Double Eagles - Lots 787-828
Double Eagles
The Harry W. Bass, Jr. Collection - Part IV
Double Eagles - Lots 787-828
Double Eagles
Welcome to the Harry W. Bass, Jr. Collection Part IV double
eagles. Our selection begins with a Mint State specimen of the first year of issue,
1850, and concludes with a Mint State example of one of the latest dates—the exceedingly
rare 1931-D. In the intervening listings are many outstanding pieces—scarce dates,
Condition Census pieces, notable rarities, and more.
The availability of certain double eagles from the treasure ships S.S. Central America (sunk on September 12, 1857) and S.S. Brother Jonathan (July 30, 1865) has made available certain dates in high grades, most notably 1857-S and 1865-S, but to a lesser extent a handful of San Francisco Mint double eagles slightly before those dates. Thousands of new buyers have become enamored of the romance and history surrounding these coins, resulting in a transfer of interest to other double eagles as well. In our sale of the Bass III holdings one of the major buyers was a gentleman who became intrigued with the Central America coins and endeavored to get as many other dates of the decade as he could find.
Double eagles are at once large, impressive, and interesting to own. There is also the consideration that many of the later, more available dates—especially after about 1880—are very inexpensive on today’s market, particularly in grades such as EF and AU.
The time to buy is when you have the opportunity, and once again the Bass Collection presents such an opportunity. No doubt certain of the pieces offered in the pages to follow will be the only ones of their date and variety to be offered in these specific grades for quite a while to come. In addition to whatever attributes a specific double eagle in the collection may have, each comes with the cachet of having been part of one of the greatest American rare coin collections ever put together by any person in any era.
Cataloguing was done by Mark Borckardt with some contributions by the editor.
$20 Gold 1850-1933
America’s gold coin of choice
Numismatic Notes
Introduction
Although $20 coins were not made in pattern form until 1849 and for circulation until 1850, the idea was hardly new. On December 21, 1836, the Philadelphia Public Ledger presciently endorsed the idea of such a coin and even called it a double eagle:
If we are to have large coins, let them be in gold. In addition to the eagle, which has the size of the half dollar, we would recommend the double eagle, which of the size of our silver dollar, would contain the value of twenty.
For a long time the $20 value had been in wide use in paper
currency issued by state-chartered private banks, and thus the general public was
used to the denomination. In fact, this was the most plentiful of the higher denominations
among private bank issues, the $50, $100, and higher values being rarely encountered.
In 1849 in Salt Lake City, the Mormons struck gold coins of this value, being the first such American issue. The Mormon 20s were lightweight and were widely condemned and refused by banks and merchants, except in Salt Lake City itself where they circulated by mandate of the Mormon church.
In 1849 the California Gold Rush was paramount in news accounts, discussions, and activities. Although the extent of the finds in the West would not be realized for over a year, it was soon evident that gold, once "rare" in America, would become plentiful. The legislative act of March 3, 1849, reflected this, and created two new denominations: the gold dollar, a utilitarian issue which would become the lowest federal gold denomination to circulate, and the large and heavy $20 double eagle, the latter forming an efficient way to convert bullion to coin form. Several patterns were struck in 1849, of which only one gold impression is known today, residing in the Smithsonian Institution. Beginning in 1850, double eagles were produced in quantity for commerce.
Double eagles were made in six major design types In the Liberty Head series, from the first year of issue, 1850, to the last, 1907, mintage was accomplished continuously at the Philadelphia Mint. New Orleans struck coins in the era 1850-1861 and again in 1879. San Francisco produced the denomination from the year of its opening, 1854, onward; and Carson City struck double eagles for many years during the period 1870-1893. Beginning in 1906, the Denver Mint issued $20 pieces as well.
The Saint-Gaudens double eagles, minted in several types from 1907 to 1933, were struck in prodigious numbers for two purposes: for export to foreign countries and for backing of Gold Certificates. Certain double eagles of this design were distributed very widely, while others were kept in Treasury Department storage, the latter creating several strange situations in which over a million coins were struck of certain issues, but only a few are known today.
The $20 denomination was the largest regularly issued American coin. It represented the most efficient way to coin a given amount of gold bullion into coin form. Thus, for most of the years in which double eagles were struck, their total face value coinage far exceeded that of other denominations.
In a phrase, the double eagle became America’s gold coin of choice.
Design Types
The Coronet Head Double Eagle
Coinage of the new Coronet Head or Liberty Head double eagle commenced in 1850. From the outset the denomination was a great success. During the first several years production was extensive at Philadelphia and, to a lesser extent, at New Orleans. Incoming gold from California represented the source for most of the metal. In the mid-1850s the New Orleans Mint underwent repairs, necessitating a reduction of coinage operations. In spring 1854 the San Francisco Mint began operations, and from the outset most effort was given to striking double eagles, with other gold denominations and silver issues playing far subordinate roles.
The double eagle was widely used in commerce within the United States and for export.
In the Annual Report of the Director of the Mint, 1854, James Ross Snowden commented:
Depositors of large amounts [of bullion] call for coin in a form which gives the least trouble to count; and banking institutions, in addition to that, may prefer it in a form not likely to be drawn out. Many [of the general public] who present their checks at these institutions would doubtless ask for specie, but are deterred from doing so by the expectation of receiving double eagles instead of half or quarter eagles. In a word, the plain effect of issuing gold coin of a large size is to keep down the circulation of specie and increase the use of paper money. This remark, of course, does not apply to such localities where paper money is prohibited—as, for example, in the state of California—because in such cases the different currencies cannot come in conflict.
Snowden further noted that in recent times depositors of bullion
who wanted to export gold to London and other overseas centers desired bars, while
depositors who wanted to use the proceeds domestically requested coins.
Circulation of the popular $20 denomination was extensive in the East and Midwest until late December 1861, when in the midst of uncertainty as to the outcome of the Civil War, gold coins began to disappear when banks stopped paying them out and the public hoarded them. Gold coins, including double eagles, were not seen in commerce again in the East and Midwest until December 1879, the needs of trade being taken care of by federal paper money including Legal Tender and National Bank notes among other series. Meanwhile on the West Coast, gold coins continued to circulate at face value in an economy in which paper money did not play a part. In essence, there were two monetary systems in effect in America from 1862 through 1879: a paper-money based economy in the East and Midwest and a coin-based economy on the West Coast. Units of money had different real values; gold coins with a face value of $100 brought from San Francisco were worth more than $100 in United States paper money in New York City, at one time more than $200. Conversely, a traveler taking a $100 note from New York to San Francisco would find upon arrival that it could be passed only at a steep discount, perhaps for only $60 or $70, at one time, below $50.
