1886 $20 AU58 PCGS....

Description

1886 Twenty Dollar, AU58
Low Mintage of 1,000 Business Strikes
Seldom Seen So Fine

1886 $20 AU58 PCGS. The 1886 double eagle is among a string of low-mintage issues that were the prevalent theme from the Philadelphia Mint for the decade of the 1880s. Treasury and Mint officials were conducting a nationwide campaign to increase the circulation of half eagles and eagles, by coining fewer double eagles.

The 1886 is not among the three proof-only issues of the decade -- those are the 1883, 1884, and 1887 -- but it is an extremely low-mintage date, showing 1,000 pieces struck for circulation complementing the proof production of 106 pieces. This business-strike example certified by PCGS at the near-Mint level is an extraordinarily rare coin by most measures. In fact, its status as a business strike may actually have increased its rarity. The few well-heeled collectors of the day who could afford to collect gold coins generally chose proofs for their sets. Circulation strikes were saved in high grade, if at all, quite by accident.

Another factor contributing to the popularity of this issue is that collectors assembling date sets of double eagles must obtain the 1886 Philadelphia strike; no branch mint double eagles were made in this year. The Carson City Mint was on a hiatus after 1885 that would linger until 1889. San Francisco was striking several hundred thousand Morgan dollars and dealing with the aforementioned increased production quotas for half eagles and eagles. From 1885 to 1886, San Francisco's output of half eagles grew from 1.2 million pieces (1885-S) to 3.3 million (1886-S); for eagles, the number surged from 228,000 to 826,000 coins.

The various numismatic experts vary rather widely in their estimates of the number of survivors, but one thing is certain: A coin such as this piece in a problem-free grade approaching Mint State is a rara avis in terra indeed. We find several records of Mint State coins trading at auction, but all of those trades were in the 1990s, some two decades ago. A PCGS Genuine Unc Details tooled specimen appeared as lot 5558 in our FUN Signature this year, realizing $129,250. An AU58 NGC piece in a Stack's Bowers auction in August 2011, lot 7779, brought $106,375.

Given the low mintage of 1,000 business strikes, this piece shows brightly reflective, semiprooflike fields, as expected. The devices show considerable mint frost, and slight cartwheel luster appears in the fields, more so around the device edges. Numerous small abrasions are scattered over each side, the only one worthy of singular mention a reeding mark, three reeds long, between the eagle's right (facing) wing and the I in AMERICA. Population: 3 in 58, 3 finer (6/14).
From The Christopher Bently Nob Hill Collection.(Registry values: N7079)

Coin Index Numbers: (NGC ID# 26BR, PCGS# 9006, GSID# 9822)

Metal: 90% Gold, 10% Copper
Weight: 33.44 grams
AGW: 0.9675oz
Mintage: 1,000

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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