1858-S $20 MS63 NGC....

Description

MS63 1858-S Double Eagle
Tied for Finest Certified

1858-S $20 MS63 NGC. This 1858-S double eagle from the Galt's Gulch Collection, certified MS63 by NGC, is the sole finest certified at NGC. It is tied with one coin at PCGS in the same grade, unless the two grading events represent a single piece (10/11).
The San Francisco Mint in 1858 would strike only four of the six authorized gold denominations, forgoing the lowly quarter eagle and the three dollar. In 1857 the nation's six mints combined would strike some $32,217,040 in gold coins, with more than $28 million of that in double eagles (and much of that from San Francisco).
In comparison, in 1858 the total U.S. gold coin output would drop by nearly $10 million, to $22,875,737.50, likely reflecting the reduced economic activity precipitated by the financial Panic of 1857. And as in 1857, most of the year's total gold output comprised double eagles from San Francisco, nearly $17 million worth.
The lack of high-Mint State 1858-S Type One twenty dollar gold coins today can be attributed both to collecting habits of the era and to the lack of any shipwreck recoveries that carried significant quantities of the issue. While the 1856-S and, much more so, the 1857-S double eagles are available in high Mint State due to the sinking of the S.S. Central America in 1857, the next major shipwreck recoveries were of the S.S. Republic and S.S. Brother Jonathan, both of which sank in 1865 (October 25 and July 30, respectively).
Regarding collector preferences, collecting U.S. coin issues by date and mintmark was a habit that was still in the distant future in 1858. There were few collectors with sufficient wealth to collect double eagles of any sort, and most of them would have preferred a proof over a business strike. In any case, the collecting tastes of the era ran much more to Colonial coins, Washingtonia, and early American rarities much more than modern-day issues, whether proofs or business strikes. (There is no recorded proof mintage, but Akers comments that "this is the first date of which proofs were definitely made for collectors.") Breen writes, "After the financial panic of 1857, evidently few collectors were willing to risk tying up their capital in proof gold coins," and the same principle would apply doubly to business strikes.
This coin, likely at the top of the Condition Census, is apparently one of those special coins that survived through happenstance -- perhaps a treasured family heirloom passed down through the generations from some couple who moved to San Francisco in 1858. Although its history is lost to us, this Select Mint State yellow-orange example offers much charm and eye appeal on its own, despite the existence of a couple of grade-defining contact marks. The obverse is boldly struck if not absolutely, and on the reverse minor softness appears at UNUM on the scroll ornament. The obverse is also free of mentionable abrasions, while the reverse shows a straight tick in the field near the last A in AMERICA, and a straight, thin scrape crosses part of the lower shield stripes. Census: 1 in 63, 0 finer (10/11).
From The Galt's Gulch Collection.(Registry values: N1)

Coin Index Numbers: (NGC ID# 2699, PCGS# 8925, Greysheet# 9894)

Weight: 33.44 grams

Metal: Gold

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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