In 1866 the motto IN GOD WE TRUST was added to the reverse of the double eagle, creating the Type II design. Other changes were made at the time, including changing the sides of the shield from straight to curved. A further modification took place in 1877 when the denomination on the reverse, earlier spelled as TWENTY D., was expanded to TWENTY DOLLARS, this constituting the Type III design. In that form the double eagle continued to be minted through 1907.
In early 1861, the New Orleans Mint was seized by troops from the State of Louisiana, and soon passed to the control of the Confederate States of America. Double eagles of the 1861-O variety are unusual in that some were made under federal auspices, others by the State of Louisiana, and still others by the Confederacy. The New Orleans Mint then closed, to reopen for coinage years later in 1879, at which time a small coinage of 1879-O pieces was produced.
In 1861, a new reverse with the border inscriptions in tall letters, from dies by assistant Mint Engraver Anthony C. Paquet, was employed very briefly at the Philadelphia Mint and for a modest coinage in San Francisco. The Paquet Reverse is designated as Type IIa, a subtype.
A new branch mint opened in Carson City in 1870, and struck silver and gold coins through 1885, and again 1889-1893. Double eagles were the gold coins of choice, and more value was struck of this denomination than of the $5 and 10 gold coins combined (these being the only other values struck there). However, some $20 coins were of reduced mintage, and the 1870-CC in particular is considered today to be a prime rarity. The present catalogue includes a notable 1871-CC, the second rarest CC double eagle—plus other later dates.
In 1906 the Denver Mint opened for business, and for two years made double eagles of the Coronet design.
While many double eagles were used domestically, particularly on the West Coast, most Coronet Head pieces were employed in international trade, where they met a ready reception in Europe, South America, and elsewhere. Paper money was always of uncertain value, while gold had a standard value worldwide. In addition, double eagles were stored in Treasury Department vaults as backing for Gold Certificates.
The Saint-Gaudens Double Eagle
One of the oft-told tales in numismatics is the story of President Theodore Roosevelt and sculptor Augustus Saint-Gaudens. As this is related subsequently in our offering of a beautiful MCMVII specimen, we’ll skip over it here, and "advance to GO" by arriving at the 1907 regular or Arabic Date Saint-Gaudens issue, dated 1907 (not MCMVII).
At the outset, President Roosevelt believed that the use of IN GOD WE TRUST on coinage was a sacrilege. Thus, the new Saint-Gaudens $10 and $20 coins of 1907 did not include the motto, nor did the pieces struck in early 1908. At that point, Congress restored the motto, and coins made in the last part of the year, continuing to the end of coinage in 1933, included IN GOD WE TRUST, the Type VI design.
The vast majority of Saint-Gaudens double eagles did not circulate actively. Stateside, they remained in banks and Treasury vaults, this being particularly true of the vast majority of the mintages of 1920-S, 1921, branch mint coins from 1924 onward and all from 1929 to 1931. So far as is known, no 1932 or 1933 double eagles were exported—not even a single coin. Some of the Saint-Gaudens $20s were kept simply as gold reserve while millions of others were used as backing for Gold Certificates that could be redeemed at will in gold coins. Millions of double eagles were shipped overseas to England, France, Germany, Russia, Argentina, and elsewhere, to be melted or stored in the vaults of private and national banks.
In 1933 President Franklin D. Roosevelt halted the production of gold coins, by which time only the $10 and $20 denominations were being struck. In 1934, the directive was made that the public should turn gold coins in to banks, certain pieces of numismatic value excepted. It is easy to realize that foreign banks holding millions of golden double eagles had no interest whatever in sending them back to the United States in exchange for paper money. Thus, untold quantities of double eagles of the Saint-Gaudens and earlier eras were kept from the melting pot—in essence creating the supply available to numismatists today. The entire situation of overseas double eagles being repatriated after World War II forms one of the most exciting chapters in American coinage history, with its only real counterpart being the great Treasury release of long-stored silver dollars in the mid-20th century, particularly in 1962-1964.
Regarding the double eagles, the availability of many issues in Mint State has made them popular with many numismatists as well as the general public. In the 1990s it was not at all unusual for infomercials on television to feature enthusiastic vendors of sparkling double eagles, often dated 1904 or 1908, available on time payments, and this shows no signs of abating in the year 2000! No doubt, such sales messages result in many coins finding buyers, and no doubt some percentage of these buyers go on to become dedicated numismatists.
Mintage Totals of $20 Gold Coins
The following figures are cumulative and are from the Annual Report of the Director of the Mint, 1934, by which time United States gold coinage had ceased. Totals for various denominations 1795-1933 (as noted in earlier listings, these totals vary depending upon what government report is consulted; however, they are approximately correct).
Grand Totals for All U.S. Gold Denominations
• $1 gold: $19,499,337 face value (19,499,337 coins) • If commemoratives are added: $19,874,754 (19,874,754 coins)
• $2.50 quarter eagles: $50,541,475 face value (20,216,590 coins) • If commemoratives are added: $51,067,082.50 (20,426,833 coins)
• $3 gold: $1,619,376 face value (539,792 coins)
• $5 half eagles: $397,684,345 face value (79,536,869 coins)
• $10 eagles: $582,619,850 face value (58,261,985 coins)
• $20 double eagles: $3,473,202,120 face value (173,660,106 coins)
The production of over $3.4 billion dollars face value of double eagles was about three times more than all other gold coin denominations combined.
Gold $20 Coinage by Mints
Philadelphia Mint: 71,180,127 pieces coined, for a face value of $1,423,602,540.
Carson City Mint: 864,178 pieces coined, for a face value of $17,283,560.
Denver Mint: 13,108,000 pieces coined, for a face value of $262,160,000.
New Orleans Mint: 818,775 pieces coined, for a face value of $16,375,500.
San Francisco Mint: 88,134,626 pieces coined, for a face value of $1,762,690,520.
As the above figures show, the San Francisco Mint coined the Gold Rush into tangible form.
Distribution of Double Eagles:
A Key to Availability
As noted, although many $20 gold coins were used in everyday American commerce, particularly before the Civil War, most found employment in bank transactions and, in particular, international commerce, while others were stored in Treasury vaults as backing for Gold Certificates or simply as national reserves.
A decade by decade study reveals the characteristics of use and explains why certain issues are common or rare today, based upon how they were distributed.
