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

Description

1866-S No Motto Twenty, AU55
A Condition and Absolute Rarity

1866-S $20 No Motto AU55 NGC. The motto IN GOD WE TRUST first appeared on regular issue coins when it was introduced on the two cent piece in 1864. For most other denominations, those large enough to have extra space, the motto appeared in 1866. That was the transitional year for the double eagle, with No Motto dies used only at San Francisco. Mint records show that six obverse dies for the 1866 double eagle coinage were sent to San Francisco in November 1865, in preparation for the new year. Old reverse dies from 1865 remained serviceable, and were used with the 1866 obverse dies. Once the decision was made to add the motto, new reverse dies followed in March 1866.
The reverse die illustrated on this example remains in excellent condition, with a faint die crack to the left and right from the bottom of the D in the denomination. No other cracks, clash marks, lapping lines, or other die defects are visible. With the number of 1865-S double eagles found in the S.S. Brother Jonathan treasure, an interesting and plausible exercise would be a search for an 1865-S with the same reverse die crack.
All 120,000 1866-S No Motto double eagles were coined early in the year. However, the number of surviving specimens suggests a much lower actual mintage. Perhaps a portion of the original mintage was never released, and melted after the new dies arrived. Only about 200 to 250 coins still exist from that mintage, or about two coins per thousand struck (0.2%). Of those that do survive, AU coins are rarities and Mint State coins are extremely rare with a combined NGC and PCGS population of only five coins in MS60 or finer grades. In our sales we have never handled a Mint State example, and have handled only seven pieces equal to this coin or finer.
The frosty light yellow surfaces have deeper honey-gold rims, with scattered bagmarks that are inconsequential and expected on any surviving specimen. Census: 21 in 55, 10 finer (3/11).(Registry values: N4719)

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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