1886 $20 AU53 NGC....

Description

1886 Liberty Double Eagle, AU53
Classic Gold Rarity
1,000 Pieces Struck

1886 $20 AU53 NGC. For the first time since the Civil War broke out in 1861, gold coins began circulating at par with paper money in the Eastern part of the country in 1879. Mint officials anticipated a large commercial demand for federal gold coinage at the time, but the public had grown accustomed to the more convenient paper money over the years and no such demand developed. The Western states still adhered to hard-money economic policies, however. Accordingly, for much of the decade of the 1880s, the Philadelphia Mint produced only token mintages of double eagles. The San Francisco Mint usually produced large quantities of the high denomination gold coins but, for some reason, none were struck in 1886. The Carson City Mint was closed for coinage operations from 1886 through 1888 and the New Orleans Mint struck no double eagles after 1879. As a result, the meager Philadelphia mintage of 1,000 pieces was the only business-strike production for the year. A small proof mintage of 142 pieces was also struck to satisfy collector demand.
     Few 19th century collectors could afford to compile long date runs of double eagles and the few wealthy numismatists who did collect large denomination gold coins preferred to upgrade their collections by purchasing gold proof sets from the Mint every year. As a result, few high quality business-strike 1886 double eagles were saved by contemporary collectors. The issue is extremely elusive in AU53 condition and Mint State coins are virtually unobtainable today. PCGS CoinFacts estimates the surviving population at 40-60 examples in all grades.
     Early auction appearances of the 1886 double eagle feature proof examples almost exclusively. The only early appearance of the issue in business-strike format seems to be in lot 38 of the D.M. Kuntz Collection (Henry Chapman, 12/1908), where a Very Fine example brought $23. According to P. Scott Rubin, auction appearances continued to be sparse until the 1960s, when the coins became more available for some reason. Perhaps a number of coins surfaced in overseas holdings at that time. In any case, while the 1886 remains one of the rarest Liberty double eagles in today's market, examples are offered publicly about once or twice per year.
     The present coin is an impressive AU53 specimen, with just a touch of wear on the well-detailed design elements. The vivid yellow-gold surfaces show the expected number of minor abrasions and some chatter in the fields and on the devices. Some prooflike reflectivity is evident in sheltered areas. This coin will be a welcome addition to a fine collection of double eagles. NGC Census: 7 in 53, 19 finer (8/26).
Ex: The Allan H. Goldman Collection / Long Beach/Summer FUN Signature (Heritage, 7/2022), lot 3405.(Registry values: N7079)

Coin Index Numbers: (NGC ID# 26BR, PCGS# 9006, GSID# 9822)

Metal: 90% Gold, 10% Copper
Weight: 33.44 grams
AGW: 0.9675oz
Mintage: 1,000

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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