Double Eagles Minted 1850-1859
How They Were Distributed
This is the era of the California Gold Rush. Unprecedented quantities of gold metal were shipped from California to the East, to be minted into coins at Philadelphia and New Orleans. Beginning in 1854, the San Francisco Mint struck double eagles, after which time fewer were made at New Orleans. However, large shipments of gold bullion continued to be sent to the East, mainly by steamer south from San Francisco, through the Pacific Ocean to Panama, across the land bridge at that point, and via another steamer northward on the Atlantic side, to the port of New York City. Large quantities of $20 pieces were produced at the Philadelphia Mint from California gold. The New York City Assay Office, a repository for precious metal and bullion, acted as a depot for the receipt of California gold coins and bullion and for its transshipment, including overseas, primarily to London.
In this decade, more so than any other in American history, the $20 found use in domestic commerce. On the West Coast, such pieces were commonly encountered in banking and trade. Double eagles were also widely used in other areas, especially west of the Mississippi River. In the East and Midwest, most business was conducted via bank notes and credits. Gold coins were not widely used, although most banks had them, and they were occasionally seen in large transactions. Quite a bit of information concerning double eagles of this era is found in the writer’s book, The Treasure Ship S.S. Brother Jonathan, available from our Publications Department or wherever specialists’ coin books are sold.
Many double eagles were exported, not only to London (the world center of gold trading), but also to other European areas as well, plus South America. On the other hand, such coins were virtually unknown in the Pacific trade, where silver was preferred. Of the double eagles that went to Europe, it seems that most were melted there. No significant hoards of Mint State double eagles of the 1850-1859 years are known to have come to light overseas in later years. Most probably, double eagles of this era, when exported, were in mixed groups of pieces that had already received light wear in domestic use.
The S.S. Central America, laden with thousands of double eagles including newly-minted 1857-S coins and some earlier issues, mostly from the San Francisco Mint, was sunk in a hurricane on September 12, 1857. Many 1857-S double eagles and other gold coins were found in the late 1980s by the Columbus-America Discovery Group. These constitute the only significant hoard of pristine Mint State double eagles known to exist from the decade of the 1850s, although a hoard of several hundred or so 1854-S double eagles, with lightly etched "seawater Uncirculated" surfaces came to light in the 1970s from another ship, the S.S. Yankee Blade. The Central America coins have come to the market for the first time this year and are discussed here and there in the listings to follow—we think this is one of the most exciting events in our numismatic career!
Numismatic interest during the era: In the 1850s perhaps two, three, or four collectors acquired Proofs from the Philadelphia Mint. Each year an example of the date was placed in the Mint Cabinet. There was absolutely no numismatic interest in mintmarked coins.
Double Eagles Minted 1860-1869
How They Were Distributed
Double eagles of the year 1860 plus most of the year 1861 follow the distribution pattern of the preceding decade. Then the situation changed. On December 28, 1861, many Eastern banks stopped paying out gold coins at par, an action that was complete for all banks by December 31. By that time the New Orleans Mint had stopped producing coins and was under the control of the Confederate States of America.
By early 1862, double eagles were available in the East only at a premium in terms of paper money. The same situation existed in the Midwest. From that time until December 14, 1878, gold coins did not circulate in those areas. Trade and commerce was conducted by an array of federal paper money, mainly Legal Tender notes and, later, National Bank notes as well. Fractional Currency notes were made of various denominations from 3¢ to 50¢. Not a single gold coin was to be found in normal circulation.
However, double eagles continued to be struck at the Philadelphia Mint from bullion shipped by sea from California. Most such coins were struck to the order of bullion depositors. Some others were made for the account of the government and were kept in Treasury vaults or sold at a premium to individuals and firms who used them in domestic commerce with the West Coast (where large numbers of Philadelphia Mint double eagles reached circulation, but were a small fraction of the quantity of San Francisco Mint pieces) and in the export trade with Europe.
It is likely that most double eagles shipped to England and elsewhere during this decade were melted. Probably, most double eagles dated in the 1860s that came to light in hoards searched after World War II (of which more will be said) were shipped overseas at a later time, most likely in the 1880s and 1890s. Nearly all were subjected to extensive handling then and later, with the result that a high-grade American double eagle of this era, if found in Europe at a later date, was apt to grade AU or very low Mint State, often with very extensive bagmarks. The more typically encountered grade was not high at all, but was more likely to be EF or, sometimes, VF.
The West Coast had entirely different monetary arrangements. Federal paper money was not in general circulation, and commerce was conducted via silver and gold coins. These were plentiful in circulation and traded at face value. However, if anyone wanted to make a purchase in Legal Tender or National Bank notes brought from the East, an appropriate surcharge would be made. Often, travelers and merchants going to California from the East would take gold coins with them, this accounting for the Philadelphia Mint double eagles and other coins that circulated there.
Double eagles struck at the San Francisco Mint during the 1860s were circulated extensively, and over a period of years became worn down to such grades as VF and EF, generally showing much more wear than their lightly-used counterparts struck in Philadelphia. On its way north from San Francisco, the sidewheel steamship S.S. Brother Jonathan sank in the Pacific Ocean on July 30, 1865. In the 1990s Deep Sea Research, Inc., located the wreck and salvaged over a thousand double eagles, many of them beautiful Mint State 1865-S pieces. This find constitutes about the only source for choice and gem Mint State double eagles from this decade.
The Act of March 3, 1863, provided for the issuance of Gold Certificates, which were subsequently printed in high denominations from $100 to $10,000. Appropriately, the $100 note depicts the portrait of Thomas Hart Benton, the senator who demanded that his salary be paid in gold coins and who was primarily responsible for the Coinage Act of June 28, 1834. Gold certificates authorized by various legislation were used for decades afterward, and could be redeemed in gold coins upon demand. It is likely that many Philadelphia Mint double eagles minted in the 1860s and later were kept in reserve for this contingency.
Numismatic interest during the era: Perhaps five to 10 collectors acquired Proofs from the Philadelphia Mint during the 1860s, and each year an example of the date was placed in the Mint Cabinet. As before, there was no interest in mintmarked coins.
This decade saw a great rise in popularity of rare coin auction sales, and such cataloguers as W. Elliot Woodward, Edward Cogan, W.H. Strobridge, and various staff members of art and book auction houses (such as Bangs & Co., New York City), turned out a stream of offerings, ranging from flimsy pamphlets and broadsides to catalogues containing thousands of lots. While some Proof double eagles were offered, circulation strikes were few and far between. Many were the highly important collections that included selections beginning with gold $1, but abruptly stopping after early $10 coins (of the era 1795-1804). Moreover, little editorial mention of the double eagle was made in magazines of numismatic content including Historical Magazine, American Journal of Numismatics, and the house organ issued in Philadelphia by dealer E.L. Mason, Jr. It was almost as if double eagles did not exist!
