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 AU58 NGC. Small S. By Congressional mandate, the design of the double eagle was modified in 1866 to include the motto IN GOD WE TRUST on the reverse, inside the circle of stars. The change was instituted immediately in Philadelphia, but the order to switch to the new Type Two design was not received in San Francisco until after production had started, using the older Type One reverse. As a result, about 120,000 double eagles of the old design were struck in February, before the switchover took place.
The coins were released into circulation and apparently none were saved by contemporary collectors. Collecting double eagles was not popular at the time, because the high face value of each coin made an extensive collection of dates (much less mintmarks) prohibitively expensive for the average collector. Also, the double eagle was a relatively new issue (first struck in 1850) and most collectors saw them as historically uninteresting and artistically uninspired. This combination of lack of interest and high cost made collecting large denomination gold coins unpopular until the late 1930s. After the Gold Recall of 1933, astute collectors like Dr. Charles W. Green and Louis Eliasberg, Sr. realized that collecting double eagles was one of the few legal opportunities to invest in gold in this country. By then, the old Type One double eagles had been circulating for seven decades, with heavy loss and attrition along the way. The 1866-S is one of the rarest Liberty double eagles in today's market, and high-grade specimens are especially elusive. When B. Max Mehl sold an example in lot 827 of the Dr. Charles W. Green Collection (Mehl, 4/1949), he noted:
"1866 S. Without motto. Extremely fine, with considerable mint luster. Light hair-lines on obverse. The coin shows but very slight evidence of circulation. Extremely rare. Far more than is generally recognized. This identical specimen is from my Sale of Mr. Philpott's Collection, November, 1945, where Dr. Green obtained this coin at a cost of $210.00. But Dr. Green was willing to pay up to $ 525.00 for it, as he recognized its real rarity. Even the great Atwater Collection did not have a specimen. Catalogs at $200.00 which I think is far too low for this rarity."
The lot realized $315, validating Mehl's estimate of its true value. The current price realized record for an 1866-S belongs to the MS62 NGC specimen in lot 5712 of the Chicago Signature (Heritage, 8/2014), which realized $246,750.
The present coin is an impressive near-Mint example that shows a better-than-average strike for the issue, with just a trace of high-point wear on the devices. A touch of the typical softness shows on the hair near the ear and the first three stars, but the other stars are sharp and the reverse exhibits bold detail throughout. The pleasing orange-gold surfaces retain traces of original mint luster and show the expected number of minor contact marks for the grade. Altogether, the presentation is quite attractive for this rare and underrated branch mint issue. Census: 8 in 58 (1 in 58+), 6 finer (10/16).
Selections From The Dr. James C. Kirk Collection of Saint-Gaudens Double Eagles.
1866-S $20 No Motto AU58 NGC. Small S. By Congressional mandate, the design of the double eagle was modified in 1866 to include the motto IN GOD WE TRUST on the reverse, inside the circle of stars. The change was instituted immediately in Philadelphia, but the order to switch to the new Type Two design was not received in San Francisco until after production had started, using the older Type One reverse. As a result, about 120,000 double eagles of the old design were struck in February, before the switchover took place.
The coins were released into circulation and apparently none were saved by contemporary collectors. Collecting double eagles was not popular at the time, because the high face value of each coin made an extensive collection of dates (much less mintmarks) prohibitively expensive for the average collector. Also, the double eagle was a relatively new issue (first struck in 1850) and most collectors saw them as historically uninteresting and artistically uninspired. This combination of lack of interest and high cost made collecting large denomination gold coins unpopular until the late 1930s. After the Gold Recall of 1933, astute collectors like Dr. Charles W. Green and Louis Eliasberg, Sr. realized that collecting double eagles was one of the few legal opportunities to invest in gold in this country. By then, the old Type One double eagles had been circulating for seven decades, with heavy loss and attrition along the way. The 1866-S is one of the rarest Liberty double eagles in today's market, and high-grade specimens are especially elusive. When B. Max Mehl sold an example in lot 827 of the Dr. Charles W. Green Collection (Mehl, 4/1949), he noted:
"1866 S. Without motto. Extremely fine, with considerable mint luster. Light hair-lines on obverse. The coin shows but very slight evidence of circulation. Extremely rare. Far more than is generally recognized. This identical specimen is from my Sale of Mr. Philpott's Collection, November, 1945, where Dr. Green obtained this coin at a cost of $210.00. But Dr. Green was willing to pay up to $ 525.00 for it, as he recognized its real rarity. Even the great Atwater Collection did not have a specimen. Catalogs at $200.00 which I think is far too low for this rarity."
The lot realized $315, validating Mehl's estimate of its true value. The current price realized record for an 1866-S belongs to the MS62 NGC specimen in lot 5712 of the Chicago Signature (Heritage, 8/2014), which realized $246,750.
The present coin is an impressive near-Mint example that shows a better-than-average strike for the issue, with just a trace of high-point wear on the devices. A touch of the typical softness shows on the hair near the ear and the first three stars, but the other stars are sharp and the reverse exhibits bold detail throughout. The pleasing orange-gold surfaces retain traces of original mint luster and show the expected number of minor contact marks for the grade. Altogether, the presentation is quite attractive for this rare and underrated branch mint issue. Census: 8 in 58 (1 in 58+), 6 finer (10/16).
Selections From The Dr. James C. Kirk Collection of Saint-Gaudens Double Eagles.