1860 $20 SS Republic (1860 Double Eagle SS Republic) NGC AU58. Type 1 Double Eagle. Bright mint luster shines from the surfaces of this shipwrecked 1860 Double Eagle. The centers of the stars on the obverse and the design details on the reverse indicate a full strike. Sufficient separation in the lines of Libertys hair and the back of the coronet as well as the design details of the reverse exists to warrant the grade.

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.

In 1865, the S.S. Republic was lost in a violent hurricane. While most of the passengers and crew escaped, the cargo of gold coins and other goods was lost. Almost 140 years later the Odyssey Marine Exploration discovered the Republic off the coast of Georgia. Robotics was used to excavate the wreck because it was at a depth of 1,700 feet. Over 50,000 coins were recovered from the shipwreck, including the present piece. The coin has been encapsulated with NGCs special label, which has been used only for coins from the S.S. Republic. In its population report, NGC shows 53 double eagles recovered from the Republic in all grades. In AU58 there are 18 with 1 better.