1863 $20 MS63 PCGS....

Description

1863 Twenty Dollar, MS63
Condition Census Blazer
Long-Underrated Condition Rarity

1863 $20 MS63 PCGS. An early auction appearance of an Uncirculated circulation strike 1863 double eagle was in the Belden E. Roach Collection (B. Max Mehl, 2/1944). At the time, there was no established value for high-grade circulation strikes, as collectors up to that time had generally preferred proofs to represent Philadelphia issues. Mehl, known for often praising coins in his lot descriptions, had nothing to say about the Roach 1863 double eagle except that it was "not worth anywhere near [the] amount" of a proof. Mehl's statement did not necessarily mean that he did not recognize the rarity of the coin, but rather that there was no auction data off of which to gauge the coin's value. It ended up realizing $82.50, reflecting just how underrated the coin was.

When David Akers performed his analysis of auction records for double eagles in 1982, he cataloged only four appearances of a Mint State 1863 since the Roach sale. He wrote in United States Gold Coins, Volume VI, "I have personally seen only two 1863's that I would call Unc. (both 60 quality only) and just a handful of legitimate AU's. Almost the entire business strike population of this date grades only VF or EF." Akers estimated the average grade of survivors to be only "VF-36."

The story changed in 2003. The wreck of the S.S. Republic, a gold-laden sidewheel steamship that sank in a hurricane in 1865, was discovered about 100 miles off the coast of Georgia. The following salvage operation yielded, among thousands of other coins, 35 1863 double eagles, many of which were later certified as Mint State. However, rather than pollute the market, the small number of coins recovered served to finally expose just how rare this issue had been in Mint State -- and still was. An immediate increase in auction appearances for high-grade 1863 double eagles was met with aggressive bidding, and after many decades of being underappreciated, this Civil War-era Philadelphia issue suddenly had the spotlight as a major condition rarity.

Today, most Mint State 1863 double eagles known are from the S.S. Republic, although many of these coins have been reholdered and lost their pedigrees. The finest known of this issue is a sole MS64 example at PCGS, followed in MS63 by just four others at PCGS and NGC combined (11/17). The auction record is held by the present example from its last offering in 2015, when it realized more than $85,000. It is the single finest piece that we have ever handled, and it is the only piece finer than MS61 that we have seen since the discovery of the S.S. Republic. The coin is not only exceptional in technical preservation but also in sheer eye appeal. Frosty wheat-gold luster delivers dazzling flash when tilted beneath a light, while the design elements are sharply struck. Light, scattered luster grazes on the obverse define the grade, though the reverse is seemingly undisturbed. Population: 2 in 63, 1 finer (11/17).
Ex: FUN Signature (Heritage, 1/2015), lot 4375.(Registry values: N7079)

Coin Index Numbers: (NGC ID# 269P, PCGS# 8939, Greysheet# 9800)

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