle or a notation on a bid sheet take advantage of all of this effort. As a reality check we should note that this coin, if in an ordinary auction sale, might well be the highlight of the entire event!

PCGS Population: 1; none finer.

The first digit 8 has a horizontal projection from the left top curve.

U (UNITED) just being to fail, ED are connected at the bottom.

From Lester Merkin’s sale of October 1966, Lot 382.

Condition Census 1858-S Double Eagle

Tied for Finest Certified by PCGS

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796     1858-S MS-62 (PCGS). Brilliant, satiny yellow gold lustre with exceptional surfaces for the grade. Very sharply defined with wonderful aesthetic appeal. Some microscopic marks are seen here and there, including to the right of the date, and were factored in by PCGS. This is one of the finest known examples of a post- Central America date, an important consideration.

PCGS Population: 2; none finer.

Purchased from Fred Sweeney, November 2, 1977.

797     1858-S AU-50. Subdued greenish yellow gold with a hint of reflective surfaces. Moderately abraded with numerous faint hairlines. Considerable lustre remains visible.

Raised die line extending from the first point of W (TWENTY) to the rim.

Purchased from Stanley Kesselman, May 1, 1968.

Scarce 1859 Double Eagle

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798     1859 EF-40. Light yellow gold with light hairlines and very few other imperfections. A pleasing example of this scarce, low-mintage issue. Just 43,517 were struck, the lowest Philadelphia Mint production during the decade, and in fact is the lowest coinage at this facility during the entire era of Type I double eagles.

Digits 18 are recut above. A planchet lamination is noted at the seventh star.

Purchased from Jack Klausen, June 19, 1968.

Rare 1859-O Double Eagle

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799     1859-O AU-50 (PCGS). Greenish yellow gold with a hint of reflective surface, subdued by faint orange patina. Light abrasions and moderate hairlines are noted. An attractive example from a mintage of 9,100 coins. One of the finest to come to auction in recent times. This is such a "high end" AU-58 that we would not be surprised at all if some might call it Mint State. The fields are lustrous and frosty and, if considered on their own, are just as nice seen on a typical MS-62 coin! In-person verification is recommended.

Heavily clashed obverse die. Clash marks are prominent in the recess areas at back of neck and face, especially around the ear, and also behind the hair curls in the right obverse field.

If you have ever thought about specializing in New Orleans Mint double eagles, the Bass Collection is absolutely unprecedented in the combination of quality and rarity offered.

From Abe Kosoff’s 1968 ANA Sale, August 1968, Lot 1069.

800     1859-S Repunched 18. AU-58 (PCGS). Brilliant pinkish yellow gold with virtually complete lustre. A delightful example with few finer examples known.

Digits 1 and 8 slightly repunched below.

From Stack’s sale of the Shapero Collection, October 1971, Lot 1171.

Choice Mint State 1860 Double Eagle

A Treat for the Eye

High Condition Census

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801     1860 MS-64 (PCGS). Soft frosty yellow gold lustre with extremely sharp design details. Truly a coin for the connoisseur, a visual treat! Although a number of Mint State 1860 double eagles are known–particularly in lower grade levels–in the current preservation it stands high as a condition rarity. Again, we might expect that some of the fortunate holders of Central America and Brother Jonathan coins might like to have this landlocked 1860 to go with them.

PCGS Population: 1; 1 finer (MS-65).

From Abner Kreisberg’s sale of November 1972, Lot 1300.

Lustrous Mint State 1860-S $20

Condition Census Quality

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802     1860-S MS-62 (PCGS). Brilliant and frosty yellow gold lustre with very few marks of any sort. A scarce issue in Mint State, with most of the few known being in or around MS-60. Several circulated examples of this issue were sold as part of the S.S. Brother Jonathan treasure, however, none were strictly Mint State.

PCGS Population: 5; 1 finer (MS-63).

Die crack between F and A (OF AMERICA). Die crack connects the bottoms of AMERICA. Yet another connects the tops of ENTY (TWENTY).

Today in the year 2000 the numismatist can select high quality pieces, primarily 1857-S, from the marvelous find of the S.S. Central America, and high quality 1865-S pieces from the S.S. Brother Jonathan, and a few earlier dated pieces from each find–but, otherwise, Mint State coins are very difficult to locate. The 1854-S must be mentioned in the context of the S.S. Yankee Blade, but, as noted earlier, these are lightly etched and are in a different category from ones that have normal lustrous surfaces (although the Yankee Blade coins are very desirable and, in fact, in recent times we have been trying to fill a want list for an example). Beyond these, the date 1861 occasionally comes to market (and will be discussed as part of our offering of the following lot). Certain other issues range from very rare to virtually impossible to find in Mint State, this applying to the 1855-S, 1858-S through 1862-S, and 1866-S continuing well into the 1870s. We believe it correct to say that never in numismatic history has even an advanced cabinet had a collection of these early San Francisco double eagles in AU or better grade, never mind Mint State! We have seen and done many things numismatically, but the Bass Collection takes the cake for gold coin quality.

