1861-O $20 AU55 NGC. Variety 1....

Description

1861-O Liberty Double Eagle, AU55
Historic Southern Gold Issue
Rarely Seen in High Grade

1861-O $20 AU55 NGC. Variety 1. The 1861-O Liberty double eagle claims a modest mintage of 17,741 pieces, making it an elusive issue in all grades today. The outbreak of the Civil War created a unique situation that resulted in the coins being struck under the auspices of three different government agencies. The United States maintained control of the facility from January 1 through January 26, 1861, and produced 5,000 twenty dollar gold pieces during that time period. The State of Louisiana seized the New Orleans Mint on January 26 and coined 9,750 double eagles before turning the operation over to the Confederacy, on March 31. In turn, the Confederacy issued 2,991 examples of this denomination before the bullion supply ran out on June 1. Doug Winter and Dr. Joseph Gaines conducted lengthy studies on the 1861-O and have concluded that the coins struck by the Confederacy show a strong date and an obverse die crack from the rim at 8 o'clock to near Liberty's chin. Most 1861-O twenties, including this one, have a weak date and no die crack. The die evidence suggests this coin was struck before the Confederacy assumed control of the Mint.

There was little numismatic interest in double eagles in general, and branch mint issues in particular, until the late 1930s. As a result, most of the coins circulated heavily for decades before finding a home in any collection. Most examples seen are in the XF40-AU50 grade range today and Doug Winter notes, "Properly graded AU55 and AU58 coins are very rare." The few coins that appeared at auction in earlier times brought only small premiums. One early offering was lot 507 of the Charles W. Cowell Collection (B. Max Mehl, 11/1911):

"1861 Extra Fine. Bright mint bloom. Rare. The last gold coin to be issued at the New Orleans Mint after the breaking out of the war."

The lot realized $25.50, an average price for that time. Prices have skyrocketed in recent years, as interest in Southern gold continues to rise. Recent sales include the AU55 NGC specimen in lot 5704 of the ANA Signature (Heritage, 8/2014), that realized $76,375.

The present coin is an impressive Choice AU specimen, with a better-than-average strike that shows much interior detail on Liberty's hair and the star centers, despite some light wear on the high points. Like almost every specimen extant, the orange-gold surfaces of this piece show myriad minor abrasions from circulation and handling, but none are unduly distracting. The overall presentation is most attractive for this elusive and historically important issue. Census: 13 in 55 (1 in 55★ ), 20 finer (7/22).
From The John Franklin Donnelly Jr. Collection. (Registry values: N4719)

Coin Index Numbers: (NGC ID# 269J, PCGS# 8934, Greysheet# 9899)

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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