Double Eagles Minted 1870-1879
How They Were Distributed
In 1870 the Carson City Mint opened for business. It seems to the writer that the "CC" issues of the early 1870s were mostly used in the region in which they were struck. Similar to typical San Francisco double eagles, the coins of the early 1870s wore quickly, with the result that most became designated as VF by a later generation of numismatists. EF coins proved to be scarce, and AU coins were recognized rarities. About mid-decade, after 1873, quantities of lightly circulated Carson City double eagles were used in the export trade, shipped to European and South American markets via the port of San Francisco. Years later, such locations provided the source for specimens, including some high-grade AU and even Mint State coins, but typically EF to AU. However, as Carson City double eagles were, for the most part, minted in small numbers, the quantities found were not extensive.
During the decade double eagles minted in San Francisco continued to be used extensively in commerce, although in this era paper money, including a special issue of National Gold Bank notes, began to be employed in the West. Many pieces were shipped to Europe and South America. Surviving San Francisco Mint specimens seen today range from VF to low Mint State, with VF, EF, and AU being typical, indicating that these coins spent a few years in West Coast circulation before being loaded as export cargo. However, many thousands of freshly minted coins were also sent, many of which came to light in foreign hoards as late as in the 1990s, yielding such issues as, say, 1876-S which, earlier, were considered to be common in worn grades but very elusive in Mint State.
Lest anyone wonder how freshly minted double eagles could be reduced from gem status at the moment of coinage, to heavily bagmarked status today, the following is a true scenario: After coinage, the typical double eagle was mechanically ejected from the press and put into a bin, soon to be covered by a cascade of similar coins. Handled casually or even roughly, the coins were put up in cloth bags of $5,000 face value (250 coins) and piled in storage vaults. Upon being called for, the coins were brought to the San Francisco Mint cashier and paid out. If the bag of coins was destined for export, it was taken to the ship by horse-drawn cart, loaded aboard, and placed in a safe with other bags of coins. Then followed a long trip by sea to a foreign port. Or, the bag would be sent overland by the transcontinental railroad (opened in 1869) and jostled all along the way, to be further jingled and jostled when shipped overseas from an Atlantic port. After more shuffling around during the sea voyage, the bag of double eagles would be received by a foreign bank or commercial agent, opened, and its contents dumped out for counting—or tossed on a scale for weighing. Every so often, the stored coins would be counted or weighed again. After decades of such treatment, an 1876-S $20 would have more bagmarks and nicks than could be easily counted.
Philadelphia Mint double eagles continued to be used primarily for payments to the West Coast or in the export trade in the 1870s, for such coins still did not circulate in commerce in the East or Midwest. Mintages at Philadelphia tended to be much smaller than at San Francisco. Surviving pieces tend to range in grade from EF to AU, plus some heavily bagmarked low-level Mint State pieces.
The New Orleans Mint, closed since 1861, again struck double eagles in 1879 and made only 2,325 pieces, after which no more were made there. It seems that most of the 1879-O coins were used in domestic circulation. Today, nearly all pieces show extensive wear.
Beginning toward the end of the decade, gold coins were again available in banks in the East and Midwest (see following section).
Numismatic interest during the era: Perhaps 10 to 15 collectors acquired Proofs from the Philadelphia Mint, and each year an example of the date was placed in the Mint Cabinet. There was no interest in mintmarked coins, and little interest in circulation strikes. The Honorable Heman Ely, who avidly collected gold coins in the 1860s and 1870s and who had full gold Proof sets, had just one non-Proof double eagle, an 1850!
Numismatists found that there was virtually no resale market for earlier-dated Proofs, and when they tired of owning such pieces, it was often easier to spend them than to find a buyer who would pay a premium. Because of this, there are many Proof double eagle issues of the 1860s and 1870s of which only a dozen or so specimens exist today, despite estimated coinages of two or three times that amount. So far as is known, not a single numismatist cared a whit about the newly opened Carson City Mint!
The coin auction market continued to be lively, with new individuals and firms joining the scene. Regarding double eagles there was little new. Proofs appeared now and then and sold for modest amounts over face value, but circulation strikes were hardly ever encountered.
Double Eagles Minted 1880-1889
How They Were Distributed
Beginning on December 17, 1878, gold coins began to circulate at par (in terms of paper money) in the East and Midwest, ending the premium that had been demanded for such coins ever since the waning days of December 1861. A new generation of bankers, merchants, and general citizens became familiar for the first time with large, heavy, and impressive double eagles.
However, in the East and Midwest, currency was so firmly entrenched in commercial channels—with various types including Legal Tender notes, National Bank notes, and the new Silver Certificates, among others—that $20 gold pieces never became popular with the public. On the West Coast paper money gradually came into widespread use, and in populated areas such as Los Angeles, San Francisco, and Portland, transactions that were once effected in gold coins were now mostly handled by paper. In inland districts such as Nevada, Colorado, and other mountain and desert states, gold coins were seen more often. (This situation remained in effect until circa 1916-7.)
San Francisco continued to be the mint of choice, and most double eagles were struck there during the decade.
A large export trade arose with double eagles, and immense quantities of newly minted issues as well as circulated older pieces were sent to Europe and South America. Typically jostled together in cloth bags—as related earlier—such pieces soon became extensively nicked and marked as they were moved around from place to place. Years later, many of these pieces would come to light, perhaps furnishing more than 90% of the Carson City Mint double eagles known to collectors today!
Numismatic interest during the era: Perhaps 15 to 30 collectors acquired Proofs from the Philadelphia Mint, and each year an example of the date was placed in the Mint Cabinet. A newspaper account of 1885 noted that the two most prominent collectors in America were Lorin G. Parmelee of Boston and T. Harrison Garrett of Baltimore. Each collected Proof double eagles and ignored mintmarks. There was no interest in mintmarked coins elsewhere either. The resale market for Proofs continued to be negligible, and many such coins were spent.
Double Eagles Minted 1890-1899
How They Were Distributed
The 1890s were essentially a rerun of the scenario of the 1880s. Paper money continued to be in use almost everywhere except for certain interior desert and mountain states in the West. The San Francisco Mint was again the most popular depot for coinage of the double eagle. In 1893 the coinage presses at Carson City struck their last coins. After that time, production was limited to San Francisco and Philadelphia, with both making generous quantities, San Francisco remaining in the lead. Millions of double eagles were exported.
Numismatic interest during the era: Perhaps 20 to 40 collectors acquired Proofs from the Philadelphia Mint, and each year an example of the date was placed in the Mint Cabinet. The resale market for Proofs continued to reflect about a zero demand. More coins were spent.