Choice Mint State 1861 Double Eagle

A Condition Rarity

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803     1861 MS-64 (PCGS). Fully brilliant with rich, satiny yellow gold lustre. A hint of green is noticed around the borders with a small splash of rose at the border by star 3. Another splash of dark brown toning is between the head and border, by star 9. All design elements are especially sharp. Although this date carries the highest mintage of any Type I double eagle, with 2,976,453 struck, it is especially hard to locate in any grade higher than MS-63. PCGS has certified 141 Mint State examples of this issue, however, only 10 of these are equal to or finer than the presently offered coin!

PCGS Population: 6; 4 finer (MS-67 finest).

The reverse has a light die crack joining tops of TES (STATES) and another connects the tops of MER (AMERICA).

Of all of the double eagles of the 1850 to 1866-S Type I or No Motto style, apart from treasure coins, the 1861 Philadelphia has come to market the most often. It has been our observation based upon personal experience as well as the longtime study of catalogues that there is no single hoard or group of pieces to which such coins can be traced. Instead, they seem to have been saved one at a time.

It is tempting to craft a scenario based upon the facts in place in December 1861. By this time, the Civil War, which had been fought since April, was of uncertain outcome, the citizens of both the North and South were frightened, and coins began to be hoarded. On December 28-29, the banks in New York City stopped paying out gold coins, and soon thereafter banks followed suit throughout the East and Midwest. The hypothetical part is this: as we know that by late 1861, double eagles of that year had reached banking channels, probably sparkling, lustrous specimens were natural pieces to hoard in December 1861. Further, it may be the case that on and after December 28, when the banking community knew that gold coins were becoming almost impossible to obtain in quantity, tellers and other bankers set aside pieces. If this vignette is correct, it would explain why plural specimens exist today in higher grades, from widely scattered sources.

Purchased from Abe Kosoff’s sale of November 1968, Lot 1660.

Lovely Mint State 1861 $20

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804     1861 MS-62. Brilliant, frosty light yellow gold lustre with very sharp design details. Lightly abraded, yet very attractive.

Die crack connects ED (UNITED) another starts over the D and connects the tops of STATES OF AMERI.

Purchased from Carl Scheinberg, January 7, 1973.

805     1861 AU-58. Attractive light yellow gold surfaces with nearly complete lustre. A pleasing example for the date or type collector. The current market value is a bit under $1,000–offering in our opinion a very nice opportunity to acquire a high-grade, nearly fully lustrous, brilliant coin for an affordable figure.

Purchased from Mal Varner, August 8, 1972.

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806     1861 AU-50. Light yellow gold with considerable lustre and few minor marks. A heavy scrape is on Liberty’s cheek.

Date logotype quite high in the field, with 1 closer to the neck than to the dentils. Perhaps Harry Bass was trying to collect 1861-D double eagles by date logotype position varieties (which wouldn’t surprise us a bit).

Purchased from Ed Shapiro, September 20, 1967.

Important 1861-O Double Eagle

Issued under Unknown Authority

Condition Census

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807     1861-O AU-55 (PCGS). Nearly fully prooflike and minted in light green gold. With some surface marks typical for the grade, yet very attractive. The bottoms of date digits are weak, a characteristic of all known examples from New Orleans. The obverse die has been lapped, suggesting a later die state, and possibly issuance under the authority of the State of Louisiana or the Confederacy.

Total mintage of this issue was 17,741 coins, of which only 5,000 were minted under federal authority. The next 9,750 were struck by the State of Louisiana, and the remaining 2,991 by the Confederacy early in the Civil War. According to a later account published by the director of the Mint, in his 1887 report, the federal government operated the New Orleans Mint through January 25, 1861. From January 26 to May 31, control was under the State of Louisiana, and beginning June 1, under Confederate authority.

The 1861-O is one of the most famous of all double eagles because of its potential Confederate connection. Today, examples in collections are typically quite well worn, with VF being about par, occasionally EF, and very rarely even AU-50. Moreover, many pieces are heavily bagmarked.

