1862 $20 MS62 PCGS....

Description

1862 Liberty Double Eagle, MS62
Elusive P-Mint Type One Issue
Ex: Harry Bass

1862 $20 MS62 PCGS. Ex: HW Bass Jr Collection/The Gilded Age Collection. The devastating Civil War began in 1861 and the financial uncertainties of that era caused widespread hoarding and melting of all precious metal coinage. Gold coins were almost never seen in circulation in the eastern part of the country and the government suspended specie payments later that year. Accordingly, the mintage of double eagles declined precipitously in 1862, when only 92,098 business-strike examples were struck. As a result, the 1862 is the most elusive Type One Liberty double eagle from the Philadelphia Mint today (discounting the uncollectible 1861 Paquet Reverse) and examples are rare in all grades. Eight examples were recovered from the wreck of the S.S. Republic, and another was found in the treasure of the S.S. Brother Jonathan, but no large hoards of this issue have ever surfaced. Doug Winter estimates the surviving population at 150-200 examples in all grades, with most examples seen in the XF-AU grade range.

There was little numismatic interest in regular-issue double eagles when these coins were released into circulation, as most 19th century collectors could not afford to set aside date runs of twenty dollar coins, and the wealthy collectors who could preferred proofs. Large denomination gold coins seldom appeared at auction before the 1930s. One early appearance of the 1862 Liberty double eagle was in lot 3062 of the Sloane, Lenz, and Others Collections (Thomas Elder, 1/1936), where the cataloger noted, "1862. P. Mint. Fine, Very rare." The terse description was typical of that era. Thanks to researchers like David Akers, Doug Winter, and Mike Fuljenz, catalogers have an extensive body of knowledge to draw on for descriptions today. Auction prices realized have skyrocketed in recent years, as evidenced by the $70,500 price realized by the present coin when it sold in a Stack's Bowers sale in 2014.

The coin offered here is a spectacular MS62 example that fits comfortably in the lower Condition Census for the issue. This coin was once included in the fabulous collection of Harry W. Bass, Jr., a mark of distinction for any coin. The design elements are sharply detailed, with full radials on the obverse stars and intricate detail on Liberty's hair and the eagle's feathers. The vivid orange-gold surfaces show the expected number of minor contact marks for the grade, with vibrant original mint luster on both sides. Overall eye appeal is terrific. We expect this classic gold rarity to attract spirited bidding when this lot is called. This coin is pictured on PCGS CoinFacts. Population: 4 in 62, 3 finer (1/25).
Ex: Public Auction Sale (Lester Merkin, 10/1969), lot 467; Harry W. Bass, Jr. Collection, Part III (Bowers and Merena, 5/2000), lot 809; Doug Winter, sold privately in 7/2001; Robert J. Galiette; Gilded Age Collection (Stack's Bowers, 8/2014), lot 12025, realized $70,500.(Registry values: N7079)
From The Mississippi Collection of Double Eagles, Part II.

Coin Index Numbers: (NGC ID# 269M, PCGS# 8937, Greysheet# 9799)

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 all of [The Mississippi Collection of Double Eagles, Part II ]

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