1879-O $20 AU55 PCGS. CAC. Winter-1. With the discovery of gold at Sutter's Mill in 1848, the need for a way to rapid...

Description

1879-O Liberty Twenty, AU55
Seldom Seen This Fine
PCGS Green Label Holder, CAC

1879-O $20 AU55 PCGS. CAC. Winter-1. With the discovery of gold at Sutter's Mill in 1848, the need for a way to rapidly coin the large amounts of gold during the ensuing years and deal with an upset in the silver-to-gold value ratio, quickly became a priority for the Treasury. In 1849, legislation was passed by congress to authorize two new gold denominations: the gold dollar, intended for circulation, and the double eagle, which could rapidly absorb the newly mined gold into a coined form. The gold dollar went into production in 1849, and the double eagle followed in 1850, at the Philadelphia and New Orleans mints. The Southern mint's double eagle production was directly tied to deposits from California assayers and private miners, often taking the form of simple gold dust when it reach the New Orleans facility via steamship.

When the San Francisco branch mint opened for production in 1854, the majority of California gold was diverted from New Orleans to the West Coast mint, and double eagle coinage at New Orleans dropped to just 3,250 pieces that year. Subsequent double eagle production at the Southern facility continued to reflect limited gold deposits, a trend that continued until the State of Louisiana seceded from the United States in January of 1861, just months before the Civil War officially started. The New Orleans Mint was not returned to federal control until after the War, by which time the Philadelphia and San Francisco facilities were producing all necessary coinage for the country. The coining presses at New Orleans would remain silent for almost 18 years.

The Southern mint breathed new life thanks to the Bland-Allison Act of 1878, which called for the Treasury to annually purchase at least $2 million in silver to be struck into Morgan dollars, and the New Orleans site was re-opened in 1879 to support this effort. However, with silver coinage receiving priority, the 1879-O double eagle became the first, and last, Type Three issue produced in New Orleans. With a low-mintage of only 2,325 pieces, it represented a one-year type and a final-year issue.

Doug Winter estimates the surviving 1879-O population at 75-85 specimens in all grades, with most survivors seen in the VF-XF range. PCGS and NGC report only 14 certified 1879-O examples in Mint State. The last time we handled examples this fine was in April 2021, with an NGC MS61 and an NGC AU58+ (2/26).

This Choice AU example displays vibrant orange-gold surfaces with frosty overtones of rose. A light peppering of marks is seen throughout, typical of the issue and consistent with the grade, but none are individually bothersome. The fields and protected spaces are semireflective, particularly on the reverse, and complement the lustrous devices for outstanding eye appeal. With endorsement from CAC and being housed in a PCGS generation 3.1 green label holder, this coin should find a home in a fine collection or Registry Set.
From The Presidio Collection, Part II.

Coin Index Numbers: (NGC ID# 26B8, PCGS# 8990, Greysheet# 9931)

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 PCGS