The present specimen with its prooflike surface has rare beauty and is a truly exciting specimen–one of the finest we have ever seen or handled. In evaluating a coin such as this, the technical or numerical grade must be considered, but also equally important–perhaps more so in the case of the 1861-O– the aesthetic appeal is a factor. Taken together, the present coin represents one of the greatest opportunities in the present section of the Bass catalogue.

PCGS Population: 3; 2 finer (AU-58 finest).

The obverse die state is remarkable and one of the more curious in the double eagle series. The date logotype was punched lightly into the die to begin with, after which it seems to have been lapped–in the process generating the beautiful prooflike surface now seen on obverse and reverse. The bases of the 18 in the logotype, which were lightly impressed into the die to begin with, and then relapped, were such that the 8 was almost missing. Accordingly, a technician at the New Orleans Mint scribed some lines in the die to complete the base of the 8–these lines now being visible almost as raised tiny pieces of straw or lines–a very curious effect. Of course, this adds another element to the interest and incredible importance of the coin.

From Stack’s sale of the Miles Collection, October 1968, Lot 854.

Desirable 1861-S Paquet $20

Historical Classic Rarity

Condition Census

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808     1861-S Paquet Reverse. AU-50 (PCGS). Light yellow gold with a hint of pinkish lustre in the protected areas around the devices. The reverse exhibits stronger lustre.

This specimen is head and shoulders above the typical 1861-S Paquet, which tends to be in VF grade, occasionally EF, and only rarely in AU.

The total population of the 1861-S Paquet is estimated to be fewer than 200 coins, most of which have been brought back from overseas holdings since World War II (see historical notes below). The demand for the 1861-S Paquet is far wider than for a regular date and mintmark, as the reverse, in distinctive tall letters and from a separate "type" die by assistant engraver Anthony C. Paquet, has no counterpart among any other circulating $20 issues, save for two known specimens of the Philadelphia Mint version (the finer of which brought over $600,000 at our sale of the Norweb Collection).

Coins with a "story" are always fascinating, and the story of the 1861-S Paquet is particularly so. That background, plus the exceptional condition of the present specimen, combines to create a piece that should attract wide attention.

PCGS Population: 13; 1 finer (AU-53).

Coinage History of the 1861-S Paquet $20

Anthony C. Paquet, assistant engraver at the Mint, produced a new reverse die, with tall letters, intended for use in making business strike double eagles. On January 5, 1861, at the Philadelphia Mint it was decided that the use of this style would be discontinued for the rim was too narrow. Coinage ceased with the Paquet die, and use of the old-style dies with Longacre’s lettering was resumed.

Instructions to discontinue the use of the Paquet dies and to revert to the old style were sent to San Francisco by telegraph to St. Joseph (the western terminus of the telegraph line), and from there by overland express. Charles H. Hempstead, superintendent, replied to the instructions on February 9, 1861 (excerpt):

"I have the honor to acknowledge the receipt of your favor of the 5th, ‘overland,’ which however did not come to hand until the 2nd [of February]. I was, therefore, unable to prevent the striking and issuing of a large number of double eagles, coined with the new dies. The amount issued was $385,000."

Thus, 19,250 1861-S Paquet Reverse double eagles were struck, apparently without any difficulty regarding the narrow rim. Rather than melt the remaining pieces on hand, as no problem was perceived with them, they were released as called for by depositors.

No information concerning the distinctive Paquet reverse on certain 1861-S coins appeared in print in any contemporary numismatic periodical, auction catalogue, or book. W. Elliot Woodward, who sold a Philadelphia Mint Paquet $20 in 1865, was aware of the die difference, but expressed no knowledge of a San Francisco Mint counterpart. However, in the July 1895 issue of the American Journal of Numismatics, William P. Brown, longtime dealer in New York City, discussed the die differences found on 1861 and 1861-S double eagles, and one of the editors of the AJN, possibly Lyman H. Low, stated that these differences had been known for a long time.

Afterward, the Paquet Reverse seems to have been forgotten, or at least not publicized, although N.M. Kaufman acquired one early in the 20th century, either by chance (as a regular 1861-S) or deliberately. One was included in the exhibition of that collection set up for display at the First National Bank of Marquette (Michigan) in 1927.

Later, in March 1937, by which time collecting $20 coins by mintmarks had become popular in a modest way, numismatists were startled to learn of a very strange 1861-S $20 gold coin that came to light with a few other United States gold pieces under an old barn in Hull, Texas, through a communiqué published from Arthur J. Fecht. This particular 1861-S was unlike the regularly seen double eagle in that the border letters on the reverse were taller and narrower than usual. At the time, there was very little interest in collecting or reviewing numismatic literature, and the 1895 exchange in the American Journal of Numismatics had been forgotten. One might say that the era 1920-1950, if not the dark age of American numismatic research, was at least the twilight zone. Then came a new wave of interest led by Walter Breen (whose research was sponsored by Wayte Raymond), John J. Ford, Jr., and, eventually, quite a few others.

