1866-S $20 Motto MS62 NGC....

Description

1866-S Double Eagle, Motto, MS62
Elusive Type Two Twenty in High Grade
None Certified Finer, Ex: Pittman

1866-S $20 Motto MS62 NGC. The design of the double eagle was modified in 1866 to include the motto IN GOD WE TRUST on the reverse. The San Francisco Mint struck the old Type One double eagles during the first part of the year, but switched over to the Type Two reverse in March. As transitional issues, both varieties of the 1866-S are always in demand from type collectors and series specialists alike.

Despite a large mintage of 698,745 pieces, the 1866-S is quite elusive in Mint State grades today. The majority of the coins circulated heavily in the regional economy, and most examples seen are in the VF-XF grade range. The coin offered here is one of the finest examples certified at either of the leading grading services, as PCGS has graded seven coins in MS62, with none finer, and NGC has certified only three specimens in MS62, again with none finer (8/13).

The present coin traces its history to the famous John Jay Pittman Collection. Pittman was a connoisseur who placed a high value on technical quality and eye appeal. When he sold the first part of Pittman's collection in 1997, David Akers described this coin as:

"Well struck and lustrous with beautiful medium orange gold color. The surfaces have a number of light hairlines and bagmarks, as well as some carbon streaks ... this coin is an unusually high grade example of this rare date. Nearly all known specimens grade only VF or XF, and the only other Uncirculated 1866-S I have seen is in the Harry W. Bass, Jr. Collection."

In the interest of transparency, we note that Akers mentioned several rim bruises in his description, which are well-hidden by the NGC holder and impossible to evaluate today. This coin is the first NGC-graded MS62 coin to appear at auction, since it was not certified at the time of the Pittman sale. A PCGS-graded MS62 specimen realized $39,100 when it was offered in 2006. We expect intense competition from advanced type collectors and Registry Set enthusiasts when this lot is called.
Ex: Hans M.F. Schulman; purchased privately by John Jay Pittman in March 1961 for $240; John Jay Pittman Collection, Part I (David Akers, 10/1997), lot 1145.(Registry values: N7079)

Coin Index Numbers: (NGC ID# 269Y, PCGS# 8950, Greysheet# 9907)

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 NGC