LIBERTY
HEAD (NO MOTTO ON REVERSE) TWENTY DOLLARS OR DOUBLE EAGLE
(1849-1866)
1860 Double Eagle
1860
Double Eagle
PCGS No:
8929, 9072
Mintage:
Circulation
strikes:
577,670
Proofs:
59
Designer:
James Barton
Longacre
Diameter:
±34
millimeters
Metal content:
Gold - 90%
Other - 10%
Weight:
±516
grains (±33.4 grams)
Edge:
Reeded
Mintmark:
None (for Philadelphia)
below the eagle's tail on the reverse.
Introduction:
The population data show that the 1860 double eagle
is rather plentiful in circulated condi¬tion. There
was also a significant quantity found on the S.S. Republic.
The ship contained nearly 100 coins, a few of which
have been certified as MS-64 or MS-65. Three or four
MS-64 coins have been offered at auction in the last
few years. The record for the date at auction has been
$41,800 for an MS-64 example that sold in 1997. This
was well before the discov¬ery of the S.S. Republic.
The Smithsonian examples for the issue are very modest
and grade just Extremely Fine. Key to Collecting: The I860 double
eagle is plentiful in worn grades from VF to AU. Mint
State examples come on the market with frequency and
include pieces in the choice category. Although the
Proof mintage is generous for the era, probably most
were never distributed. Aspects of Striking: Usually lustrous
with satiny surfaces. Die cracks are not unusual, particularly
on die reverse. Certain details less well defined than
on 1850-1858 coins (see introduction to Type 1). Die Data: 1860 four-digit date logotype
with digits in 18 and 60 about the same distance apart;
digits 86 more widely separated. Lower left serif of
1 is longer than right serif; top interior of 8 is smaller
than bottom interi¬or; 0 slightly low and leans
slightly right. Used on all dies for all mints. Date
logotype positions vary. Proof Die Data and Notes: Date logotype
lightly impressed into the die. 1 (I860) slightlv closer
to the neck truncation than to the dentils. Possibry,
1 obverse dies were made (the 1955 Baldenhofer plate
coin. Lot 1521, seems to have the logotype slightlv
lower than the David W. Akers plate coin). The Proofs
of this date were made -with frosted devices ("cameo**)
against deep mirror fields, this being generally true
for other Proofs of diis decade. Such pieces are far
more beautiful than those made decades later with little
contrast (particularly dur¬ing the 1902-1907 years). Trompeter Specimen: Thin numerals;
nearly vertical die file mark on neck above B.L.; small
areas of die pol¬ish on neck before hair and in
front of eve; dentils well apart except near date. Reverse
with no extra outlines at stars; rays well apart; die
over polishing nas left some feathers fragmentary on
dexter wing and below shield; no unpolished areas at
branch or arrows or letters. Dentils well apart, tapering
and unusually narrow at ends. Possibly the 1859 die
repolished.
Number of Appearances:
137 (31%)
High Grade Condition Points: 84
Proofs: 59
Comments: The 1860 Double Eagle is a moderately scarce
date, on a par overall with the 1854 (though not as
rare in Unc.) and more rare than the 1850-1853 P-Mint
issues. However, it is not as rare as the five P-Mints
immediately preceding it. The 1860 is available in
a wide range of grades from VF to average uncirculated.
Choice and gem mint state specimens are fairly rare
but they are available from time to time. I have seen
at least a half dozen Unc-65 or better examples. Proofs
of this date are very rare. A reported 59 were struck
but because an 1860 proof is actually more rare than
many later proofs with much lower mintages it is likely
that many were never sold and thus were later melted.
I would estimate that no more than 10 proofs can be
accounted for today.
Although not a regular issue, it is worth making a
comment on the 1860 with the A.C. Paquet Reverse.
Since it is now known that the 1861 Paquet was intended
for regular circulation, the correct status of the
1860 Paquet is that of a transitional pattern. Only
one specimen is known, a very choice proof, and it
is in the Smithsonian Institution. This is undoubtedly
the same coin that appeared in Bangs, Merwin &
Co.'s May 1873 sale as Lot 1329.