In 1893 Augustus G. Heaton, an accomplished numismatist, scholar, and writer, published A Treatise on The Coinage of the United States Branch Mints. Familiarly designated as Mint Marks, the monograph sold well at $1 per copy. The author listed various "causes of attractiveness" in an effort to encourage the collecting of silver and gold coins by mintmark varieties. Apparently, Heaton did not know of even a single numismatist who collected double eagles by mintmarks. Regarding the series he commented:
DOUBLE EAGLES OR $20 PIECES: In New Orleans double eagles were coined from 1850 to 1861 and not again until 1879. 1854, 1856, and 1879 are very scarce dates. The others should be freely found. The San Francisco Mint has issued this coin from 1854 to the present (except the void year 1886), in such uniformly large amounts that the smallest coinage, in 1887, is of 283,000 pieces. All should be common by this criterion.…
Carson City supplies the pieces from 1870 to 1885 (except the 1881 and 1882), and from 1889 to the present date of 1893. The first date only should be rare, and 1878, 1879, 1881, and 1885 are rather scarce.
There are in all 71 double eagle mintmarks to 1893, representing a face value of $1,420.
It is seen from the preceding that Heaton was confused concerning Carson City issues, stating that no 1882 coins were minted, when in fact 1882-CC double eagles were made in fairly large quantities. At the same time, he overlooked the non-mintage of 1880 Carson City $20 pieces. At the time there was no regularly-issued numismatic guide listing coins by dates, mintmarks, and production quantities, and it was difficult for collectors to determine which issues actually were struck. The Annual Report of the Director of the Mint was helpful in some instances, but many figures required analysis, as from the late 1850s onward the reports were given in fiscal years (July 1 to the following June 30) rather than in calendar years. Thus, for many varieties it was no easy matter to determine which coins had been struck bearing specific dates.
Heaton’s Mint Marks treatise was popular, but few collectors could afford or were interested in saving double eagles by varieties other than date. Among those who were interested was John M. Clapp, an entrepreneur who had made a lot of money in Venango County, in the oil fields of Pennsylvania. Beginning in the early 1890s he sent to the two mints for current coins, including those with S mintmarks from San Francisco.
Double Eagles Minted 1900-1909
How They Were Distributed
These were heady times in the American and international economy (although a hiccup was provided by the Panic of 1907). Large quantities of double eagles were minted, with the year 1904 breaking all previous records with a quantity of over 11 million pieces. Most double eagles were used in the export trade, where such pieces were deposited in the vaults of private and public banks as well as national treasuries, although many remained stateside as backing for Gold Certificates.
In terms of gold bullion processed into coins, double eagles accounted for many multiples of the small amounts used for other denominations, which by this time included only the $2.50, $5, and $10. The $1 and $3 had passed into history in 1889, and now were available only at a premium, there being a strong demand for gold dollars in particular.
The Denver Mint opened for business in 1906 and thenceforth coined double eagles, among other denominations, with much bullion coming from the Cripple Creek Gold District located on the west slope of Pikes Peak about 75 miles south of Denver.
Numismatic interest during the era: Interest in mintmarks perked up slightly, and perhaps two or three numismatists seriously sought such specimens. The interest of John M. Clapp (who died in 1906) was continued by his son, John H. Clapp. In 1942 the Clapp Collection, including nearly a full set of double eagles, was sold en bloc to Louis E. Eliasberg, Sr., via Stack’s. When the Eliasberg gold coins were auctioned in 1982, the catalogue offered a view of the various grades of double eagle varieties that were available to the Clapps, father and son, from the 1890s onward. Many dates and mintmarks that would be found in quantity in Europe after World War I were available only in grades such as VF and EF when the Clapps collected. The same window on history occurred when other old-time cabinets crossed the auction block. Today, reviewing such citations (which are numerous in the present text) reveals that many opportunities available today could not be found for any price as recently as the 1960s and 1970s.
In 1909 Edgar H. Adams, one of the foremost scholars in numismatics, published Adams’ Official Premium List of United States Private and Territorial Gold Coins Indicated by Prices Brought at Public Sales. Adams was also a coin dealer and had as one of his most important clients William H. Woodin, who sought gold coins by date and mintmark, but concentrated on the denominations from $1 through $3.
Regarding double eagles, Adams did not indicate a single date or mintmark in the Liberty Head series that had even the slightest premium value! Amazing! For Saint-Gaudens double eagles, which had been minted since 1907, only the MCMVII High Relief ($30 and $35 value) and the 1907 Arabic numerals ($20.50) were listed!
As demonstrated, collecting interest was very close to the zero mark! It is worth quoting Adams’ comment, which also included $10 coins:
Ten and twenty dollar pieces do not bring much of a premium, as they are sought by only a few collectors. The collectors as a rule value only those ten-dollar gold pieces which were issued from 1795 to 1804, and all such coins are here scheduled.
While it may seem from the mintage figures that there was a demand for Proof double eagles, the facts belie this, and correspondence from Henry Chapman to Robert Garrett in 1911 indicated that a year of searching did not turn up a gold Proof set of the year 1909! Other information suggests that no more than five collectors acquired full Proof sets each year.
In 1908 the Mint produced gold sets with a grainy Matte Proof or Sandblast Proof (the term used almost universally until recent decades) with surfaces resembling fine-grained sandpaper. While the Mint thought that such Proofs were very artistic, perhaps because the Paris Mint used this process for medals, numismatists felt differently and lodged protests, but to no avail. Decades later, when collectors eagerly sought Matte Proofs, it was found that only a few had survived.
Double Eagles Minted 1910-1919
How They Were Distributed
Good times continued in the American economy, until August 1914, when the World War broke out in Europe. After that time, conditions in Europe were parlous, while in the United States rampant inflation took place. Double eagles continued to be minted through 1916, after which production ceased, due to the rising price of gold bullion and an influx of United States gold coins sent back from Europe. In America, holders of quantities of gold coins—such as banks—generally declined to pay them out at par. This situation eased about 1920 (although quarter eagles were never readily available for face value after that time).
Large quantities of $20 pieces were exported during the first half of the decade. If anything, the wartime conditions in Europe caused great distrust of national currencies on that continent, highly-regarded United States gold coins were considered to be more desirable than ever.
Within the United States, double eagles were hardly ever seen in circulation after about 1916-7, except perhaps in remote towns in the interior of the American West. The $20 gold piece was mainly relegated to the status of an international trade coin, although millions of other gold coins were kept in Treasury Department vaults as backing for Gold Certificates.
Numismatic interest during the era: There was a modest increase in interest, and it is likely that several numismatists sought new issues as they became available. However, it also seems that no effort was made to track down a date or mintmark if it could not be readily found. The writer has located nothing in numismatic literature to indicate that even a single collector of the decade was interested in the mintage figures, history, or distribution of mintmarked issues.
