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Lot
4836

1866-S $20 No Motto AU50 PCGS....

2013 June 5 - 9 US Coin Signature Auction - Long Beach #1186

 
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Auction Ended On: Jun 6, 2013
Item Activity: 7 Internet/mail/phone bidders
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Location: Long Beach Convention Center
100 S. Pine Avenue
Long Beach, CA 90802

Description:
1866-S No Motto Twenty, AU
Second-Rarest S-Mint in the Series
1866-S $20 No Motto AU50 PCGS. The 1866-S No Motto twenties are an issue that resembles the mythical 1895 Morgan dollar business strikes, one that is notable for its absence. When the new With Motto reverse motif debuted in the Liberty Head series in this year, the dies were delayed in their shipment from the Philadelphia Mint die shop to faraway San Francisco. An estimated 120,000 pieces of the No Motto type were struck in the interim, but the issue is, overall, far rarer than that figure would lead one to believe. In fact, they are rarer than any other S-mint twenty of the design, save for the 1861-S Paquet Reverse coins.

Perhaps most of the coins were melted once the new dies arrived; a less-likely explanation is that they slipped quietly into circulation. Anything in XF or AU is finer than than the typical survivor, but far fewer are known today than if they had all been pressed into circulation. Likely no more than 200 examples exist in all grades.

The present AU50 PCGS example, for the most part, shows light field chatter with a few larger signs of contact consistent with a short spate in circulation, as opposed to the heavy, extensive handling marks that many survivors show. Considerable luster remains on deep orange-gold surfaces that show no singular distractions. A nice example of this seldom-seen issue. We believe the population data for this issue are particularly rife with resubmissions, but: Population: 16 in 50, 20 finer (4/13).(Registry values: N4719) (NGC ID# 269W, PCGS# 8945)

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