1854-O $20 AU55 PCGS. Winter-1....

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1854-O Liberty Double Eagle, AU55
Legendary Branch Mint Rarity
Condition Census Example
Only 26 Examples Traced

1854-O $20 AU55 PCGS. Winter-1. The 1854-O is a landmark rarity in the Liberty double eagle series and examples are especially elusive in high grade. In his Gold Coins of the New Orleans Mint 1839-1909, Doug Winter writes:

"The 1854-O is, along with the 1856-O, one of the two rarest Type One double eagles from the New Orleans Mint. Examples are usually only sold at auctions which contain major 'name' collections. Ownership of an 1854-O is regarded as a hallmark of a truly great collection of Liberty Head double eagles."

Winter estimates only 30 to 40 examples of the 1854-O survive today in all grades, while PCGS CoinFacts suggests a similar total of 35 to 40 specimens extant. NGC and PCGS have combined to certify a total of 37 coins between them, including an unknown number of resubmissions and crossovers (12/25). No Mint State examples are known. We have traced 26 examples known to us in the roster below, including one coin in the National Numismatic Collection at the Smithsonian Institution.

Mintage and Distribution
The New Orleans Mint received substantial deposits of gold bullion from the rich California gold fields in earlier years, but that source largely dried up when the San Francisco Mint opened for operations in 1854. Accordingly, the New Orleans facility concentrated its resources on the production of silver coins and smaller gold denominations in 1854, and struck just a token mintage of 3,250 double eagles. A single pair of dies was used to strike all the coins.

The entire mintage was released into circulation at the time of issue and no high-quality examples were saved by contemporary collectors. Large denomination gold coins were too expensive for most 19th century collectors to systematically set aside for their collections, and there was little numismatic interest in branch mint issues of any denomination before Augustus Heaton popularized those issues in his widely publicized treatise Coinage of the United States Branch Mints in 1893. Advanced collectors, like Virgil Brand and John M. Clapp, began seeking out branch mint issues during that era, but the 1854-O twenties had been circulating for decades by then, suffering much wear and attrition along the way. It may be that many examples of the 1854-O were sent abroad by the Confederate government to facilitate trade during the Civil War, but few examples have ever been repatriated from overseas holdings. A single AU58 example was recovered from the wreck of the S.S. Republic.

From Obscurity to Celebrated Rarity
As Augustus Heaton noted in his famous treatise, high denomination gold branch mint rarities like the 1854-O double eagle were almost never found in 19th century collections and, even in the early 20th century, auction appearances were few and far between. The situation changed after the Gold Recall of 1933 took effect, when savvy collectors realized that collecting double eagles was one of the few options to legally invest in large quantities of gold during that era.

The 1854-O began appearing at auction at least as early as lot 1124 of the Nickerson-Butler-Edwards Collections (Thomas Elder, 12/1933):

"1854 New Orleans. Don't believe we ever had it before. It has a sale record of $200. Very fine. Unpriced in Raymond's book."

The $200 record price was a considerable sum at the time, but it pales to insignificance compared to modern auction records. Recent sales of the 1854-O include the AU55 PCGS coin in lot 3012 of the Dallas Signature (Heritage, 10/2008), that realized $603,750. Today, the 1854-O is universally recognized as one of the premier rarities in the U.S. gold series.

The Present Coin
The coin offered here is a highlight of an oldtime collection of double eagles that has just recently been certified by PCGS. It is completely fresh to the market, having last appeared in Stack's 1986 auction of the James and Margaret Carter Collection. This coin is an attractive Choice AU specimen that exhibits just a trace of wear on the high points of the design elements. The devices were strongly impressed, with full radials on the obverse stars and fine definition on Liberty's hair. The vivid orange-gold surfaces show the usual number of minor nicks and abrasions for the grade, with traces of original mint luster on the design elements and some prooflike reflectivity in the fields. A diagnostic die lump is evident on Liberty's neck, near the largest curl, and some die lines show in the tiara, around Y in LIBERTY. A couple of parallel scratches on Liberty's neck serve as pedigree markers. The 1854-O Liberty double eagle is a classic rarity in the U.S. gold series and the overall eye appeal is strong for this Condition Census example. We expect intense competition from series specialists and Registry Set enthusiasts when this lot is called. The 1854-O Liberty double eagle is listed among the 100 Greatest U.S. Coins. Population: 4 in 55, 1 finer (12/25).

