1858-O $20 MS61 PCGS. Variety 4....

Description

1858-O Liberty Double Eagle, MS61
Rarely Seen in Mint State
Condition Census Example

1858-O $20 MS61 PCGS. Variety 4. Variety 4, identified by a die line below the eagle's left (facing) claw. Gold deposits at the New Orleans Mint went into a steep decline after the San Francisco Mint opened for coinage operations in 1854. Accordingly, the famous Southern facility produced only limited numbers of double eagles every year throughout the remainder of the decade. In 1858, the mintage was just 35,250 pieces, certainly a modest production in absolute terms, but actually quite generous in the context of the series. The coins were released into commercial channels and circulated widely in both foreign and domestic trade.

Few 19th century collectors could afford to set aside long date runs of twenty dollar coins for their collections, and the wealthy collectors who did collect double eagles systematically preferred to update their holdings by purchasing proofs from the Philadelphia Mint every year. There was little numismatic interest in branch mint issues before Augustus Heaton published his landmark treatise on mintmarks in 1893, so New Orleans Mint issues were almost completely neglected. By the time collecting double eagles became popular, in the late 1930s, the 1858-O double eagles had been circulating for decades, suffering much wear and attrition along the way. Doug Winter estimates the surviving population at 225-275 examples in all grades, with only 6-7 specimens in Mint State. Three of the Mint State coins were recovered from the wreck of the S.S. Republic.

The present coin is an impressive MS61 example that fits comfortably in the Condition Census for the issue. The design elements are unusually sharp for the issue, with fine detail on the star centers and Liberty's hair. The mintmark does show some of the typical softness on the left side, however. The yellow and greenish-gold surfaces are lightly marked for the grade, outside of a few deeper marks on Liberty's cheek. Both sides exhibit a blend of satiny mint luster and prooflike reflectivity, with strong eye appeal throughout. This coin will be a welcome addition to the finest collection or Registry Set. Population: 2 in 61, 1 finer (6/22).(Registry values: N1)

Coin Index Numbers: (NGC ID# 2698, PCGS# 8924, Greysheet# 9893)

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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