In 1937 Frank Duffield, editor of The Numismatist, consulted a copy of the 1912 work on pattern coins by Edgar H. Adams and William H. Woodin and found a somewhat similar piece listed, but as a pattern made in Philadelphia. There was no mention of San Francisco regular issue coins. He concluded that the 1861-S was a new variety of pattern made in San Francisco, the mint attribution based upon the tiny "S" mintmark. This was, as we know today, the Paquet Reverse.

As time went on, coin collectors searched their holdings, quantities of $20 gold coins became available from Europe, and numismatic interest increased. It was found that the 1861-S Paquet Reverse $20 was rare, but hardly unique. In June 1954 in Numisma, the house organ of the New Netherlands Coin Company, Walter Breen presented more information on the Paquet Reverse than had hitherto reached print, and verified that it was not a pattern, but a regular issue. Writing in the Numismatic Scrapbook Magazine in November 1959, the same author stated that he knew of six or seven 1861-S Paquet double eagles in numismatic hands. In the 1960s Paul H. Wittlin, an American who traveled extensively in Europe including at the behest of Dayton, Ohio, dealer James Kelly, is said to have located about 25 to 30 pieces in bulk holdings in French and Swiss banks, these coins grading VF (mostly) to EF. This was the beginning of widespread finds in foreign caches. By the 1970s, more than 100 had been found.

Purchased from Abe Kosoff, August 14, 1972.

Important 1862 Double Eagle

Tied for Finest Certified by PCGS

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809     1862 MS-62 (PCGS). Deep yellow gold lustre with a hint of green at the borders and a trace of pink at central reverse. A few typical surface marks are present, however, none are serious. This is a very rare coin in Mint State quality with the few known examples hovering around the MS-60 category.

PCGS Population: 2; none finer.

Die crack connects the tops of STAT (STATE).

From Lester Merkin’s sale of October 1969, Lot 467.

810     1862-S AU-50. Light yellow gold with considerable lustre and strong design details. Stars around obverse border are nearly all fully defined. A very pleasing and highly affordable San Francisco double eagle.

From Stack’s sale of February 1972, Lot 913.

811     1862-S EF-45, or finer. A pleasing example with traces of light yellow gold lustre. A few minor surface marks and hairlines are present. Obverse is quite weak at the borders. Nearly all original lustre is present on the reverse, and the technical grade of this might be adjudged AU by many observers. During the setup process, the dies for this press run were spaced slightly too widely apart, resulting in the lightness described.

Die crack connects the tops of ERI (AMERICA).

Purchased from Julian Leidman, May 30, 1972.

812     1863 EF-45. Lightly abraded yellow gold surfaces with faint traces of lustre. Scattered marks normal for the grade. A very pleasing example which is significantly finer than most survivors from the original mintage of 142,760.

Purchased from Lester Merkin, June 15, 1967.

813     1863 VF-35. Very light yellow gold with a hint of green, and lightly cleaned. Marks and other evidences of use are visible–this is a double eagle that paid its dues and saw extensive circulation, but not so much as to remove all of the original mint lustre, traces of which can still be seen in protected areas. Wonder how many poker games included this particular coin?

Purchased from Jack Klausen, June 19, 1968.

Beautiful Mint State 1863-S $20

Still a Rarity So Fine

Condition Census

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814     1863-S MS-62 (PCGS). Satiny, smooth yellow gold lustre with very few imperfections. Sharply detailed and very attractive. A coin which escaped being aboard the S.S. Brother Jonathan on a certain fateful day on July 20, 1865, and spent its life elsewhere. By some fortuitous circumstance, not recorded, it survived in truly lovely, elegant condition. While six Mint State 1863-S double eagles were sold from those recovered by Deep Sea Research from the wreck of the S.S. Brother Jonathan, today the 1863-S, while slightly more available than a year ago before our auction–is still notably elusive, as the PCGS data given below demonstrate.

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

Die crack at rim joining bottom 186.

Several fine die cracks spider web through most of the legends with a heavy die crack starting at the rim connecting the tops of MERIC and just missing the top of A back to the rim.

Purchased from Stack’s, April 28, 1972.

815     1863-S AU-50. Lustrous light yellow gold, however, with heavy obverse and reverse hairlines. What stories this coin could probably tell!

