1858-S $20 MS63 NGC....

Description

1858-S Double Eagle, MS63
The Sole Finest at NGC

1858-S $20 MS63 NGC. In 1858 U.S. gold coin output dropped by nearly $10 million compared to the previous year, totaling $22,875,737.50. However, as in 1857, most of the year's total gold output comprised double eagles from San Francisco, nearly $17 million worth. By all counts, the 1858-S twenty should be common today as a result, but that is not the case for high-grade examples. The lack of Mint State coins in any significant quantity can be attributed primarily to collecting habits of the era. Numismatic interest in U.S. coinage by date and mintmark was a habit that was still in the distant future in 1858. Additionally, few collectors existed with sufficient wealth to collect double eagles of any sort, and most of them would have preferred a proof over a business strike. Collecting tastes of the era ran much more to Colonial coins, Washingtonia, and early American rarities than current 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 has remained for more than a decade as the sole finest 1858-S double eagle on the NGC Census, and it is tied with two reported PCGS coins in this grade for the finest known of the date. While other Mint State pieces exist, this coin is of such superior quality to the majority that its survival is extraordinary. Although its provenance prior to the early 21st century is undocumented, this Select Mint State yellow-orange example offers much charm and eye appeal. A couple of grade-defining contact marks are seen with a loupe, but none are obtrusive. The obverse is boldly struck if not absolutely, and on the reverse minor softness appears at UNUM on the scroll ornament. Census: 1 in 63, 0 finer (3/23).
Ex: FUN Signature (Heritage, 1/2012), lot 5035.(Registry values: N1)

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

Metal: 90% Gold, 10% Copper
Weight: 33.44 grams
AGW: 1.06oz
Mintage: 846,710

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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