1861-S Liberty Head Gold Double Eagle PCGS MS62
1861-S Liberty Head Gold Double Eagle PCGS MS62
Associated Press Article: https://apnews.com/press-release/ein-presswire-newsmatics/war-and-unrest-directv-ein-presswire-newsmatics-5c78c6b895158ebdb3a881fdb895b09c
- Mintage: 768,000
- PCGS Population: 9/2
- Finest Known: MS63+ (1) – No records of trading
- Neither of the two numerically finer known specimens in MS63 or MS63+ condition have ever sold publicly
- The 1861-S $20 is the lowest struck Civil War double eagle produced by the San Francisco Mint!
- The outbreak of the Civil War led to the federal government suspending specie payments in the later part of 1861, which would not make a return until the Resumption Act of 1875 was passed, resuming coin payments on January 1, 1879.
- While the ramifications of the Civil War and suspension of specie payments greatly affected all United States coinage, gold production at the Philadelphia Mint was among the hardest hit.
- A precipitous drop was witnessed as the Philadelphia Mint went from producing over 5.5 million gold coins in 1861, to a cumulative total of half that through war’s end, with 2.3 million gold coins struck between 1862 and 1865.
- The lack of production at the Philadelphia Mint mixed with the New Orleans, Charlotte and Dahlonega Mints being claimed by Confederate forces in 1861, meant the San Francisco Mint had to pull more than its fair share of weight for the nation.
- Double Eagle production made up most of the gold coins struck by the west coast mint during the Civil War with over 95% of all gold coins minted at the San Francisco Mint from 1861 to 1865, being twenty-dollar gold pieces.
- During the height of the Civil War when the Philadelphia Mint’s gold production was extremely constrained, for every 1oz gold piece minted the San Francisco in turn produced nearly five 1oz double eagles.
- In addition to the 1861-S $20 being the San Francisco double eagle from the Civil War era with the smallest mintage, it also endured heavier circulation than later issues.
- This can be partially explained by surviving shipwreck specimens from the SS Republic & Brother Jonathan, both of which went down in 1865, several years after the 1861-S $20s had already been distributed into the hands of commerce.
- Between NGC & PCGS combined only 65 Mint State specimens exist amongst the 1,665 coins certified in all grades, or another way to put it; less than 4% exist in Uncirculated condition!
- The date closest in comparison to the 1861-S $20 is clearly the 1862-S $20. Although, neither of the two MS63 examples have ever traded for the 1861-S $20 there has been a sale recorded for the 1862-S $20 in such condition.
- For the 1862-S $20 in MS63 there are 7 coins known, 6 in MS63 & like the 1861-S $20, a single coin graded MS63+. In early 2022, one of these six 1862-S $20s in MS63 realized nearly $70,000!
- Of course, if either the 1861-S $20 in MS63 or MS63+ were to come to light one could expect to see these coins trade for much closer to $100,000 if not exceed the six-figure barrier entirely