Purchased from Bob Roth, December 2, 1969.

Lustrous 1864 Double Eagle

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816     1864 AU-55. Brilliant yellow gold with considerable lustre and a few minor hairlines. A pleasing and far above average example of this scarce Civil War era issue.

The four-digit date logotype was punched very deeply into the working die, making visible under close examination some interesting "deep" features, particularly within the digits 8 and 6; in contrast, the following lot, also an 1864 double eagle, is from a lightly punched logotype impression, and these features are not seen. In the compilation of data for the gold coin project the Bass Collection has been of immeasurable value, as the combined holding has often yielded many specimens of a given date and denomination. Very often, the study of just a single coin would lead to different conclusions than if, for example, 20 to 40 coins were examined. It is not at all clear how widespread the interest in such things as logotype differences might be, but we have availed ourselves of the opportunity to record them as part of the project. Separately, a team of researchers, currently numbering six to eight people, are delving through thousands of old auction catalogues, price lists, and other selected information. All of this has been a very enjoyable, stimulating pursuit.

From Stack’s sale of the Shapero Collection, October 1971, Lot 1176.

817     1864 AU-50. Lightly abraded yellow gold surfaces with substantial lustre remaining, with marks and evidences of circulation typical for the grade. Overall a very pleasing, frosty piece that will indeed satisfy the buyer.

Lightly cracked through the date and stars one and two. Reverse die lightly cracked through the tops of S OF AMER.

From Stack’s sale of June 1972, Lot 929.

818     1865 AU-55. Sharply struck with reflective yellow gold lustre and moderate hairlines. A lovely coin, far finer than typically seen for this date. A specimen that will be highly appreciated by its next owner.

A triangular die lump is located in the field left of the base of 1. Several raised diagonal die lines surrounding this die lump suggest this to be remnants of a drastically misplaced digit.

Purchased from Stack’s, December 7, 1971.

819     1865 Repunched 186. AU-50. A delightful example of this interesting variety, with lustrous bright yellow gold surfaces and minor imperfections and marks, plus a cut or deep mark on Miss Liberty’s jaw–all told, not particularly unusual for a double eagle at this grade level. Such pieces were made for use in circulation, where they were handled without care.

Date blundered with digits 186 above and left of the final position, and slanting down to the right, so that the digit 1 is imbedded in the bust of Liberty and digit 6 is only very slightly above the final placement. Possibly a misplaced 1 imbedded slightly to the left of the center of the 8. It is often a judgement call as to which die blunders, errors, and repunching should be collected and which should be ignored. The present variety is one of the more notable in the double eagle series and should be in the "yes, I want to own one" category!

Several die cracks on the reverse joining the tops of UNITED, STATES, and OF AMERI.

Purchased from William Donner, February 17, 1968.

820     1865-S AU-55. Lustrous light yellow gold with a whisper of pinkish overtones. Lightly abraded with few other minor imperfections. Prior to discovery of the S.S. Brother Jonathan treasure, this was one of the finest examples known.

Date logotype lightly impressed.

Heavy die crack joins the bottoms of TATES (STATES) and centers of OF AMER with another starting at the rim and ending at the right foot of M.

Purchased from the Goliad Corporation, November 3, 1971.

821     1865-S EF-45. Light yellow gold with moderate abrasions and substantial remaining lustre. Formerly a rarity, but now quite available after discovery of several hundred examples included in the Brother Jonathan recovery.

Raised die lines between sixth and seventh star.

From the "Bob Roth Set."

822     1865-S EF-40. Saltwater surfaces with obverse abrasions. Probably from some shipwreck that occurred in, say, the period 1867-1870, by which time this piece had sustained light wear. Certainly, it would be interesting to know more details!

From Superior’s sale of the Gilhousen Collection, February 1973, Lot 884.

Impressive 1866-S No Motto $20

A Double Eagle Landmark

Condition Census

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823     1866-S No Motto. AU-50 (PCGS). Lustrous pinkish yellow gold with moderate abrasions as expected. A scarce issue and the final Type I double eagle.

The present coin is a landmark in the double eagle series, one of the classic rarities. Nearly all specimens are in grades lower than offered here–with the typical piece VF and very heavily nicked and marked. AU coins, usually also with extensive handling marks, or EF coins, usually also with extensive marks, are scarcer. At the AU level the 1866 Without Motto becomes a prime rarity.

