1858-S $20 SS Republic (1858-S Double Eagle SS Republic) NGC AU58. Type 1 Double Eagle. This lightly circulated, shipwrecked, Western branch mint 1858-S Double Eagle is one of a group of 23 coins that are tied for third finest at NGC. The coin exhibits bright mint luster and, for the grade, a minimum of surface abrasions. Just a trace of wear is seen on the highest points. The strike is bold with full details seen on the centers of the stars and the design elements of the reverse.

The San Francisco Mint opened in 1854 because of the need to coin gold resulting from the California Gold Rush. In the West there was an abundance of gold bullion, nuggets and dust; however, there was also an acute shortage of circulating coinage. Congress authorized this mint to relive the shortage and coin silver and gold and because transportation of bullion to Philadelphia was time consuming and hazardous. Because of its proximity to the Gold Rush area, San Francisco was chosen as the site of the new mint. In 1874 it moved into a new building called the Old United States Mint or the Granite Lady. It is one of the few structures that survived the earthquake of 1906. It remained in service as a mint until 1938, when the present facility opened.

In its first year of operation the Mint made four million dollars in gold coins from bullion. The second building, the Old United States Mint, was designed by Alfred B. Mullett in Greek Revival style. It was built in an E-shape with a central pediment portico. There was a completely enclosed courtyard that had a well. It was these features that saved it in the fire that resulted from the earthquake of 1906. The building was situated on a concrete and granite foundation that was made to prevent tunneling into its vaults. In 1906 there was $300 million, a third of the United States gold reserves, in its vaults. Frank Leach and his men worked heroically to successfully preserve the building and the bullion. The mint was able to resume service and operated until 1937. It was designated a National Historic Landmark in 1961.

Since most of the building was made of sandstone, the nickname of The Granite Lady is a misnomer. Only the basement was made from granite. It was opened to visitors in 1993 and sold to the City of San Francisco for one dollar in 2003 for use as the Museum of the City of San Francisco.

The New Mint was opened in 1937 and made circulating coinage beginning in 1955. In 1968 most proof coinage was made there. Business strike supplemental coinage was struck there from 1968 to 1974. Since 1974, the mint has been used only for proof coinage with the exception of the Anthony Dollar and some early 1980s cents. From 1962 to 1988 the mint was officially an assay office. It became a mint again in 1988.

Double eagles from 1858 that were struck in San Francisco. Most were in AU condition. Since the issue saw heavy commercial use, most pieces seen today are in low grades and are heavily abraded.

The 1858-S double eagle saw heavy commercial use, and most pieces seen today are in low grades and are heavily abraded. The wreck of the S.S. Republic yielded 68 pieces, most of which were in Almost Uncirculated condition. In its population report, NGC shows 23 in AU58 with 6 better.