1866 $20 MS64★ Deep Prooflike NGC. CAC....

Description

1866 Liberty Double Eagle, MS64★
Only Certified Deep Prooflike Example
Finest-Certified First-Year Type Two Issue

1866 $20 MS64★ Deep Prooflike NGC. CAC. All Type Two double eagles are rare in Mint State. That is a given -- but there is rarity, and then there is historical rarity. Numismatically speaking, it was an historic event when in 1866 the motto IN GOD WE TRUST was added to larger circulating coinage denominations including silver quarters, half dollars, dollars, and gold half eagles, eagles, and double eagles. Almost 700,000 With Motto double eagles dated 1866 were struck at the Philadelphia Mint. Because this date was the first Type Two twenty issue, logic suggests numerous examples might have been saved by collectors and mint officials as examples of the first year of type, as was seen with other first-year type coins, but such is not the case.

Today, just 138 double eagles dated 1866 have been graded in all Mint State grades by PCGS and NGC combined. Of these, only 14 are graded MS62, one in MS63, and two coins in MS64 (4/24). All others are MS60 or MS61. Of the two MS64 coins, one is by PCGS and the other is this extraordinary coin by NGC, which has been awarded the NGC Star designation with Deep Prooflike status. No finer business strike specimen of the 1866 date has been graded or, to our knowledge, is rumored to exist.

It is astonishing that any near-Gem double eagles have survived at all. The heavy gold coins were susceptible to damage the moment they dropped from the coining press into a large, metal receiving bin. Transport from the Mint to points of distribution required a jostling ride by horse-drawn wagon, ship or, in some cases, by rail. Coins would shift and bang against each other, suffering repeated abrasions and rim damage. How could this coin have escaped such a fate? The answer may be found by examining its immaculate surfaces.
The coin was clearly struck from freshly-lapped dies, resulting in deeply reflective, prooflike fields. Since coining dies lose their mirrored surfaces after 100 strikes or so, it is clear this coin was among the first struck from carefully prepared dies. Thick frost on the portrait, eagle, and other devices suggest special care was taken with this coin form start to finish in the coining process.

Although the surfaces are deeply mirrored, it is certainly a business strike since it lacks the diagnostic doubling on the central reverse seen on proofs of this issue. Just as telling is the evidence of coin-to-coin contact that indicates it may have been rescued shortly after minting and set aside before further transport with other business strikes.

Aesthetically, the coin is breathtaking. The reddish-tinted, orange-gold color vibrates over brilliant, lustrous surfaces. The magnificent, cameolike devices display contrast with fields so deep and reflective the effect is mesmerizing. It has excellent eye appeal and quality as confirmed by the NGC Star and CAC approval.

Until this coin surfaced, there was no widespread knowledge of its existence among collectors, nor was it listed in any of the standard references. This is simply the finest example known of this first-year of issue of the short-lived Type Two design.
Ex: FUN Signature (Heritage, 1/2014), lot 5537.
From The Mercury Rising Collection, Part II.

Coin Index Numbers: (NGC ID# 269X, PCGS# 78949)

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 Mercury Rising Collection, Part II ]

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