1861 $20 Liberty Head Double Eagle PCGS MS63
1861 Liberty Gold 5pc Denomination Set with 1861 $20 Medal (6pcs total) is priced collectively at $87,500.
(If sold separately it would be $90,750).
The production of nearly 3 million double eagles in 1861 and the outbreak of the Civil War seem to be more than just coincidental. The Annual Mint Director's Report of 1861 explained:
"The coinage of the past year consisted principally of double eagles. This was in consequence of the unusually large amount of gold deposits, the demand by depositors for that denomination of coin, and to prevent the delay inseparably incident to the conversion of the bullion received into the smaller denominations."
Unusually large gold deposits would certainly contribute to the large mintage, and it would be normal for the Mint to want to convert those deposits into coinage in the most efficient manner possible, but why would depositors suddenly demand such vast quantities of double eagles? The coins were far too valuable for normal circulation. More likely, the public was concerned with the growing conflict and sought to hoard as much precious metal as possible.
Despite its enormous mintage, the 1861 is extremely rare in Choice to Gem Mint State condition. This extraordinary representative is notable not only for its pinpoint sharpness and vibrant, satiny sheen, but also for its profound lack of surface marks. Only a shallow luster graze appears below the tail feathers and banner on the reverse and serve to not only identify but also keeps this lovely specimen from easily surpassing the Gem threshold.
1861 $20 Gold Liberty, PCGS MS63 - 2,976,453 originally minted. PCGS Population of 34 coins with 19 finer. Smithsonian is AU50.
|Denomination Type||Liberty Head $20|
|Grade Add On||NONE|