1858-O $20 (1858-O Double Eagle) NGC MS61 PL. Type 1 Double Eagle. This outstanding 1858-O Double Eagle is one of the rarities from the early years of the New Orleans Mint. Light, shimmering devices contrast with darker surfaces and create a proof-like effect. Known as a date with weakness of strike, this specimen is full and sharp, worthy of a proof coin, which only enhances its beauty. For the grade, the surfaces are clean with no distractions worthy of individual mention. James Barton Longacre designed the pattern for the double eagle in 1849. It was produced because of the huge amount of gold that came into the Mint from California. With the discovery of gold at Sutters Mill in January 1848, the California gold rush began. It led to an influx of miners and others into the area. The vast quantity of gold produced led to a need for a standard form of exchange. The double eagle was the governments response. They also felt that it would be useful for large commercial transactions and that it would facilitate foreign trade.

Longacres design shows a Liberty head facing left wearing coronet inscribed LIBERTY. Her hair is tightly tied in the back with two loose curls hanging down her neck to the end of the truncation. She is surrounded by thirteen six pointed stars with the date below. Dentils are near the edge on both sides of the coin. The reverse shows a heraldic eagle with elaborate ribbons on both sides of the shield extending from the top corner down to the eagles tail feathers. The ribbons are inscribed, on the left E PLURIBUS and UNUM on the right. The ribbons were added to the design to symbolize the denomination since this was the first twenty dollar coin. There is an oval of thirteen stars above the eagles head and an arc of rays from wing tip to wing tip behind the upper half of the oval. UNITED STATES OF AMERICA is in an arc above the eagle, and the denomination TWENTY D. is below. The mint mark is between the tail feathers and the N of TWENTY.

James Barton Longacre was born in Pennsylvania in 1794. He became an apprentice to a bookseller and then a banknote engraver in Philadelphia. In 1819 he worked on his own as an engraver and made metal plates for bank notes and book illustrations. His works included one on stage personalities and another on the signers of the Declaration of Independence. In 1830 Longacre and James Herring made plans to do a series of biographies of famous men in the military and in politics. This project became the National Portrait Gallery of Distinguished Americans in four volumes that was first published in 1834. This set of books brought great fame to Longacre and those who worked with him. In 1844, through the influence of John C. Calhoun, Longacre was made Chief Engraver at the Mint, where he succeeded the late Christian Gobrecht. Longacres experience was limited, but he was a talented artist. By 1849 he was able to create the gold dollar and double eagle, the design of which lasted until well into the twentieth century. One of Longacres associates, Chief Coiner Franklin Peale, opposed Longacres appointment and became an obstructionist. Peale ran a lucrative and illicit, private medal-making business using Mint facilities, and he felt that Longacres presence would jeopardize it. In 1854 Peale was fired by President Franklin Pearce, and Longacres life became easier. Longacre remained Chief Engraver until his death in 1869. Coins from Longacres estate were auctioned in 1870. They included patterns, coins of Chile, and regularly issued coins.

The New Orleans Mint was authorized in 1835 by President Andrew Jackson, hero of the battle of New Orleans. The bill that Jackson signed also authorized the mints at Charlotte and Dahlonega. William Strickland, a Philadelphia architect designed all three branch mint buildings. The building was made in the solid, bulky Greek Revival style of architecture. It was the largest of the three branch mints and located at major port of entry. Unfortunately Strickland did not account for the soft ground around the site. Because of it, the building had to undergo numerous repairs throughout its history.

Authorized to produce gold and silver, the New Orleans Mint struck quarter eagles and dimes in 1839. It operated from 1838 to 1909. In that time period 427 million silver and gold coins with the O mintmark were coined. By the mid 1850s denominations made in New Orleans included three cent silver pieces, half dimes, dimes, quarters, half dollars, silver dollars, gold dollars, quarter eagles, three dollar pieces, half eagles, eagles, and double eagles. The first deposit was of Mexican dollars which amounted to more than 32,400 dollars. The first coins struck were Liberty Seated Dimes. Each year between the beginning of August and the end of November, the mint closed because of the annual outbreak of yellow fever.

During the Civil War the New Orleans Mint was held by the Confederacy and used to produce its coinage. It was the only mint to produce uniquely identifiable Confederate coinage, the 1861 half dollar with Confederate reverse and the copper-nickel cent of the same year. In 1862 the New Orleans Mint was captured by United States Marines commanded by Commodore David Farragut and closed as a minting facility. The mint reopened as an assay office in 1876. Three years later federal coinage resumed. The New Orleans Mint was the only branch mint in the South to continue coinage after the Civil War. It lasted until 1909 when it was displaced by the mints in Denver and San Francisco. From then until 1931, the New Orleans Mint building was used as an assay office. It was then converted to a prison for Prohibition violators. In 1934 the prison was closed, and the Coast Guard took possession of the building. In 1979 it was transferred to Louisiana to be used as a museum.

Gold coinage was made at the New Orleans Mint from 1839 to 1906. Gold dollars were struck from 1849-1853 and in 1855. Quarter eagles were struck from 1839-1840, 1842-1843, 1845-1847, 1850-1852, and 1856-1857. A three dollar gold piece was struck in 1854. Half eagles were struck from 1840-1847, 1870-1883, 1888, 1892-1895, 1897, 1899, 1901, 1903-1904, and 1906. Double eagles were struck from 1850-1861 and in 1879.

Pre Civil War gold from the New Orleans Mint is rare because of low original mintages and low survival rates. Double eagle coins dated 1861 were minted for the Union as well as the Confederacy. However, for all of them the same dies were used so one is unable to tell which coins were struck for which authority.

A complete New Orleans Mint set would consist of 88 coins. While the three dollar gold piece of 1854 is difficult in mint condition, it is obtainable in circulated grades. The double eagles of 1854 and 1856 are prohibitively rare.

The 1858-O double eagle had an original mintage of 35,250. According to their population reports both major grading services have certified 4 pieces higher than MS61, but none are in proof-like condition. NGC accounts for 1 PL graded 60 and the present coin in MS61 PL with none finer. When collectors begin to recognize the great rarities of the New Orleans Mint, this coins value will significantly increase and will probably become prohibitive.