1862 $20 (1862 Double Eagle) NGC AU58 CAC. 1862 $20 Liberty Head, No Motto on Reverse, Double Eagle. As hopes for a quick resolution faded and the divided nation settled into bloody struggle, a nervous population began hoarding hard money (gold and silver coins). As a result, the United States Mint responded by reducing the mintage of coins and the double eagle saw a robust mintage of 2,976,453 in 1861 drop to just 92,133 in 1862.

An unintended consequence was the creation of a numismatic scarcity that would be avidly sought by collectors and investors nearly 150 years later. With just 19 in grade and 22 pieces graded higher at PCGS/NGC respectively, this issue is one of the rarest Type 1 double eagles produced by the Philadelphia Mint and is difficult to locate across all grades. It should be noted that the largest cache of this date brought to market thus far was from the SS Republic shipwreck where a mere 9 examples were recovered attesting to its scarcity.

The example offered here is nothing short of gorgeous. Abundant rich creamy luster flows over the golden wheat surfaces providing magnificent eye appeal far better than that seen on many mint state examples. Save for one hit on Libertys cheek the piece is exceptionally free of abrasions or distracting marks and has earned CACs approval as being choice for the grade. Though the National Numismatic Collection at the Smithsonian Institution lacks an example of this rare Civil War date double eagle, one fortunate collector/investor now has the opportunity to add a premium example to his/her numismatic portfolio.

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