The actual mintage is not known. Walter Breen, in his Complete Encyclopedia, suggests 12,000 coins, probably pure guess work. This figure was published by Breen years earlier, and has been picked up here and there, generally regarded as Gospel, although we note that the Guide Book now suggests the figure is "estimated." In our current gold coin project we at present estimate the mintage to be far fewer, perhaps in the range of 1,500 to 2,500. Investigations are ongoing, but from every indication the popular figure of 12,000 is far too high.

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

For the record, the date logotype on this coin is very deeply punched into the working die. The 1 is ever so slightly closer to the neck truncation than to the dentils below. The four-digit logotype, used on all dies from both mints, was made with the second digit larger, leaning more to the right, and with the ball farther from the curve below it than is true of the first 6. A different punch seems to have been used for the second figure.

Purchased from Bob Roth.

824     1866 Motto. AU-58. Lustrous pinkish yellow gold with delightful surfaces for the grade. This is the quality that is sometimes described as "AU-64" meaning the coin is strictly AU although it has the appearance of an MS-64. A few years ago Bill Fivaz suggested in another context that after AU-58, many coins jumped to, per his illustration, MS-62–leaving as rather undefined territory MS-60 and MS-61. In any event, the present coin, if graded by the surfaces alone, would merit the Mint State designation.

This is a highly important specimen as the first year of the new design type.

On this example, the top right of N (IN) and top of W (WE) are both minutely doubled. Middle star at top points to inner right curve of O (GOD).

Later, the motto was included as part of the hub and master die, but within the 1866 year there are variations. The design change involved much more than simply adding the motto, with numerous other differences evident, perhaps the most significant being the new style of shield with curved sides, rather than the straight sides earlier used. Although the existence of hand-finished dies of the With-Motto type indicate that there might have been some of the new style (with curved shield, etc.) made without motto, we have never encountered or heard of such a coin. So far as is known, all 1866 Philadelphia Mint double eagles have the motto, and the 1866-S San Francisco coins that lack the motto are of the old straight-sided shield style.

Although most design features were included as part of the hub, the letters in the motto on the reverse were entered by hand. Careful comparison of these letters and their position may help to identify individual coinage dies. We will attempt to mention significant variations among the coins to follow.

A faint die crack joins the tops of STATES OF AMERICA.

Purchased from Paramount, November 21, 1969.

Exceptional 1866-S Double Eagle

With Motto

Condition Census

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825     1866-S Motto. MS-61 (PCGS). A wonderful example with brilliant, frosty yellow gold lustre exhibiting a trace of pink. A few light abrasions are noted, and are expected for this grade. This is one of the very finest known examples among a total Mint State population of just three or four coins. An exceedingly important coin–one that was minted too late to be included in the Brother Jonathan hoard, and which has not been represented in any other cache of which we are aware. The survival of a specimen in the Mint State category, is a matter of rare chance–and not many such chances ever took place.

PCGS Population: 2; 1 finer (MS-62).

Middle star in top row points to outer right curve of O (GOD). Spider web die cracks are noted on both obverse and reverse. Obverse die different from that used to strike the 1866-S Without Motto offered earlier.

Purchased from Stanley Kesselman, December 19, 1978.

826     1866-S Motto. Misplaced Date. EF-45. Greenish yellow gold with a trace of pinkish patina. Typical of most circulated double eagles from this era with light to moderate surface marks.

This is the discovery specimen of a variety hitherto unrecorded. A misplaced 8 from the logotype is seen protruding from the dentils to the left of the first date digit. For the record, this was discovered by Beth Piper of our staff, March 30, 2000, and had not been noted by Harry Bass.

Middle star at top points between inner and outer curves of O (GOD). This is from a different die than that used for the preceding 1866-S Without Motto and also different from the 1866-S With Motto.

From Superior’s sale of the Gilhousen Collection, February 1973, Lot 887.

Prooflike 1867 Double Eagle

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827     1867 MS-61 (PCGS). This marvelous example has fully reflective prooflike fields and highly lustrous devices; a delightful cameo. Splashes of copper toning are noted on both surfaces, but mainly on the reverse. Also noted is a small planchet flaw below the E (TWENTY). This issue is reasonably available in lower Mint State quality from some lower level Mint State coins found in Europe a few decades ago (see note). The present coin is one of the very nicest we have ever handled and is far less "baggy" than normally seen. In fact, we consider it to be worth "MS-63 money" and go out on a limb by stating such. In the course of having examined quite a few Mint State 1867 double eagles, we have gained what we feel is some competence in their evaluation. Check it out and see!

Heavily clashed obverse die. Clash marks are prominent on neck, ear, and behind the hair curls in the right obverse field. Top middle star points between inner and outer right curves of O (GOD). S is distant from final T. By this time the motto was part of the hub, the position became standardized, and therefore no further mention will be made in the present catalogue.

