1854-O $20 VF30 PCGS. CAC. Variety 1....

Description

1854-O Double Eagle, VF30
The Only 1854-O With CAC Recognition
First Auction Appearance in a Decade

1854-O $20 VF30 PCGS. CAC. Variety 1. One of the earliest known auction records for an 1854-O double eagle was in Thomas Elder's John Nickerson sale (12/1933), a coin consigned by J.H. Townsend. Elder wrote: "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." It was the beginning of an era for New Orleans double eagles. Townsend's coin realized $100, a strong auction price for the period but one that would be more than doubled in 1946 with the sale of the Atwater coin, and again in 1949, by the Green coin.

In his Analysis of Auction Records (1982), David Akers wrote of the 1854-O twenty: "The exact number of specimens in existence is difficult to say with certainty but I would estimate the number to be in the range of 20-25 specimens at most." Between 1944 and 1982, Akers documented only 24 public auction appearances of an 1854-O twenty, leading him to rank it as the second-rarest New Orleans double eagle, behind the 1856-O. The perception that the 1856-O was slightly rarer seems to have been associated with its lower mintage (2,250 vs 3,250 coins), a narrative that began appearing in auction listings for the date in the 1940s, particularly with B. Max Mehl. It was not until recent years, with the construction of censuses for both dates and the discovery of a few new coins, that the 1854-O has been held on equal ground. In fact, we can currently confirm the survival of only 24 1854-O double eagles, while there are 25 known examples of the '56-O. However, which issue is technically rarer may be a pointless debate, or, as Doug Winter writes in Gold Coins of the New Orleans Mint, third edition, "When analyzing the rarity of New Orleans double eagles, the 1854-O and the 1856-O are obviously in a class of their own."

Most of the 24 known 1854-O double eagles can be traced back to at least the 1970s or 1960s, with several pedigreed to old-time collections such as the Eliasberg and Pittman coins. One piece, formerly of the Josiah K. Lilly Collection, resides in the Smithsonian Institution. Others have surfaced only in recent years, including a piece recovered from the S.S. Republic shipwreck, and a coin from an old family collection that made its first known auction appearance just last year (Heritage, 3/2018), after being off of the market for decades.

The coin offered here is one of just a few 1854-O double eagles not certified in AU grades. However, it is singularly important as the only 1854-O with CAC endorsement. It was a new discovery in 2009, when it first appeared at auction in Stack's Eldorado Sale (5/2009), lot 158. It has not been offered at auction again in the decade since.

Collectors of New Orleans gold well-know that when it comes to the 1854-O and '56-O twenties, the importance of condition falls by the wayside in the search to just find an example -- any example. Doug Winter writes: "Ownership of an 1854-O is regarded as a hallmark of a truly great collection of Liberty Head double eagles." That prestige is not dependent on condition. That said, however, the grade of this coin is merely a description of the extent of wear. For an O-mint twenty, the surfaces are remarkably smooth, and hints of luster glisten in the most protected areas of the fields. A few small marks on Liberty's cheek are minor compared to what is seen on many other New Orleans double eagles in this grade, serving chiefly as pedigree markers. Warm honey-gold color appears original and is most pleasing. This coin may grade lower than most 1854-O twenties, but its quality within that grade is beyond what many of the AU coins display within their respective grades. No New Orleans gold or Liberty double eagle collection is complete without an 1854-O. We like this one -- the only one of 24 known pieces recognized by CAC.
Ex: Two sisters with roots in Tennessee; Eldorado Sale (Stack's, 5/2009), lot 158.
From The Genau Collection. (Registry values: N7079)

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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