Magnificent Gem 1865 Double Eagle

1865 $20 MS65 NGC. This is the final Type One Philadelphia Mint double eagle issue, and, until recently, the 1865 was a truly scarce item in Mint State. In 2002, writing in "An Insider's Guide to Collecting Type I Double Eagles", Douglas Winter and Adam Crum estimated the number of Mint State survivors at 12 to 15 pieces. In July of 2003, however, the wreck of the S.S. Republic was discovered, two hundred miles off the coast of Georgia. More than 17,000 coins, valued at hundreds of millions of dollars, were recovered from the Republic, and, to date, 307 of those pieces have been identified as 1865s, and certified by NGC in grades ranging from AU58 to MS66. All but nine of those examples have been assigned Mint State grades. Obviously, this event represents a sea change in the overall status of the 1865 issue. It should be noted, however, that only a small fraction of the S.S. Republic coins have been graded at MS65, though they make up a majority of that issue's 24 Gem survivors known to NGC, with a single MS66 atop the Census Report (10/08).
The currently offered Gem example is a sharply struck double eagle with brilliant, light yellow-gold color and exceptional mixed luster, mostly frosty on the obverse, but with a pleasing satiny sheen on the reverse. The surfaces are well preserved, and, while the obverse fields and central device have a few faint luster grazes and nicks that are consistent with the grade, these hardly detract at all from this coin's splendid overall eye appeal. The obverse is covered with fine diagonal die polish lines, slanting down to the right, while the reverse has a few such lines, slanting down to the left, that are visible above the eagle's head and within the shield. The obverse has a slanting die line extending through the upper part of star 4, and into the field. The reverse has several spidery die cracks that reside mainly near the upper reverse legends and near the eagle's wing tips. A small milky area, directly to the right of obverse star 4, may represent a faint fingertip remnant from long ago, but is not worthy of much concern.
All in all, we would have to classify this piece as a remarkably clean and attractive example, and we highly recommend it for consideration to potential bidders who are interested in finding that one special piece, either as a type representative or to fill a previously near-impossible role as a Gem specimen of this Civil War date.(Registry values: N1) (#8943)

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