Double Eagles Minted 1920-1929
How They Were Distributed
After the Treaty of Versailles, which ended the World War, the economy of Europe was in a turmoil, especially within conquered Germany. American gold double eagles continued to be highly prized, and large quantities were minted at Philadelphia, Denver, and San Francisco. Freshly struck coins were deposited in federal vaults. As export demand arose, the contents of these vaults were tapped. As fortune would have it, some varieties of double eagles were largely exported, while other varieties, including those struck in large quantities, remained in storage, some as backing for Gold Certificates.
Of the various issues produced during the decade, the following were exported in quantity: 1920, 1922, 1922-S, 1923, 1923-D, 1924, 1925, 1926, 1927, and 1928. Many other issues, including 1920-S, 1921 (a great specimen in the present sale!), Denver and San Francisco coins after 1923, and Philadelphia Mint coins struck after 1928, remained in storage, and only a few were ever distributed.
As an example of these unusual arrangements, of the 1923-D double eagle, 1,702,250 were struck, and hundreds of thousands were exported. Today, the 1923-D is readily available in Mint State. On the other hand, for the 1927-S the mintage was 3,107,000, but it seems that very few were ever distributed, perhaps only a few hundred coins! (The Bass IV Collection has a great specimen of this important rarity.)
Numismatic interest during the era: Interest remained very modest and B. Max Mehl, for one, found that certain high denomination Proof gold coins were better spent than listed in his catalogues, as there was little demand for them. Thomas L. Elder, the New York City dealer, bemoaned that the market had relatively few "large buyers," and that the great numismatists of earlier times had no modern counterparts. However, in Baltimore, Waldo C. Newcomer worked on acquiring dates and mintmarks for his systematic collection of gold coins including double eagles.
In Chicago, Virgil M. Brand, who had been collecting coins of all nations and denominations since the inception of his interest in the 1880s, passed away. Nearly all of his circulation strike double eagles were later cashed in for face value!
Double Eagles Minted 1930-1933
How They Were Distributed
During the decade, double eagles were minted from 1930 to 1933. Seemingly, a few hundred or more of the 1930-S, 1931, and 1931-D double eagles were exported, perhaps as part of mixed groups of double eagles (rather than full mint-sealed bags). So far as is known, none of 1932 were ever sent abroad. Regarding 1933, that is a separate story with its own details.
In April 1933, the government stopped paying out gold coins at face value to the general public and, in 1934 began to call in the pieces held by the public, except for those of recognized numismatic value. With the coinage of pieces minted early in 1933, the production of the American double eagle ceased.
Circulation strike double eagles were turned into the Treasury by the millions and melted a few years later in 1937, and further millions of undistributed issues from the 1920s met the same fate. Meanwhile, foreign banks and governments held on to American $20 pieces more tightly than ever and had no interest in shipping them back to the United States in exchange for freshly printed paper money.
Numismatic interest during the era: Interest was modest, but was beginning to increase. Frederick C.C. Boyd was early in the date-and-mintmark game in the $20 series, Wayte Raymond was interested, and perhaps a handful of others were as well. Boyd acquired a handful of later-to-become-scarce 1932 $20 gold coins sometime before the late 1930s. Still, there was little concern as to which issues minted in recent times, including the 1920s, were scarce. The Treasury Department obligingly provided needed earlier dates of the 1920s and early 1930s, including the 1927-D $20 (which later proved to be a rarity), to anyone who cared to pay face value plus a nominal handling charge.
The 1933 double eagle proved to be scarce, and when Mr. and Mrs. F.C.C. Boyd exhibited an example at a convention in 1937 it was widely admired.
Lustrous Mint State 1850 $20
First of the Series
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787 1850 MS-62 (PCGS). This issue begins the double eagle denomination, with those dated 1849 considered pattern issues. Sharply struck with exceptional reflective yellow gold lustre. A halo of mint frost surrounds Miss Liberty. Scattered surface marks are consistent with the grade, and diagonal striations appear on the obverse, as struck. The outstanding piece from the first year issue has exceptional aesthetic appeal. Certain to be a highlight in the cabinet of its next caretaker.
PCGS Population: 9; 3 finer (MS-64 finest).
Die alignment: 170°.
Obverse with date logotype left of center, the digit 1 crowded between bust and border, final digit distant from both. The reverse has fine die cracks connecting the tops of most legend letters.
From Paramount’s sale of September 1971, Lot 1573.
788 1850 AU-50. Lightly cleaned with hairlines visible on obverse and reverse. Light yellow gold lustre remains visible in the protected areas around devices.
From same dies as the lot above, in an earlier die state. The reverse die cracks are primarily visible through the tops of UNITED.
From Stack’s sale of October 1970, Lot 853.
789 1850 Net EF-40; sharpness of AU-58, brushed surfaces. Quite attractive despite the impairments.
From different dies than the preceding. Obverse with date low and centered, reverse with die cracks through the tops of most letters, however, different than those above.
790 1850 Net VF-20; sharpness of EF-45, surface damage. Both obverse and reverse have brushed surfaces with the obverse additionally cleaned with an abrasive substance, perhaps a pencil eraser.
Obverse with centered date, reverse with die cracks through the tops of letters, in a different pattern than any of the previous lots. All three reverse dies are very similar.
Purchased from Paramount, March 1, 1968.
791 1850-O Net EF-45; sharpness of AU-55, harshly cleaned with heavy hairlines. A sharply detailed example from the only branch mint to produce double eagles until San Francisco opened for business in 1854.
Top inside curve of the mintmark is minutely doubled.
From Abner Kreisberg’s sale of January 1970, Lot 1931.
Lovely Mint State 1851 $20
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792 1851 MS-62 (PCGS). Sharply struck with brilliant, frosty greenish gold lustre and exceptional aesthetic appeal. A few very minor hairlines and other blemishes are noted. This lovely example is a nice companion to the Mint State 1850 offered above. Minor scratches about RIC on reverse.
Very minor reverse cracks through tops of a few letters.
From Stack’s ANA Sale, August 1976, Lot 3160.
Mint State 1851 Double Eagle
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793 1851 MS-60. Slightly finer with a light vertical scratch on Liberty’s cheek. Few other minor abrasions. This example has outstanding satiny green-gold lustre with frosty field only behind the eagle, an interesting effect.
Purchased from Paramount, February 28, 1974.
Important 1851-O Double Eagle
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794 1851-O MS-60. An impressive coin, with a dark obverse planchet flaw northwest from Liberty’s forehead. Unfortunately, some misguided soul attempted to diminish this by use of an abrasive, and left a patch of fine hairlines in the upper left obverse field. Otherwise, this example would qualify for one of the very finest known.
Perfect dies.
From Lester Merkin’s sale of October 1966, Lot 365.
