1879-O $20 AU58 NGC....

Description

Sharply Defined 1879-O Double Eagle, AU58

1879-O $20 AU58 NGC. Shortly after the Civil War began in 1861 the coining presses at the New Orleans Mint fell silent. After 18 years of dormancy, the sound of machinery once again echoed off the walls of the Southern minting facility. Other than the substantial production of 2.9 million silver dollars struck to help meet the requirements of the Bland-Allison Act, little else was coined under the roof of the newly revived building. A paltry 1,500 eagles dated 1879 were struck, along with a similarly diminutive 2,325 twenty dollar gold pieces. Barely behind the 1856-O twenty with a mintage of 2,250 coins, the 1879-O boasts the second lowest mintage of all O-mint double eagle issues.
Why so few gold coins were struck during the reopening of the New Orleans Mint is unknown, but is likely a combination of operational issues and the new focus on producing silver dollars. The following year saw an increase in the production of eagles and silver dollars, but a halt to the minting of O-mint double eagles. As such, the 1879-O is the only Type Three double eagle struck at the New Orleans Mint. The number of survivors is expectedly low, with 100 or so pieces believed extant in all grades. The second edition of Doug Winter's Gold Coins of the New Orleans Mint (2006) puts the surviving population at between 75-85 examples, while Dave Bowers' 2004 reference on the subject estimates as many as 126 extant pieces. The latter number was likely influenced by the combined NGC and PCGS population data, which documents 133 1879-O twenties in all grades as of (12/08), although there is little doubt that the total is artificially high due to multiple resubmissions.
One thing that Winter and Bowers agree upon is the number of Uncirculated survivors. Winter suggests three to five pieces extant against Bowers' estimate of four to six examples. The two major grading services record eight specimens in Mint State condition as of (12/08), although six of those pieces are encapsulated at the MS60 level, with the finest--the amazing Dallas Bank specimen and Akers plate coin--grading MS63. The current example is as close to an Uncirculated 1879-O twenty that one will get without encountering a six-figure price tag.
Crisp definition is apparent on this near-Mint State example, with none of the design features showing even hints of weakness. The bright yellow-gold surfaces exhibit ample luster, and reveal just a few minor circulation marks, but are devoid of significant alloy spots that often occur on examples of this issue. This piece features great technical quality and aesthetic appeal. Census: 11 in 58, 7 finer (12/08).
From The Grand Lake Collection.(Registry values: N4719)

Coin Index Numbers: (NGC ID# 26B8, PCGS# 8990, Greysheet# 9931)

Weight: 33.44 grams

Metal: 90% Gold, 10% Copper

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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