1857-S Double Eagle SS Central America Spike Shield PCGS MS64 CAC - 1857-S $20 SS Central America, Spike Shield, PCGS MS64, CAC. Here is an opportunity to acquire an outstanding, near-Gem 1857-S Double Eagle that comes with the provenance of the shipwrecked Central America. The coin has coruscating original mint luster on both sides. The strike is excellent with full details on the centers of the stars, Libertys hair, the eagle, and the other design elements of the reverse. Dentils are full and sharp on both sides. The surfaces are clean for the grade with no abrasion marks that require individual description. The spike is clearly visible on the left side of the shield pointing diagonally towards the ornamental scroll work. The CAC sticker indicates that this coin is a premium quality piece that fully merits the assigned grade.

Until the discovery of the SS Central America, 1850s double eagles in gem condition were virtually unavailable. The ship, originally called the SS 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.

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. The S mintmark for San Francisco is on the reverse between the tail feathers and the N of TWENTY.

Mint state 1857-S double eagles from the Central America are obtainable today encapsulated and authenticated by the two major grading services; however, few are as eye-appealing as this piece with its spectacular luster and full strike.