1866-S $20 No Motto AU55 NGC. CAC....

Description

1866-S Liberty Double Eagle, AU55
Elusive No Motto Variant
Final Type One Issue

1866-S $20 No Motto AU55 NGC. CAC. In 1866, the Philadelphia Mint delayed double eagle production until the new With Motto reverse dies were ready. Meanwhile, the San Francisco Mint was oblivious to the changeover. By the time the West Coast mint received instructions to cease striking 1866 No Motto double eagles, some 120,000 pieces were already produced. The circumstances were essentially a repeat of what happened when the 1861-S Paquet Reverse double eagles were released into circulation contrary to the Philadelphia Mint's decision to immediately halt the Paquet design's production. Communication between the West Coast and the Philadelphia Mint was slow, often taking at least a month for instructions to be exchanged.

The low number of survivors indicates only a fraction of the 1866-S No Motto twenties were distributed. Current estimates conclude no more than 250 examples of the 1866-S Type One design exist today in all grades combined. Once again, a parallel to the 1861-S Paquet Reverse double eagles exists, since about 200 to 250 of those coins survive despite their much lower mintage. At some point, most of the 1866-S No Motto twenties were melted.

Those coins that did survive are almost excessively abraded and scuffy. In 1982 David Akers wrote:

"When available, which is not very often, the 1866-S No Motto is typically VF and heavily bagmarked. A strictly graded EF is very rare and, above that level, the 1866-S No Motto is excessively rare and, for all practical purposes, unavailable."

The passing years have seen a limited number of About Uncirculated coins certified and a handful of coins that creep into the lower Mint State grades. The finest-known example is a solitary 1866-S No Motto found in the Saddle Ridge hoard, certified MS62 PCGS.

The present coin is one of the few to receive Choice About Uncirculated recognition, and even more notably one of the select few examples to secure CAC endorsement. Traces of prooflikeness remain at the margins. Only nominal small marks near Liberty's chin join tiny ticks that pepper the attractive, brassy-gold surfaces. Areas of soft-gray bag grime confirm the original patina, decorating the high points and nestling in the recesses. The 1866-S No Motto is the second-rarest S-mint twenty dollar issue (behind the rare 1861-S Paquet Reverse) and is a necessity for Type One double eagle specialists, serving as the final-year No Motto twenty. A strong bid is recommended. Census: 25 in 55, 17 finer. CAC: 3 in 55, 6 finer (8/23).(Registry values: N4719)
From The Samuel Winans Collection.

Coin Index Numbers: (NGC ID# 269W, PCGS# 8945, Greysheet# 9906)

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.

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