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

Description

Rare 1866-S Double Eagle, AU55

1866-S $20 No Motto AU55 NGC. Recorded mintage figures of U.S. coins are sometimes meaningless. The 1866-S No Motto twenty is considered the second rarest of the S-mint double eagles, despite a reported mintage of 120,000 pieces, according to Dave Bowers in his A Guide Book of Double Eagle Gold Coins (2004). Actually, the recorded mintage figure for this coin has been the subject of debate for many years. The 2008 edition of A Guide Book of United States Coins documents the mintage of this issue at 12,000 pieces. The 1997 Guide Book qualifies the mintage of 12,000 coins as being only an estimate. Older versions of the same reference simply leave the mintage line blank. It is important to note that past and present researchers, including R.W. Julian most recently, have confirmed through a review of actual documentation in the National Archives that the San Francisco Mint did indeed strike 120,000 1866-S No Motto double eagles. It is apparent that someone, somewhere along the line, concluded that the 120,000 figure must be a typographical error and a zero was dropped.
Now that we have concluded that 120,000 1866-S No Motto twenties were struck, we must take on the next mystery: where did they go? Leading authorities unequivocally agree that only 200 or so of this issue exists in all grades combined. Were they melted? That is one plausible answer, especially considering that the 1866-S double eagle is a transitional date; the No Motto version is a Type One and the With Motto issue is a Type Two. Breen (1988) points out that six obverse dies were shipped to the San Francisco Mint in November of 1865 to be used with old reverse dies. The new With Motto reverse dies were then shipped four months later. Perhaps it was decided that all 1866 double eagles released for circulation should include the new With Motto design and the No Motto pieces were melted, considering that all 1866 Philadelphia double eagles were of the new Type Two design. Whatever the fate of the 1866-S No Motto twenties, it is a fact that a least some were released into circulation. We also know that even fewer, if any at all, were pulled from circulation and saved in high grade. The NGC Census Report confirms this fact, as only one piece has been graded as MS60 with none finer (8/07). The story is the same with the PCGS Population Report. Ample luster remains on this Choice AU specimen, which exhibits bright orange-gold coloration and is only moderately abraded. Census: 17 in 55, 4 finer (8/07).(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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