1859-O $20 AU58 PCGS. Variety 3....

Description

1859-O Liberty Double Eagle, AU58
Elusive Branch Mint Issue
Condition Census Example

1859-O $20 AU58 PCGS. Variety 3. The 1859-O Liberty double eagle boasts a small mintage of 9,100 pieces, making it an elusive issue in all grades. Experts believe the 1859-O is the fourth-rarest double eagle from the New Orleans Mint, trailing the 1854-O, !856-O, and 1855-O issues. PCGS CoinFacts estimates the surviving population at 75-100 examples in all grades. PCGS has certified six coins in AU58 (one of them in AU58+), with two finer (in MS60), while NGC has graded 11 specimens in AU58, with none finer (5/21). Even these small totals may include some crossovers and resubmissions. Heritage Auctions is privileged to present this Condition Census example in this important offering.

There was little numismatic interest in double eagles in 1859. Since the denomination was first issued in 1850, the novelty value of the coins had worn off, but they were still viewed as new, easily obtainable issues to the few collectors who could afford to collect them systematically. In addition, most collectors were only interested in forming date runs of federal issues - a single example of the denomination would suffice for any given year, regardless of which mint it was from. The few wealthy 19th century collectors who could afford to compile extensive date runs of twenty dollar coins preferred to update their collection by purchasing high-quality proofs from the Philadelphia Mint every year. As a result, most branch mint double eagles were released into circulation at the time of issue and circulated heavily in the regional economy for decades, until collector interest in the series developed in the 1930s. Most examples seen today are in the VF-XF grade range and properly graded AU58 specimens are decidedly rare.

Three die varieties are known for this important, rare issue, two of which are recent discoveries. The most noticeable distinction between the two known obverse dies is a difference in the date positions: one being higher than the other; with numeral 1s that vary slightly in shape and orientation to the dentils below. The two known reverse dies show relatively High and Low mintmarks. This example displays the lower-date obverse die, with the 1 centered over a dentil; and the reverse shows a High mintmark, located close to the eagle's tailfeathers.

This is a bright, semireflective example that has deep yellow-gold toning. The strike definition seems to be bolder-than-usual, with softness noted only on Liberty's hair curls, especially on the top of her head, and on the eagle's tailfeathers on the reverse. Clash marks are noted as usual on the obverse, including a star on Liberty's neck. Most of the surface marks are superficial, but a single moderate mark is noted in the obverse field just to the left of Liberty's chin. This coin should find a home in a fine collection or Registry Set.
Ex: ANA Signature (Heritage, 8/2014), lot 5696.(Registry values: N4719)

Coin Index Numbers: (NGC ID# 269B, PCGS# 8927, Greysheet# 9895)

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 PCGS