Research concerning double eagles found in overseas hoards is continuing, and the editor (QDB) welcomes talking with anyone whom we have not already interviewed. As this issue goes to press, a number of important gold importers have shared their recollection, including a marvelous account by Ron Gillio of his travels and finds. Much information that might be otherwise lost to history is being recorded for posterity and for sharing with the numismatic community, much as was done nearly a decade ago for silver dollar hoards, later published in the two-volume set, Silver Dollars and Trade Dollars of the United States: A Complete Encyclopedia.

From Stack’s sale of the DiBello Collection, May 1970, Lot 1233.

Condition Census 1867-S $20

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828     1867-S AU-58 (PCGS). An exceptional example and among the finest known of this issue. Rich orange-gold lustre with minor abrasions. Sharply struck within the context of these coins, as many are lightly defined. This issue is extremely rare in full Mint State quality with the present example so very close.

The present market value of this coin is about $1,000, which seems to us to be rather ridiculous, as very few are known in this grade even fewer were represented in any known treasure finds, and as the grade of AU-58 is far finer than that encountered in most "name" collections offered over the years. Anyone seeking fundamental value in coin purchases need go no further than to study coins such as this–and many other items in the Bass Collection offering–to realize that truly scarce and rare pieces can be acquired for moderate market values. As we see it, the downside risk is nil, and the upside potential suggests multiples of the current value! Coins such as this will never be the subject of a popular fad, simply because there are not enough of them to go around.

PCGS Population: 10; 3 finer (all MS-60).

Large S mintmark, occupying about 90% of the space between the eagle’s tail (which it touches) and the upper right of the N (TWENTY).

Purchased from Paramount, February 28, 1974.

829     1867-S AU-50. A pleasing example with light surface marks and considerable pinkish lustre. Quite scarce in this condition, by no means as rare as the 1858-O offered above, but still far finer than the typical example.

Very small mintmark occupying perhaps 60% of the space between the eagle’s tail and the upright of the N. Further, the present die exhibits some very interesting prominent raised lines on the reverse extending from the flourish behind the eagle’s head, upward to the star immediately below S (TRUST), and then picking up again at O (GOD) and going toward the glory of rays.

Purchased from Stanley Kesselman, July 9, 1968.

830     1867-S EF-45. Lightly abraded greenish gold with traces of pinkish lustre. Much lustre still remains. A very attractive coin with normal surface marks for the grade, but with a very beautiful overall aspect. Somewhat scarce at this level.

Purchased from Robert Johnson, August 8, 1967. Bob Johnson, the well known San Francisco dealer, was recently interviewed by us on the subject of gold coin importations beginning in the 1950s.

Lustrous 1868 Double Eagle

Condition Census

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831     1868 AU-55 (PCGS). Highly lustrous bright yellow gold with reflective fields and attractive cameo contrast. A sharply struck example which is very close to the Condition Census for this issue. Just 98,575 were minted with many exported or used in the West. Another opportunity in a sale laden with opportunities.

PCGS Population: 10; 9 finer (MS-61 finest).

Reverse clash marks at eagle’s tailfeathers.

From Parke-Bernet’s sale of the McGraw Collection, May 1968, Lot 37.

832     1868-S AU-58. Moderately abraded with extensive orange-gold lustre. Very scarce in higher grades as most examples saw extensive use in commerce.

Very heavy motto.

Purchased from Bob Roth, December 2, 1969.

Amazing 1869 Double Eagle

Among the Finest Known

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833     1869 MS-64 (PCGS). This is an exceptional example with reflective, prooflike fields and considerable cameo contrast. Faint bluish patina is visible in the lower left obverse field. Very sharply struck with nearly flawless surfaces. A few minor hairlines are present in the obverse fields, and a few minute abrasions are seen on the reverse. While 15 to 20 Mint State examples survive, most are around the MS-60 grade level, with few examples approaching the choice category. Far rarer than a high quality Proof–Proofs themselves being rare.

PCGS Population: 1; 1 finer (MS-65).

From Abner Kreisberg’s sale of September 1971, Lot 1230.

Mint State 1869-S Double Eagle

Condition Census

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834     1869-S MS-61 (PCGS). Lustrous bright yellow gold with a few minor surface marks as expected. Above average obverse design definition with exquisitely detailed reverse. Another issue used extensively in commerce, with only 20 to 30 Mint State survivors remaining.

PCGS Population: 5; 3 finer (all MS-64).

