1854-O $20 AU50 PCGS. Variety 1....

Description

1854-O Double Eagle, AU50
Premier Branch Mint Rarity
Seldom Encountered Finer

1854-O $20 AU50 PCGS. Variety 1. The New Orleans Mint began producing double eagles as soon as the denomination was authorized, with 141,000 coins struck in 1850. This mintage, and even higher mintages in 1851 and 1852 were a direct result of the California gold rush. Except for a few privately issued gold coins produced in California, the only options for coinage were the Philadelphia and New Orleans Mints. It is doubtful that much, if any, gold was transported to Charlotte or Dahlonega, as those Mints were primarily producing gold coins from locally mined metal.

Meanwhile, the United States Assay Office became a larger producer of gold coins in San Francisco throughout 1851 and 1852, and by 1853 became the minter of choice, and in 1854 the United States Branch Mint in San Francisco opened, providing a further coinage alternative, and a better choice for miners. By 1854, essentially all gold mined in California was minted in California, and little of the precious metal found its way to New Orleans. In 1854, just 3,250 double eagles were minted in Louisiana, making this the second-lowest mintage O-Mint double eagle, behind the 1856-O. Douglas Winter and Adam Crum discussed this issue in An Insider's Guide to Collecting Type I Double Eagles:

"The 1854-O is, along with the 1856-O, one of the two rarest collectible Type I double eagles. Examples are usually sold only at auctions of major 'name' collections. Ownership of an attractive 1854-O is considered a hallmark of a truly great collection of double eagles."

Although the mintage of this date was 1,000 coins greater than the 1856-O rarity, the two issues are of about equal availability today. Dave Bowers, in A Guide Book of Double Eagle Gold Coins, estimates a survival of 18 to 22 circulated examples of this date, and no Mint State pieces. For the 1856-O, he estimates 16 to 20 circulated coins and two Mint State pieces, for the very same total of 18 to 22 coins. Recently, Heritage numismatists compiled rosters for both the 1854-O and 1856-O that show 21 distinct specimens of the 1854-O have appeared in recent auctions and institutional collections (all in AU58 or lower grades) versus 23 examples of the 1856-O (one example in SP63, all others AU58 or below). PCGS and NGC have combined to certify 31 examples of the 1854-O, all between the grades of VF30 and AU58, including an unknown number of resubmissions and crossovers (2/15).

The present coin is a splendid AU example with vivid greenish-gold surfaces. Both sides have light abrasions with only a few deeper marks including an old scratch in the left obverse field from the top point of star 4. Pale rose color can be seen on the highpoints, providing a clear indication of the light wear on the surface. The pleasing surfaces retain much of their original mint luster with traces of prooflike reflectivity on each side. This remarkable example may qualify as a Condition Census piece, as only eight distinct specimens have been graded finer. It may be some time before a comparable specimen becomes available, once this lot is passed. As Doug Winter commented: "The serious collector will not have many opportunities to purchase an 1854-O double eagle. This is an issue that is so rare and desirable that you cannot really 'overpay' for it." The 1854-O is listed among the 100 Greatest U.S. Coins. Population: 3 in 50, 5 finer (2/15).
Ex: William Van Roden Collection (Stack's, 5/1968), lot 2414; Eugene Detmer Collection (Stack's, 2/1983), lot 1084; Auction '89 (RARCOA, 7/1989), lot 450; Denver Signature (Heritage, 8/2006), lot 5592; Baltimore Auction (Bowers and Merena, 11/2007), lot 4668, realized $368,000.(Registry values: N10218)

Coin Index Numbers: (NGC ID# 268T, PCGS# 8912, Greysheet# 9848)

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.

View Certification Details from PCGS