1858-O $20 MS63 NGC. Variety 2....

Description

1858-O Double Eagle, MS63
Sole Finest Graded
Ex: S.S. Republic

1858-O $20 MS63 NGC. Variety 2. Ex: S.S. Republic.

This is a tale of two key-date Type One double eagles.

The New Orleans Mint had been open exactly 20 years when the 1858-O double eagles were struck, including this MS63 NGC top-graded example -- the first coin in our tale. The issue was struck to the meager extent of 35,250 pieces. The small production apparently slipped into circulation; today, most survivors grade only Very Fine to Extremely Fine. AU coins can be obtained for a price, but most of them are apt to grade no better than AU55. An AU58 example is a grade rarity, and Mint State examples are virtually unknown. The small mintage of 1858-O twenties would be much more discussed and noteworthy, save that the same decade and mint features remarkable rarities such as the 1854-O and 1856-O -- coins that today survive only to the extent of two or three dozen examples in all grades.

The second double eagle in our tale is an 1861-S Paquet Reverse double eagle, certified AU58 NGC, which sold in our FUN Signature (Heritage, 1/2012), lot 5039, for $184,000. The 1861-S Paquet twenty -- any example -- is well-known to collectors as the "1893-S Morgan dollar" of the S-mint Type One series, the key to the set and actually even rarer than the 1893-S, since it is unknown in Mint State.

The connection between these two coins is that both were recovered from the shipwreck of the S.S. Republic, which sank in a raging hurricane off the coast of Georgia in 1865, en route from New York to New Orleans with a cargo of $400,000 worth of eagles and double eagle.

New Orleans, a thriving commercial hub and an important, strategic port, had been captured by Union forces in 1862, but due to the recently ended Civil War, hard money -- gold and silver -- were in short supply.

In the four years since its production, the 1861-S Paquet twenty had made its way to New York, to constitute a small part of the cargo of the doomed S.S. Republic, along the way acquiring a few points of wear.

But our 1858-O double eagle, struck seven years before the sinking of the S.S. Republic, managed to travel from New Orleans to New York, and yet remain in pristine Mint State. This is the sole finest certified 1858-O double eagle at NGC and PCGS combined. NGC shows one MS60, two each in MS61 and MS62, and this lone MS63 (9/14). PCGS reports only a single Mint State example, an MS62 coin.

The surfaces of this coin indicate that it was likely stored in a bank bag for most or all of its existence, acquiring some reeding marks from jostling up against other coins along the way. A couple of small planchet flaws also appear, one just above 58 in the date, a second near star 1. But there is absolutely no trace of wear or friction, and full luster throughout both sides complements the beautiful apricot-gold color. The strike is remarkably well-executed throughout both sides. This sole finest known 1858-O twenty dollar should make both O-mint specialists and double eagle fans take long, hard notice. Interested bidders should bid liberally, as a second chance at this coin may not come for many years.(Registry values: N1)

Coin Index Numbers: (NGC ID# 2698, PCGS# 8924, Greysheet# 9893)

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 NGC