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Lot
4131

1856-O $20 XF45 PCGS. CAC....

2009 January Orlando, FL FUN Auction #1121

 
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Auction Ended On: Jan 8, 2009
Item Activity: 7 Internet/mail/phone bidders
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Location:

Orange County Convention Center
North/South Building
9400 Universal Blvd.
Orlando, FL 32819

Description:
Noteworthy Choice XF 1856-O Double Eagle
1856-O $20 XF45 PCGS. CAC. Aside from the non-collectible pattern 1849 twenty, three mintmarked issues stand alone among Liberty double eagles as the titans of the series. The dominant force among Type Two pieces is the 1870-CC, the first double eagle issue struck by Carson City and the rarest, a perennial favorite among Old West gold collectors as well. The other two prominent issues are a pair of antebellum New Orleans dates, the 1854-O and 1856-O. The two of them are oft-compared and the occasional numismatic rivalry has been played up in various numismatic publications.
To claim that the two issues are rare is an understatement. Focusing on the 1856-O, just eight certification events are present in the NGC Census Report and a mere 12 pieces are identified in the PCGS Population Report; almost assuredly, there is some overlap between the two sources of certified data, as well as within them due to resubmissions. Add in a handful of impaired examples, and an estimate of 20 to 30 survivors, as published by Doug Winter in his Gold Coins of the New Orleans Mint, appears accurate. This is a slightly smaller pool of available pieces than is known for the 1854-O, which holds true through most grades, though in Mint State, the 1856-O actually offers a prospect for owning an unworn example, unlike its earlier counterpart.
Further evidence of the 1856-O double eagle's rarity is offered by a comment made by Doug Winter to the numismatic press. In the January 28, 2008 edition of Coin World, he was quoted as saying that a near-Mint representative of the issue, which he encountered while acting as a liaison between a dealer and a private collector, " ... was the first I have handled in a few years." That Winter, one of the most widely acknowledged authorities on (and one of the best-known dealers in) Southern gold, would go years without coming into contact with an example is perhaps the best contemporary illustration of its rarity.
Interestingly, the past year has been a "golden" opportunity for the collector of the higher New Orleans denominations; not only did the AU58 coin brokered by Winter change hands, but late October 2008 saw the Baltimore Collection specimen, a near-Mint representative, sell at Heritage's Dallas auction. Both of those pieces rank among the finest examples known; coins in less than About Uncirculated have traded only infrequently in years past, denying hundreds of New Orleans gold enthusiasts the opportunity to own a comparatively affordable survivor from this issue's mintage of just 2,250 pieces.
The present Choice XF survivor offers a chance to remedy that situation. While lightly worn as expected, marks are few, and the surfaces certainly are not "very heavily abraded," the way Winter describes the issue at large. Strike is typical, with the usual patches of weakness on the portrait and the eagle's outermost feathers. The green-gold and yellow-gold surfaces show glimmers of their original reflective luster, most notably on the reverse. A small cluster of marks to the left of Liberty's nose are the only flaws warranting specific mention. For one fortunate New Orleans gold collector who has long coveted this king of the series, the wait will end when this important lot is hammered down. Population: 2 in 45, 9 finer (11/08).(Registry values: N10218) (NGC ID# 268Z, PCGS# 8918)

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