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1856-O $20 -- Surfaces Smoothed -- PCGS Genuine. XF Details. Variety 1....
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Sold on Aug 26, 2025 for:
$132,000.00
Bid Source: Internet bidder
Description
1856-O Double Eagle, XF Details
From the Pittman Collection
1856-O $20 -- Surfaces Smoothed -- PCGS Genuine. XF Details.
Variety 1. To quote David Akers, "Without doubt, the 1856-O
Double Eagle is one of the rarest, most desirable, and most popular
of all U.S. gold coins." In the Liberty double eagle series, its
rarity is rivaled only by the 1854-O and the 1861 Paquet Reverse,
although the latter issue is nearly uncollectible. The 1856-O is
among the top rarities in the series, all mints considered.
Surviving examples typically appear only in high-profile auction
settings.This issue first began to get recognition for its rarity in the early 1930s, appearing in several auction sales during that time. In the John Nickerson Collection catalog (12/1933), for a coin consigned by J.H. Townsend, Thomas Elder wrote: "1856. New Orleans. Fine. Unpriced by Raymond in his book. Ex. Rare. May be first in these sales." The spark in collector interest in this issue may have been further spurred by the discovery of the Baltimore Hoard of gold coins by two boys in the cellar of a house on South Eden Street in August 1934. Among the thousands of dollars in face value of gold coins was a lone 1856-O double eagle, which would have been a newly minted coin at the time the hoard was buried circa 1857. The coins were auctioned with much public excitement on May 2, 1935, by a local coin and stamp dealer. The 1856-O twenty realized the highest price of any coin in the hoard. An account of the sale appears in the June 1935 issue of The Numismatist:
"The sale of the large hoard of gold coins found by two boys in the cellar of an occupied house in Baltimore last fall took place in Baltimore on May 2, and was in many respects one of the most unusual sales that has taken place in years. Most of the coins were dated between 1850 and 1856, although a few others were struck between 1834 and 1850. The Charlotte, Dahlonega and New Orleans mints were fairly well represented. The greater part of the hoard was in $20 and $1 pieces, although the $10 was well represented, but there was a comparatively small number of the $2.50 denomination. Not a single $3 piece was in the hoard.
"The sale was held by Perry W. Fuller, a Baltimore coin and stamp dealer, at the Lord Baltimore Hotel, under the order of the Circuit Court of Baltimore. About 100 were present, many of them attracted to the novelty of the sale. Most of the bidders were local collectors, with a few out-of-town dealers. The number of coins purchased for mail bidders was small, although Mr. Fuller stated that he had received bids for practically every lot in the sale.
"There were 55 pieces of the $20 dated 1850 of the Philadelphia mint. The price on these ranged from $32 to $36. The price on the $20 pieces of other mints ranged from $32 to $38, the majority selling for the minimum price or slightly above. Lot 119, a $20 of 1856 of the New Orleans mint brought $119 and was knocked down to a Virginia collector."
Despite decades of searching, surprisingly few 1856-O double eagles have turned up since the 1930s. This issue circulated in the South prior to the Civil War, and it is believed that many examples met their demise through the Confederacy, which shipped significant quantities of gold to Europe during the war that were later destroyed overseas. The scant mintage of 2,250 pieces hardly provided a sufficient pool out of which coins could survive for future generations. Today, only 25 1856-O twenties are traced, and it is unlikely that any significant number of unknown coins remains to be discovered.
This piece is the John Jay Pittman coin. Pittman purchased it privately in November 1961, and it first appeared at public auction in 1997, when Pittman's collection was broken up in the famous Akers sales. It has since appeared at auction thrice more. Akers noted light cleaning in the 1997 Pittman catalog: "Cleaned, now rather dull, although some of the original prooflike surface is still visible." In person, the surfaces are satiny and luminous, and the telltale hairlines of a light cleaning are only seen at certain angles. We also note an obverse scratch across the tip of Liberty's bust and the 8 in the date, although this is short and unobtrusive -- it is mainly noteworthy due to the remarkably smooth surfaces elsewhere on the coin. Almost all 1856-O double eagles exhibit scattered abrasions. This piece is well-detailed and displays rich yellow-gold patina.
Ex: John J. Pittman, purchased from Ed Bell (11/27/1961) for $3,000; John Jay Pittman Collection (David Akers, 10/1997), lot 1134, realized $35,750; FUN Signature (Heritage, 1/2005), lot 8831, realized $138,000; Central States Signature (Heritage, 4/2014), lot 5795, realized $164,500; ANA Signature (Heritage, 8/2019), lot 3924, realized $168,000; FUN Signature (Heritage, 1/2022), lot 4742, realized $204,000.
From The Crescent Collection.
Note for clients in the European Union: This lot is considered by the European Union to be “investment gold”. We believe that it meets the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC and thus should be exempt from import VAT regardless of the selling price. Any questions or concerns about VAT should be addressed to your accountant or local tax authority.
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Auction Info
2025 August 26 - 31 ANA US Coins Signature® Auction #1385 (go to Auction Home page)
Auction Dates
August, 2025
26th-31st
Tuesday-Sunday
Bids + Registered Phone Bidders: 18
Lot Tracking Activity: N/A
Page Views: 231
Buyer's Premium per Lot:
20% of the successful bid per lot.
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