Roster of 1854-O Double Eagles
This roster was compiled with the assistance of Ron Guth and the Numismatic Detective Agency.
1. AU58 PCGS. 55th Catalog (New Netherlands, 12/1960), lot 8; Dallas Bank (H. Jeff Browning) Collection (Sotheby's/Stack's, 10/2001), lot 10, $161,000; D.L. Hansen Collection.
2. AU58 NGC. Gilhousen Collection (Superior, 2/1973), lot 854; Harry W. Bass, Jr. Collection, Part III (Bowers and Merena, 5/2000), lot 780, $103,500; ANA Signature (Heritage, 7/2005), lot 10397, $431,250; Rare Coin Wholesalers, offered on their website for $749,500 on 2/3/2020.
3. AU58 NGC. Auction '79 (Stack's, 7/1979), lot 934; ANA Building Fund Sale (Steve Ivy, 12/1981), lot 1560; Century Collection Sale (Superior, 2/1992), lot 2938; King of Siam Proof Set (Superior, 1/1993), lot 1484, $39,600; FUN Signature (Heritage, 1/2002), lot 4011, $92,000; Eagle Collection (Heritage, 1/2004), lot 3087, $189,750.
4. AU58 NGC. Recovered from the wreck of the S.S. Republic; Monaco Rare Coins, sold privately in 2004.
5. AU55 PCGS. R.L. Miles, Jr. (Stack's, 10/1968), lot 833, realized $4,000; James and Margaret Carter Collection (Stack's, 1/1986), lot 408, realized $39,600. The present coin.
6. AU55 PCGS. Robert Marks Collection (American Auction Association, 11/1972), lot 1056; James & Margaret Carter Collection (Stack's, 3/1986), lot 528; Auction '88 (David Akers, 7/1988), lot 974; Cincinnati Collection (Heritage, 1/2005), lot 8829, $368,000; Rubic Collection (Heritage, 10/2011), lot 5099, $431,250; Charles G. Wright Family Collection (Heritage, 4/2014), lot 5793, $440,625.
7. AU55 PCGS. Richmond Collection, Part I (David Lawrence, 7/2004), lot 2246, $304,750; Horseshoe Collection (Bowers and Merena, 8/2010), lot 1818, $488,750.
8. AU55 PCGS. Arthur C. Fritz Collection (Lester Merkin, 10/1966), lot 372; United States Gold and Silver Coins Auction (Stack's, 3/1990), lot 1362; David & Jeannie Cheung Collection / Long Beach Signature (Heritage, 2/2001), lot 7079, $87,400; Close, Huntoon et al Collections (Bowers and Merena, 8/2007), lot 1906, $494,500; Baltimore Collection (Heritage, 10/2008), lot 3012, $603,750; Las Vegas Collection (Heritage, 1/2011), lot 5246, $460,000.
9. AU55 NGC. ANA Signature (Heritage, 8/2015), lot 4449, $340,750; Central States Signature (Heritage, 4/2016), lot 4815, $305,500.
10. AU55 NGC. Stanley Scott Collection (Bowers and Ruddy, 6/1975), lot 1129; Long Beach Signature (Heritage, 6/2014), lot 4897, $381,875.
11. AU53 NGC. Long Beach Signature (Heritage, 2/1994), lot 5521; FUN Signature (Heritage, 1/1999), lot 8414; Pre-Long Beach Sale (Goldberg Auctions, 2/2017), lot 1337.
12. AU53 PCGS. A specimen formerly pictured on PCGS CoinFacts website that cannot be plate matched to any appearance on this roster.
13. AU50 PCGS. Alex Shuford Collection (Abe Kosoff, 5/1968), lot 2412; John Jay Pittman; Pittman Collection, Part I (David Akers, 10/1997), lot 1128; Superior (6/1998), lot 2361; ANA Signature (Heritage, 8/2014), lot 5686, realized $329,000.
14. AU50 PCGS. William Van Roden Collection (Stack's, 5/1968), lot 910; Eugene Detmer Collection (Stack's, 2/1983), lot 1078; Auction '89 (RARCOA, 7/1989), lot 450; Denver Signature (Heritage, 8/2006), lot 5592; Baltimore Auction (Bowers and Merena, 11/2007), lot 4668; Central States Signature (Heritage, 4/2015), lot 5424.
15. AU50 PCGS. Amon Carter Collection (1/1984), lot 841; ANA Signature (Heritage, 8/1997), lot 7821; Mid-Winter ANA Signature (Heritage, 3/1998), lot 6507; Superior (9/1998), lot 2227; California Sale (Goldberg Auctions, 10/2000), lot 1142; Long Beach Signature (Heritage, 1/2004), lot 7239.
16. AU50 PCGS. Public Auction Sale (Stack's, 6/1979), lot 586; DEA and U.S. Marshals Service Sale (Heritage, 12/1988), lot 1370; FUN Signature (Heritage, 1/2003), lot 4873.
17. AU50. Louis Eliasberg, Sr.; United States Gold Coin Collection (Bowers and Ruddy, 10/1982), lot 883.
18. AU50. ANA Convention Auction (Paramount, 8/1974), lot 967; ANA Convention Auction (New England Rare Coin Auctions, 7/1979), lot 427; King of Siam Sale (Bowers and Merena, 10/1987), lot 2011; Charles Kramer Collection (Superior/Stack's, 11/1988), lot 730; Auction '90 (David Akers, 8/1990), lot 1947; James E. Haldan Collection (Sotheby's, 6/1996), lot 136; Americana Sale (Stack's, 1/2008), lot 9111.
19. AU50. Josiah K. Lilly Collection; Smithsonian Institution.
20. AU Details Cleaned NGC. Fun Signature (Heritage, 1/2023), lot 3892, $216,000.
21. XF45 PCGS. CAC. Central States Signature (Heritage, 4/2021), lot 3446, $276,000; Rarities Night (Stack's Bowers, 8/2024), lot 3446, $312,000.
22. XF45 NGC. From an old family collection, off the market for many years; Dallas Signature (Heritage, 3/2018), lot 3192, realized $204,000; Rarities Night (Stack's Bowers, 11/2019), lot 3187.
23. XF40 PCGS. Peter J. Schemenauer Estate (Bowers and Merena, 7/2005), lot 2721.
24. XF Details Cleaned NGC. Mann and Smedley Collections (Bowers and Merena, 9/1988), lot 549; FUN Signature (Heritage, 1/2014), lot 5515.
25. VF30 PCGS. Two sisters with roots in Tennessee; Eldorado Sale (Stack's, 5/2009), lot 158; ANA Signature (Heritage, 8/2019), lot 3921.
26. XF Details Cleaned Net VF30 ANACS. Bell Collection (RARCOA, 4/1963), lot 843; Tollett and Pryor Collections (Stack's, 4/1971), lot 884; James and Margaret Carter Collection (Stack's, 3/1986), lot 529; James A. Stack Collection (Stack's, 11/1989), lot 1494; Rarities Sale (Bowers and Merena, 1/1999), lot 1467; Houston Signature (Heritage, 12/2008), lot 2244.

