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Lot: 1859
Auction: 1125   		1866-S $20 No Motto AU58 PCGS....
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Ended: May 28, 2009
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Buyer's Premium: 15% of the successful bid (minimum $9.00 per lot)
Description
Condition Census 1866-S No Motto
Liberty Double Eagle, Lustrous AU58


1866-S $20 No Motto AU58 PCGS. The year 1866 saw the addition of the motto IN GOD WE TRUST to the double eagle denomination, a result of the upsurge in religious belief during the Civil War. Although the two cent piece had featured the motto since its debut in 1864, it would be two more years before the double eagle design would be revised to include it. It must be remembered that all die production for the branch mints, until the latter part of the 20th century, was done at the Mother Mint in Philadelphia. So it was no problem to incorporate the reference to God on P-mint dies; San Francisco, on the other hand, had to either wait for new dies, or reuse an old reverse die. According to Breen's Complete Encyclopedia, six 1866-dated obverses were shipped from Philadelphia in November 1865, but the new reverses bearing IN GOD WE TRUST were not shipped until March 1866. Meanwhile, in February 1866, a mintage of double eagles was accomplished with the obverse dies paired with reused leftover dies from 1865.
The mintage of No Motto 1866-S double eagles has been estimated at 120,000 coins. Jeff Garrett and Ron Guth commented in 2006 concerning the issue:

"The Without Motto [compared to the 1866-S With Motto] is by far the rarest. It is actually one of the rarest double eagles of this type. Nearly all of the coins seen of the date are very well worn or heavily bagmarked. There are probably no more than 200 examples known in all grades. Extremely Fine pieces are rare, and in About Uncirculated the issue is considered a major rarity. Even by today's more liberal standards, there are no known Mint State examples. Both the Bass and Smithsonian specimens grade just Extremely Fine."

Since those words were published, there have been a few pieces certified in the lower Mint State grades, although AU58 examples such as the present coin are tied for the lower end of the Condition Census. Specifically, NGC has certified three examples, one each in MS60, MS61, and MS62. PCGS has graded one single coin MS60. As always, those data are subject to duplications and crossovers.
Heritage since 2006 has handled three examples, all certified AU58 PCGS, in its Signature Auctions:
--Central States, 4/2006, lot 4217, which realized $172,500;
--2007 FUN, 1/2007, lot 3717, which brought $195,500; and
--2008 FUN, 1/2008, lot 3317, which garnered $149,500.
The present piece, as far as we can determine from photographs in our Permanent Auction Archives, duplicates none of the above pieces and thus becomes the fourth of the five examples certified in AU58 at PCGS (and again, that service has only certified a single coin finer, in MS60). As expected for a lightly circulated gold coin from the Old West, the surfaces show some abrasions. The most mentionable are a pair in front of Liberty's nose, in the obverse field between star 2 and Liberty's mouth, between stars 12 and 13, and a mark below the eagle's right (facing) wing. Those marks will serve as pedigree identifiers. In keeping with the AU58 grade, there is almost complete mint luster found throughout both sides, and the light, attractive reddish patina further enhances the appeal.(Registry values: N4719) (#8945)

Auction Name: 2009 May Long Beach, CA Signature US Coin Auction #1125
Description: Heritage Numismatic Auctions offers U.S. and World coins, medals, and tokens in our Signature Auctions & Final Session Sales, held in conjunction with some of the largest numismatic conventions. These sales feature award-winning cataloging and photography. Call or e-mail one of our Consignment Directors to learn about selling through Heritage.
Auction Type: Signature: !! Heritage Live: After Internet bidding closes, live bidding will take place through www.HA.com/Live. Your secret maximum bid placed prior to the live event will compete against the live bids. To maximize your chances of winning, enter realistic secret maximum bids on our site. Many of our proxy bidders are successful at winning lots in these auctions, and usually below their secret maximum. You can also place last minute bids directly with us by e-mailing Bid@HA.com or calling 1-866-835-3243. (Important note: Due to software and Internet latency, live bids may not register in time, so enter realistic proxy bids.)

This lot is in:  Signature Floor Session (Live Floor, Live Phone, Mail, Fax, Internet, and Heritage Live) (lots 1-2139)
Internet bidding ends at 10:00PM CT the night before the floor session for this lot. During the live auction event, bidding in person is encouraged, and Heritage Live includes streaming audio and often video during the event.

Item Activity: 6 Internet/mail bidders, 1,040 page views



Previous Prices from Heritage Auctions
Lot Date Grade Service Realized
Auction 454, Lot 3317 Saturday, January 12, 2008 58 PCGS $149,500.00
Auction 422, Lot 3717 Saturday, January 6, 2007 58 PCGS $195,500.00
Auction 404, Lot 4217 Saturday, April 29, 2006 58 PCGS $172,500.00
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PLEASE NOTE: All prices realized reflect the final hammer price PLUS the buyer's premium in auctions that charge a buyer's premium. Each item has a notation at the top of the listing indicating whether that lot included a buyer's premium. Example: A item that sells with a final hammer price of $100 and a 15% buyer's premium will display with a price realized of $115. All information listed is intended to be as accurate as possible, but errors are possible. Please use this guide carefully and inform us of any inaccuracies.

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