1866-S $20 Liberty Head Double Eagle, No Motto NGC AU50

It is quite probable that the 120,000 1866-S Liberty head double eagles were struck with the Type One reverse in February of that year, before instructions were received from Philadelphia to employ the new Type Two (Motto) reverse. Doug Winter writes, “The 1866-S No Motto was formerly an unheralded issue but its fame (and price levels) grew after … 2002. Today, it is recognized as one of the rarer Type One issues. It is in demand both among specialists and more general collectors who appreciate its status as a Transitional issue. In fact, it is the only regular issue Liberty Head double eagle which is a dual issue …” NGC has graded 28 of the 1866-S No Motto as AU50 with 74 finer. Collectors Universe prices this issue at $35,000.00 in AU50.

The First San Francisco Mint, where this rarity was produced in 1866.

Doug Winter estimates that there are an approximate total of 175-225 examples of the 1866-S No Motto that have survived into the 21^st century. Why so few? Writes Heritage Auctions:

The episode of the Paquet double eagles may offer insight, when Philadelphia notified San Francisco that the Paquet reverse should not be used and any struck examples were to be destroyed, officials there replied that while they could stop using the Paquet dies and melt the struck pieces they had on hand, San Francisco had already released a number of Paquet double eagles and could not recall them. It is entirely possible that not all of the 1866-S No Motto double eagles struck were paid out, and if some of those coins never left the Mint, the anomalously low survival rate for the 1866-S No Motto twenties makes much more sense.