Heritage World Coin Auctions
FUN Signature US Coin Sale 1251 4-6 & 8-9 Jan 2017
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Liberty Double Eagles
1866-S $20 No Motto AU55 NGC. When gold coinage commenced at the San Francisco Mint early in 1866, Mint personnel used the only dies on hand to strike 120,000 Liberty double eagles of the old Type One design, without the motto IN GOD WE TRUST on the reverse. By the end of February, instructions were received from Philadelphia to only strike coins with the new Type Two design, but the directive came too late to prevent the release of most of the coins already struck. Thus, a communication failure resulted in the creation of one of the rarest issues in the Liberty double eagle series. Among San Francisco Mint Liberty twenties, only the 1861-S Paquet Reverse is more elusive.
Doug Winter estimates the surviving population of the 1866-S No Motto at 175-225 examples in all grades. This represents a low survival rate from an issue of 120,000 coins that was not subject to the catastrophic melting that early U.S. gold issues experienced. It is possible that some of the coins had not been released when the news came from Philadelphia, and the portion of the mintage still on hand may have been melted for recoinage. The coins that were released circulated heavily at the time of issue and experienced a high rate of attrition. Most examples seen today are in lower circulated grades, AU specimens are rare, and Mint State examples are virtually unobtainable. NGC and PCGS have combined to certify only nine Mint State coins, and even that small total may include some duplication (11/16). The finest-known example is the MS62 PCGS specimen recently discovered in the Saddle Ridge Hoard, which was offered at $1 million, but apparently failed to sell.
The coin offered here is a pleasing Choice AU specimen, with a decent strike that shows just a touch of the usual softness on the obverse stars. The orange-gold surfaces exhibit some scattered, grade-consistent abrasions that do little to detract from the attractive overall presentation. Census: 21 in 55, 14 finer (11/16).
From The Casady Collection.
1866-S $20 No Motto AU55 NGC. When gold coinage commenced at the San Francisco Mint early in 1866, Mint personnel used the only dies on hand to strike 120,000 Liberty double eagles of the old Type One design, without the motto IN GOD WE TRUST on the reverse. By the end of February, instructions were received from Philadelphia to only strike coins with the new Type Two design, but the directive came too late to prevent the release of most of the coins already struck. Thus, a communication failure resulted in the creation of one of the rarest issues in the Liberty double eagle series. Among San Francisco Mint Liberty twenties, only the 1861-S Paquet Reverse is more elusive.
Doug Winter estimates the surviving population of the 1866-S No Motto at 175-225 examples in all grades. This represents a low survival rate from an issue of 120,000 coins that was not subject to the catastrophic melting that early U.S. gold issues experienced. It is possible that some of the coins had not been released when the news came from Philadelphia, and the portion of the mintage still on hand may have been melted for recoinage. The coins that were released circulated heavily at the time of issue and experienced a high rate of attrition. Most examples seen today are in lower circulated grades, AU specimens are rare, and Mint State examples are virtually unobtainable. NGC and PCGS have combined to certify only nine Mint State coins, and even that small total may include some duplication (11/16). The finest-known example is the MS62 PCGS specimen recently discovered in the Saddle Ridge Hoard, which was offered at $1 million, but apparently failed to sell.
The coin offered here is a pleasing Choice AU specimen, with a decent strike that shows just a touch of the usual softness on the obverse stars. The orange-gold surfaces exhibit some scattered, grade-consistent abrasions that do little to detract from the attractive overall presentation. Census: 21 in 55, 14 finer (11/16).
From The Casady Collection.