1862 $20 MS63 NGC....

Description

1862 Liberty Double Eagle, MS63
Most Elusive P-Mint Type One Issue
Condition Census Example

1862 $20 MS63 NGC. Ex: S.S. Republic. The financial uncertainties of the Civil War had a dramatic effect on the coinage of the period. Precious-metal coinage was widely hoarded and seldom seen in circulation after the government suspended specie payments late in 1861. Accordingly, the Philadelphia Mint reduced its output of Liberty double eagles to a meager 92,098 pieces in 1862. Bullion brokers shipped large quantities of gold coins overseas at a profit, where they were melted for recoinage in the following years, resulting in a low survival rate for the issue. 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 (including the present coin) 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 at the time, as most 19th century collectors could not afford to set aside long date runs of twenty dollar coins for their collections. The few wealthy collectors who could preferred to update their collections by ordering proofs from the Mint every year. Large denomination gold coins seldom appeared at auction before the 1930s, when collecting double eagles became popular for the first time. 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. Auction prices realized have skyrocketed in recent years, as evidenced by the MS63+★ NGC example in lot 3309 of the Long Beach Signature (Heritage, 2/2022), which brought $174,000.

The present coin fits comfortably in the Condition Census for the issue, as population data shows only two coins certified finer. Currently, NGC has certified one coin in MS64, one in MS63+★ , and two in MS63, while the finest examples at PCGS are three coins in MS63 (4/24). This spectacular Select specimen exhibits a sharp strike and the vivid orange-gold surfaces radiate especially vibrant mint luster from both sides. A few scattered, minor contact marks are consistent with the grade and eye appeal is terrific. This coin should find a home in the finest collection or Registry Set. Census: 2 in 63 (1 in 63+★ ), 1 finer (5/24).(Registry values: N7079)
From The Citizen Bold Collection.

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 Citizen Bold Collection ]

View Certification Details from NGC