Lightly cracked through most letters of legend.

From Stack’s sale of the DiBello Collection, May 1970, Lot 1237.

Pleasing 1870 Double Eagle

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835     1870 AU-58 (PCGS). An extremely attractive example that is very close to Mint State, with full lustre and only a few small handling marks. A curved scratch in the left obverse field must be mentioned for accuracy. With a mintage of 155,150 coins, this is a scarcer issue with few high-grade survivors. Most contemporary collectors–and their numbers were few–acquired Proofs. Few if any circulation strikes were deliberately saved. Thus, coins that are available easily enough in well worn grades today emerge as significant rarities in the preservation here offered.

Purchased from Rowe and Brownlee, June 25, 1968.

836     1871 EF-40. Subdued yellow gold with traces of lustre. This example is typical of most known survivors.

Purchased from Leo Young, April 14, 1967.

Exceptional 1871-S Double Eagle

Among the Finest Known

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837     1871-S MS-62 (PCGS). Brilliant, frosty yellow gold with a hint of orange patina. A long, shallow abrasion is noted in the left obverse field and perhaps shouldn’t be noted at all, as grading numbers take care of such things–and, besides, just about any San Francisco double eagle in this grade range is apt to have something worthy of comment. Overall, the surfaces are exceptional and have a generous amount of eye appeal–this is one of the very nicest that has ever come under our view, certainly at once a condition rarity and numismatic prize at this grade level. Worthy of a very strong bid.

PCGS Population: 8; 1 finer (MS-64).

Scarce Mint State 1872 $20

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838     1872 MS-62 (PCGS). Lustrous brilliant yellow gold with very minor surface marks. An attractive, sharply struck example of this issue. Most Mint State survivors are just MS-60 and this delightful coin certainly ranks among the finest known examples.

From Paramount’s 1969 ANA Sale, August 1969, Lot 2228.

Rare 1872-CC Double Eagle

Extraordinary Quality

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839     1872-CC AU-55. Brilliant, soft frosty lustre with exceptional aesthetic appeal, despite surface marks that are not unusual for the grade and, typical of all authentic 1872-CC double eagles, some lightness of striking at the center. Toning streak at upper right of obverse. The reverse, if graded separately, could easily be called MS-61 or MS-62!

Just 26,900 coins were struck and although it is not in the same class as 1870-CC or 1871-CC, at the AU-55 grade the present coin is among the finest we have ever handled, and is truly a rarity and numismatic landmark. It is our belief that during the time of distribution, Carson City double eagles of 1870-1872 remained stateside, where they acquired extensive wear. In contrast, a number of the later Carson City issues were shipped abroad as part of international transaction settlements.

From Lester Merkin’s sale of October 1966, Lot 417.

Delightful Mint State 1872-S $20

Tied for Finest Certified by PCGS

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840     1872-S MS-62 (PCGS). Reflective, mirrored fields and lustrous orange-gold devices provide an attractive cameo effect. Light surface marks are noted on both obverse and reverse. A very rare issue in high grades, with nearly all of the 20 to 30 Mint State survivors just MS-60 in quality. Incredibly, the market value of this piece is only in the range of a couple thousand dollars. Talk about potential!

PCGS Population: 2; none finer.

From Parke-Bernet’s sale of May 1968, Lot 45.

Interesting Group of Coronet Head $20

841     Grouping of double eagles grading EF-45: I 1872-S I 1873-S Open 3 I 1874-S I 1878 I 1879 Doubled Reverse I 1892-S I 1906-D. Pale green highlights. Each displays various degrees of lustre. (Total: 7 pieces)

842     1873 Closed 3. EF-45. Light yellow gold with moderate abrasions. Much scarcer than the Open 3 variety.

843     1873 Closed 3. EF-45. A scarce issue with moderate surface marks and traces of lustre.

Purchased from Stanley Kesselman, June 14, 1967.

Lovely 1873 Open 3 $20

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844     1873 Open 3. MS-62 (PCGS). Clearly in Mint State this is the single most available date and variety among all Type II double eagles. Satiny pinkish orange lustre with very minor surface marks. Sharply struck and very desirable. Of all Type II double eagles certified MS-60 or finer by PCGS, 38% are of this single issue.

PCGS has graded 3,336 Type II double eagles as MS-60 or better. Of this total, 1,274 are 1873 Open 3, 542 are 1876-S, 266 are 1875, 263 are 1876, 229 are 1875-CC, and 224 are 1875-S. This leaves a balance of just 538 coins for all other dates combined.

Purchased from the Goliad Corporation, October 30, 1972.