1857-S Double Eagle SS Central America - 1857-S $20 S.S. Central America, Spiked Shield, NGC MS66. This Superb Gem 1857-S Double Eagle comes with the provenance of the shipwrecked S.S. Central America. It is an eye-appealing beauty that is gleams with bright mint luster that is full and rich and a bold strike. Full details are on the centers of the stars and the design details of the reverse, especially the eagle. The surfaces are clean with a few microscopic abrasion marks that keep the coin from perfection.

James Barton Longacre designed the double eagle. He was born in Pennsylvania in 1794. When he finished his apprenticeship in Philadelphia as a bookseller and a banknote engraver, he worked on his own as an engraver of book illustrations and bank notes. His works included one on the signers of the Declaration of Independence and another on stage personalities. In 1830, Longacre began a series of biographies of famous men in the military and the political arena. In 1834 the result of this series became the National Portrait Gallery of Distinguished Americans that was published in four volumes. Longacre and those who worked with him became famous because of this work.

In 1844 Longacre came to work at the Mint. He was opposed by Franklin Peale, the Chief Coiner. Peale was probably responsible for some blundered dies that Longacre was criticized for making. Peal was involved in a private, illegal medal manufacturing business using Mint facilities. He was concerned that this new political appointee would interfere with his business, and he resisted Longacres appointment as Chief Engraver. Finally in 1854, Peale was fired by President Franklin Pearce. Longacre flourished in his position and was responsible for creating many new designs including the Indian Head cent, the two-cent piece, the Shield nickel, the Liberty Head gold dollar, the Indian Princess gold dollar, the three-dollar gold piece, and the Liberty Head double eagle.

Double eagles were minted because of the huge amount of gold discovered in California in 1849. The Gold Rush caused large amounts of gold to be sent to the Mint for coinage. A bill was introduced in Congress to create the twenty dollar double eagle. It was felt that this new denomination would facilitate large domestic and international transactions. At this time, Mint Director Robert Patterson tried to replace James Longacre as Engraver. Longacre had obtained his position through John C. Calhoun, the former Vice President, and was hated by Patterson. He was afraid that Longacres continued presence would disrupt the illegal and lucrative medal making business of his friend, Franklin Peale. Despite Pattersons encouragement of harassment against him, Longacre prevailed and maintained his position.

For the double eagle Longacre chose the Coronet motif similar to other coins of the era. On the obverse, Liberty wears a coronet inscribed LIBERTY, and her hair is tied in the back as curls flow down her neck. The date is below the truncation, and thirteen stars surround her head. Dentils are placed near the edge of both sides of the coin. The heraldic eagle of the reverse has an oval of thirteen stars above its head which are surrounded by rays. E PLURIBUS UNUM is found on matching ribbons on each side of the eagle. These ribbons were added to symbolize the new denomination. The present coin is a Type 2. The denomination is abbreviated TWENTY D., and IN GOD WE TRUST was added to the slightly enlarged oval of stars.

Until the discovery of the S.S. Central America, 1850s double eagles in gem condition were virtually unavailable. The ship, originally called the S.S. George Law, was a United States mail steamship. In 1857 it sank off the coast of the Carolinas because of a huge hurricane. It was a three-mast, side-wheel steamship that traveled between Panama and New York. The journey took approximately 21 days. In the five years prior to its sinking, it has been estimated that the Central America carried about $150 million worth of gold or one-third of all of the gold mined in California. The ship was 272 feet long and had 578 passengers and crew on board. It also had on board over 35,000 pieces of mail and gold bars, nuggets, dust, and 5200 newly minted San Francisco gold coins from the West, of which the present coin is one. The loss of the Central America triggered the Panic of 1857, which was caused by bank instability and generally poor economic conditions.

On September 26, 1857, the Philadelphia Public Ledger made the following announcement: The distrust that has pervaded stock and financial circles for the last fortnight was considerably heightened yesterday, by announcement early in the day that the Bank of Pennsylvania had suspended payment. A meeting of the directors was immediately convened, and the business of the bank ceased.The effect of the stoppage by the Bank spread like wildfire, and almost immediately a run was made on all the other banks, which was continued up to the hour of closingthree oclock. Within a week, specie payments were suspended at New York City banks, and a nationwide depression followed.

In 1985, the Columbus-America Discovery Group raised ten million dollars and began to search for the wreck. They found it at a depth of 8,500 feet off the coast of South Carolina. It is estimated that the total coins, ingots, and gold bars were worth more than one hundred million dollars.
NGC differentiates the double eagles of 1857-S by shipwreck. The present coin is tied for second finest with a group of others. In their population report, NGC shows 29 shipwrecked 1857-S double eagles in MS66 condition with 3 better. PCGS does not list the double eagles of this date by provenance.