1857-O $20 MS62 Prooflike NGC....

Description

1857-O Double Eagle, MS62 Prooflike
From the S.S. Republic

1857-O $20 MS62 Prooflike NGC. The last couple of decades have seen a dramatic increase in the number of Type One double eagles, due to the discovery of three important gold treasures salvaged from the ocean depths. The treasures have realigned the relative rarity of the early 20-dollar gold pieces.

The S.S. Central America sank off the coast of North Carolina during a September 1857 hurricane in the Atlantic Ocean. The ship was carrying a massive cargo of California gold ingots and freshly minted double eagles, bound for New York. The loss triggered a financial panic.

The S.S. Republic was also lost during a hurricane in the Atlantic Ocean. The ship went down 100 miles off the coast of Savannah, Georgia, and carried a substantial quantity of gold and silver. The ship was sailing from New York to New Orleans.

On the other coast, the S.S. Brother Jonathan encountered a gale while sailing from San Francisco to Portland. The ship went down outside the harbor of Crescent City, California, on July 30, 1865, taking with it several hundred thousand dollars in gold coins, along with $200,000 in newly printed Federal currency.

Among the several thousand double eagles recovered from the three salvage operations, only four were examples of the 1857-O double eagle, and all four were found in the S.S. Republic treasure. The example offered here, housed in NGC's special S.S. Republic holder, is a remarkable coin that probably ranks as the second or third finest known of the issue. Doug Winter recorded this piece as the third finest of seven Mint State pieces in his 2006 reference, Gold Coins of the New Orleans Mint: 1839-1909.

Only 30,000 double eagles were minted in New Orleans during the year, and most survivors grade only VF or XF. Certified MS62 Prooflike, this example is the second finest of just seven Mint State examples that NGC has graded. The MS63 Harry W. Bass, Jr. specimen is the only Mint State 1857-O double eagle that PCGS has examined. The data is current as of March 2014.

This boldly defined twenty has brilliant yellow surfaces with mirrored fields around bold devices, with frosty light yellow mint luster. The result is a splendid cameo appearance with extraordinary eye appeal.
From The Charles G. Wright Family Collection.

Coin Index Numbers: (NGC ID# 2694, PCGS# 78921)

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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