1862 $20 (1862 Double Eagle) PCGS AU53. In 1862, the war was raging, and its outcome was anything but a certainty; there were victories by both sides. General Grant captured Fort Henry on the Tennessee River and Fort Donelson on the Cumberland River. The ironclad ships, Merrimack and Monitor, fought to a standstill. McClellan was relieved of his command and Burnside was put in charge of the Army of the Potomac. After Burnside lost to Lee at Fredericksburg in December, he was replaced.

Both sides did business with England, but she refused to recognize the CSA government. Lincoln proclaimed that if he could save the Union without freeing slaves, he would do it. He would also do it by freeing some and leaving others alone. The Emancipation Proclamation did just that. It freed the slaves in states that were in rebellion. At this time inflation was rampant. Legal Tender paper currency was unwanted and all coinage was hoarded. In the East, no coins circulated. In the West, silver coins were plentiful and circulated. Legal Tender notes did not circulate. The 1862 double eagle is one of the rarest Type 1 double eagles from the Philadelphia Mint, and it has the lowest Civil War mintage with 92,133 pieces struck. Yet there are only 138 certified today in all grades by both major grading services.

This particular coins striking characteristics that are similar to the 1861 issue. There are fully detailed stars and hair on the obverse and good details on the reverse. Subdued luster remains in protected areas of both sides. There is a bit more surface chatter than on the previous issue, but nothing is really distracting for the grade or worthy of individual mention.

In its population report, PCGS shows 10 1862 double eagles in AU53 condition with 11 better.