most of the 1858-S double eagles are low grade and heavily abraded, as this issue saw heavy commercial use. Very few examples were saved, and in Mint State this issue is very rare

While the American Civil War resulted in a discontinuation of most federal coinage in the east, double eagles and other denominations remained in use in the less affected western states of California and Oregon. This further decreased the chances of saving a piece of this issue, which represented a huge amount of money at the time. So, even with a relatively large mintage of 846,710 coins for circulation, this is a very important offering graded MS-61 by NGC, certified in an older holder.

Although a total of 68 examples were found among the holdings of the SS Republic, only an extremely small number were in mint state, and this piece does not appear to have been part of it. The surfaces are considerably darker then conserved coins from sea wreckages, with subdued luster visible on both sides. While some marks are seen consistent with the grade, none of these are extremely deep, or very distracting when viewed in hand. This is a rare issue which sells for much more in a grade such as MS-63, with this premium quality coin representing true value. Act quick to secure this coin for your collection or investment portfolio!