795 1851-O EF-40. Cleaned with light hairlines. Bright greenish yellow gold and still quite attractive. Slight weakness is visible at upper left obverse.
Harry Bass enjoyed collecting double eagles—both as a store of value and also because of their interesting die characteristics. Over a span of years there are many curious variations in date logotype positions, mintmarks, die states, and other variations—all of which can be fascinating to observe under magnification.
Purchased from Dick Martin, November 1971.
Mint State 1852 Double Eagle
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796 1852 MS-60. Frosty light yellow gold with minor abrasions and light hairlines, otherwise, choice. An extremely attractive example in all other aspects and a further companion for the 1850 and 1851 issues offered among the previous several lots.
From Stack’s sale of the Miles Collection, October 1968, Lot 828.
797 1852 AU-50. Dull yellow gold surfaces with traces of lustre. Very sharply struck, however, impaired by numerous light hairlines.
The obverse is cracked through the date and most stars, heaviest at star 13. The reverse is cracked through the tops of AMERICA.
Purchased from Jim Hayes, August 18, 1972.
798 1852 EF-45. Frosty greenish gold with considerable remaining lustre.
Perfect obverse. Lightly cracked through the tops of AMERICA.
Purchased from Abner Kreisberg, August 30, 1973.
799 1852 EF-45. Lightly abraded yellow gold with considerable lustre remaining in the protected areas.
Obverse and reverse appear perfect.
Purchased from Lester Merkin, June 15, 1967.
Lustrous 1852-O Double Eagle
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800 1852-O AU-58. Frosty light yellow gold with considerable lustre on both obverse and reverse, the reverse more reflective. Sharply struck. Light hairlines, mostly on the obverse, indicate that this has been cleaned. This would qualify as one of the very finest known were it not for the hairlines. A most attractive example.
Perfect dies.
Purchased from Jim Hayes, December 20, 1972.
801 1852-O EF-45. Prooflike yellow gold surfaces with moderate abrasions. A pleasing example for the date or type collector.
Purchased from Paramount, February 12, 1968.
Amazing Mint State 1853/2 Double Eagle
The Only Mint State Example
Certified by PCGS
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802 1853/2 Breen-7162. Overdate. MS-61 (PCGS). A scarce overdate which is virtually unknown in Mint State. This is the only example certified in any Mint State grade by PCGS. Furthermore, only one example has been graded Mint State by NGC, and that is this coin, with the NGC tag accompanying this lot. Delightful deep yellow gold lustre with minor surface marks and a light scratch in the left obverse field. We do not hesitate to declare this the finest known 1853/2 double eagle!
Clearly an 1853/2 overdate in the opinion of the cataloguer (Mark Borckardt), although when David Akers compiled his auction analysis of double eagles in 1982, he argued: "One variety is called an overdate, 1853/2. To be sure there is something ‘under’ the 3 in the date but whether or not it is really a 2 or just a recut 3 is difficult, if not impossible, to tell for sure." Per contra, Dave Bowers tends to agree with David Akers.
In comparison to the digit 2 in the lots above, the cataloguer (again Mark Borckardt) believes that this is in fact an overdate as described. In his Complete Encyclopedia, Walter Breen claimed discovery of this variety in Jacksonville, Florida, in January 1959.
Regarding Dave Bowers’ opinion, he is still studying characteristics of double eagles and as the Bass Collection Part IV catalogue goes to press has not concluded his efforts—with quite a few notes still to be correlated from various places.
PCGS Population: 1; none finer.
Purchased from the Goliad Corporation, February 9, 1994.
803 1853 AU-50. Lustrous light yellow gold with minor abrasions and few other blemishes. An attractive example for the date or type collector.
Purchased from Stack’s, December 7, 1971.
804 1853 EF-45. Lightly cleaned with frosty light yellow gold lustre.
Purchased from Ed Shapiro, September 20, 1967.
805 1853-O EF-45. An important opportunity for the date collector to obtain an example of this scarcer variety. Mintage was just 71,000. Light yellow gold with moderate surface marks and reflective fields. Light abrasions as expected for the grade. This is much more attractive than normally encountered. Probably about 125 to 150 examples survive, with this among the top third.
Purchased from Stanley Kesselman, July 21, 1967.
806 1854 Small Date. Breen-7166. EF-45. Lightly cleaned with minor hairlines over pale yellow gold surfaces. Lustre still remains visible within and around the devices.
Lightly cracked through the tops of MERIC.
Purchased from Michael Brownlee, April 17, 1967.
807 1854-S MS-63. Satiny orange-gold lustre with slight seawater etching and minor scratches. A pleasing example of the first San Francisco double eagle, probably worth about "MS-60 money."
Numerous reverse die cracks. Probably one of the pieces said to have been recovered from the S.S. Yankee Blade, but facts are scarce and rumors aplenty—some discussion of the whole matter will be found in Dave Bowers’ book, American Coin Treasures and Hoards, available from our Publications Department and leading numismatic booksellers everywhere.
808 1854-S Small Date. AU-55. Satiny light yellow gold with a hint of green. Very slightly reflective fields with exceptional quality, having few very minor abrasions or hairlines.
Large S mintmark is joined to eagle’s tail
Purchased from Robert Roth, December 2, 1969.
809 1854-S Small Date. VF-30. Abraded pale yellow gold surfaces with traces of lustre.
Large S mintmark is joined to eagle’s tail
Purchased from Rowe and Brownlee, August 4, 1967.
810 1855 EF-40. An attractive example in deep yellow gold with minor abrasions.
Purchased from Julian Leidman, May 30, 1972.
811 1855-S AU-50. Bright yellow gold with very pleasing surfaces. A few very minor hairlines in the left obverse field, and scattered marks on both surfaces, along with considerable lustre.
From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 2422.
812 1855-S EF-45. Lightly abraded yellow gold surfaces with considerable lustre.
Purchased from the Goliad Corporation, December 16, 1971.
813 1856 EF-40. Lustrous greenish yellow gold with moderate abrasions.
From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 2432.
Choice Mint State 1856-S $20
From the Gaston DiBello Collection
Sold by Stack’s, May 1970
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814 1856-S MS-64 (PCGS). Fully brilliant and frosty yellow gold lustre with very sharp design definition. The obverse has a couple small bagmarks on Liberty’s cheek, however, is very pleasing overall. The reverse reaches gem quality. This example has a pedigree dating to May 1970 and earlier, an important consideration in light of the current disbursement of coins from the S.S. Central America treasure.
From Stack’s sale of the DiBello Collection, May 1970, Lot 1213.
815 1856-S AU-58. Sharply struck with satiny yellow gold surfaces and minor hairlines. This is an attractive example with nearly full lustre.
