1862 $20 MS(PCGS#8937)

Spring 2023 U.S. Coins Auction

Auctioneer

Stack's Bowers

Lot Number

5296

Grade

AU53

Price

31,200

Lot Description

Key Date 1862 Double Eagle Desirable AU Preservation 1862 Liberty Head Double Eagle. AU-53 (PCGS). CAC. Offered is a rare About Uncirculated survivor of a low mintage double eagle issue that is scarce even in lower circulated grades. Attractively original, as befits the Fairmont Collection provenance, both sides exhibit warm, even color on lustrous surfaces. The strike is impressively bold, and the eye appeal is truly exceptional for this challenging issue. After striking a record total of 2,976,453 circulation strikes in 1861, the Philadelphia Mint delivered just 92,133 double eagles for commerce in 1862. This marked reduction in output resulted from the suspension of gold specie payments by Northern banks in late 1861 due to uncertainty about the outcome of the Civil War. Most examples of this issue were used in export trade, and survivors are scarce, representing coins that have been repatriated in recent decades. The 1862 has never been represented in quantity in double eagle finds, although the treasure of the S.S. Brother Jonathanshipwreck yielded a single coin. Fewer than 350 coins are believed extant in all grades, and in Mint State the estimate dwindles to only 35 to 50 pieces. This Fairmont Collection specimen, among the finest circulated coins extant, would serve as a focal point in an advanced gold cabinet. Provenance: From the Fairmont Collection - CAG Set. PCGS Population: 19; 26 finer, 14 of which are Mint State (MS-63 finest). CAC Population: 11 in all AU grades. To view all items From the Fairmont Collection - CAG Set click here. PCGS# 8937. NGC ID: 269M. Click here for certification details from PCGS. Image with the PCGS TrueView logo is obtained from and is subject to a license agreement with Collectors Universe, Inc. and its divisions PCGS and PSA.