Additional Auction Appearances
(Catalogs not available for comparison or lacking sufficient detail for plate matching.)
A. Rarities Sale (Bowers and Merena, 1/2010), lot 829.
B. ANA Signature (Heritage, 8/1998), lot 5733.
C. Bullet Sale (Heritage, 4/1990), lot 596.
D. Ronald Kessler Collection (Sotheby's, 3/1990), lot 374.
E. Central States Auction (RARCOA, 4/1976), lot 420.
F. Public Auction Sale (Abner Kreisberg, 6/1969), lot 1127.
G. Arrowhead Collection (Sotheby's, 5/1987), lot 345.
H. Pacific Collection (Hughes, 2/1978), lot 1378.
I. Public Auction Sale (Abner Kreisberg, 1/1970), lot 1935.
J. Fontani Collection (Kreisberg and Schulman, 3/1965), lot 182.
K. Baldenhofer Collection (Stack's, 11/1955), lot 1511.
L. Waldo Newcomer, inventory number 973; Colonel E.H.R. Green, via B. Max Mehl, circa 1931; King Farouk, via Stack's; Palace Collections of Egypt (Sotheby's, 2/1954), lot 180; Abe Kosoff.
M. Stephen Allen Collection (Stack's, 12/1950), lot 110.
N. Menjou Collection (Numismatic Gallery, 6/1950), lot 1955.
O. Dr. Charles W. Green (B. Max Mehl, 4/1949), lot 806.
P. Memorable Collection (Numismatic Gallery, 3/1948), lot 759.
Q. Public Auction Sale (Stack's, 12/1947), lot 579.
R. Public Auction Sale (Hollinbeck Coin Co., 11/1947), lot 10.
S. Lee Collection (Stack's, 10/1947), lot 1775.
T. William Cutler Atwater, before 1923; Atwater Collection (B. Max Mehl, 6/1946), lot 1336.
U. F.C.C. Boyd (World's Greatest Collection, Numismatic Gallery, 1/1946), lot 938.
V. J.F. Bell Collection (Stack's, 12/1944), lot 897.
W. 444th Sale (J.C. Morgenthau, 6/1940), lot 68.
X. 399th Sale (J.C. Morgenthau, 5/1939), lot 452.
Y. Wheeler-Norton Collections (Thomas Elder, 9/1938), lot 1529.
Z. 356th Sale (J.C. Morgenthau, 12/1935), lot 237.
AA. McCaw-Bauer-Leech Collections (Thomas Elder, 1/1934), lot 1204.
BB. Nickerson-Butler-Edwards Collections (Thomas Elder, 12/1933), lot 1124.(Registry values: N10218)
From The Mississippi Collection of Double Eagles.

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.

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