From Stack’s sale of the Bartle Collection, October 1984, Lot 1085.
816 1856-S EF-45. Lightly cleaned with light yellow gold surfaces and minor abrasions. Traces of lustre remain visible.
From Stack’s sale of June 1972, Lot 920.
817 1857 AU-50. Subdued yellow gold lustre with a hint of pinkish orange toning. A pleasing example despite minor hairlines and other abrasions.
Purchased from Paramount, February 1974.
818 1857 EF-45. Pale greenish yellow gold with considerable remaining lustre.
A small horizontal artifact extends left from the lower left upright of 5.
From Superior’s sale of the Gilhousen Collection, February 1973, Lot 862.
819 1857-S Medium S. AU-58. An exceptional example with frosty light yellow gold lustre and a few minor imperfections. A light scratch is visible in the left obverse field. Acquired by Harry Bass long before discovery of the S.S. Central America treasure.
Very minor repunching is noted below the bases of 1 and 8. Medium S mintmark with normal A in STATES. This repunched date was not described in Walter Breen’s Complete Encyclopedia.
The S.S. Central America has brought to market over 5,000 1857-S double eagles in Mint State, and it will be interesting to see the market develop for these. We cannot help but think of the days of November 1962, when all of a sudden mass quantities of previously rare Morgan dollars began to be turned loose by the Treasury Department. After a period of a decade or two, the availability of such coins served to stimulate the market considerably, today in the year 2000 price levels are many multiples of what they were before the hoard was released. Regarding the 1857-S double eagles from the S.S. Central America the editor (QDB) does not collect double eagles— but has two specimens—an 1857-S from this ship and an 1865-S from the S.S. Brother Jonathan. It is probably the case—although we do not know as many of these were distributed through Blanchard besides those we sold—that the vast majority of the coins are in the hands of "new" buyers—people who have discovered the historic and romantic appeal of coins for the first time. At the American Numismatic Association Convention held in Philadelphia last August, record attendance was achieved, over 20,000 people, with the association stating that a prime drawing card was the "Ship of Gold" exhibit featuring this particular treasure. The editor knows first hand that at the special numismatic theatre at that convention, conducted by Bob Evans with the present writer playing a secondary role, the room was packed from wall to wall, from front to back, with standing room only—lots of excitement, lots of enthusiasm.
As noted earlier, the availability of the 1857-S double eagles from the S.S. Central America, not only has resulted in thousands of new people being introduced to what has been rightfully called "The World’s Greatest Hobby," but it has also elevated the interest in the double eagle series.
Purchased from Robert Roth, December 2, 1969.
Varied Selection of $20 Dates and Types
San Francisco Mint Issues
820 Quintette of Liberty double eagles representing all three design variations, known simply as Type I, Type 2, and Type 3. All are from San Francisco—Gold Rush metal in coin form: I 1857-S EF-40 I 1861-S VF-25 I 1872-S EF-40 I 1873-S Open 3. EF-40 I 1878-S VF-35. (Total: 5 pieces)
821 1857-S Large S. Net VF-35; sharpness of AU-50, obverse scratched. Considerable lustre remains.
Large S mintmark which Walter Breen considered very rare.
Purchased from Rowe and Brownlee, date not recorded although probably in fall 1967 based on the inventory number.
822 1858 AU-55. Lustrous greenish yellow gold with scattered surface marks. A pleasing example from the post S.S. Central America era. This is a scarce issue in higher quality with few Mint State examples known.
Purchased from Michael Brownlee, April 1967.
Scarce 1858-O Double Eagle
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823 1858-O EF-45. Moderately abraded greenish gold surfaces with traces of lustre. Although not fully struck, quite sharply defined for an example of this issue. Just 35,250 were minted.
Thin and weak mintmark as normal.
From Superior’s sale of the Gilhousen Collection, February 1973, Lot 866.
824 1858-S AU-55. Satiny orange-gold lustre with a few minor abrasions including a small patch of hairlines in the left obverse field.
From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 2425.
Important 1859 Double Eagle
Akers: "Pet" Date
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825 1859 AU-58 (PCGS). Nearly full lustre with greenish gold surfaces and lovely pinkish rose toning. A few minor surface marks are noted, however, the overall aesthetic appeal of this scarce issue remains quite high. Just 43,597 circulation strikes were minted with few remaining survivors. In fact, this is one of the very finest known, with only one better example graded by PCGS.
This is the finest 1859 double eagle offered from the Bass Collection. In 1976, Stack’s catalogued this as an underrated issue. Today, this date is more widely known as a rarity, however, prices still seem lower than other issues of similar rarity. David Akers described this as one of his "pet" dates.
Not to dwell upon the recovered "treasure" coins to undue length, but a piece such as this— not represented in such finds—reveals the true scarcity of many double eagle varieties of this era. We can close our eyes today and just imagine Harry Bass spending 30 years looking at coins offered to him, including many double eagles, and selecting this specimen as the finest to come under his gaze.
PCGS Population: 5; 1 finer (MS-61).
From Stack’s ANA Sale, August 1976, Lot 3195.
Rare 1859-O Double Eagle
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826 1859-O AU-50. Both obverse and reverse have reflective mirrored surfaces, however, the obverse is not as obviously prooflike due to harsh cleaning. Light green-gold with numerous hairlines and other imperfections on the obverse. The reverse is of exceptional quality. A very rare issue from a mintage of just 9,100 coins. We recommend in-person examination.
From Abner Kreisberg’s sale of January 1970, Lot 1940.
Desirable 1859-O Double Eagle
Winter: Third Rarest New Orleans $20
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827 1859-O EF-45 (PCGS). Very lightly abraded with rich deep yellow gold surfaces and considerable lustre in the protected areas. Somewhat weak definition. The elusive nature of the 1859-O is well known, and we need but mention that Doug Winter in his book on gold from this particular mint, described this as the rarest New Orleans double eagle after the famous 1854-O and 1856-O issues. Perhaps 60 examples survive from the original mintage, with this example solidly in the top third.
Heavy clash marks on the obverse
From Superior’s sale of the Gilhousen Collection, February 1973, Lot 869.
828 1859-S Breen-7199. Doubled Die Obverse. AU-50. A very important opportunity for the variety specialist. The obverse detail of Liberty is doubled, a doubled die with LIBERTY doubled below and features of her profile also lightly doubled. Lightly cleaned with considerable pale yellow lustre visible. A few minor surface marks are noted.
A close-up of LIBERTY may be found in Walter Breen’s Complete Encyclopedia on page 565. This is a dramatic doubled die rivaling many similar minor and silver coinage varieties.
Purchased from John Smies, April 20, 1967.
