1862-S Double Eagle (1862-S $20) PCGS AU58 CAC. Civil War Date. The California Gold Rush began on January 24, 1848, when gold was discovered by James W. Marshall at Sutter's Mill, in Coloma, California. Vast quantities of gold began pouring out of newly formed mines helping to speed the development of the American West and had far-reaching effects on the world's coinage. The first California gold was delivered to the Philadelphia Mint and the shipment of roughly 230 ounces was coined into $2.50 pieces stamped with CAL over the eagle. As immense amounts of gold began being delivered to the mints, it became clear that a larger denomination would have to be struck. North Carolina Congressman James Iver Mckay, had prepared legalization authorizing the minting of a one dollar gold coin and was persuaded to amend his bill to include the minting of a $20 Double Eagle. The striking of the new coins was authorized by Congress on March 3, 1849 .

The $20 Double Eagle was designed by Chief Engraver James B. Longacre. The obverse of the coin was modeled after an ancient Greco-Roman sculpture, the Crouching Venus. For the reverse of the coin, Longacre implemented his training as a two-dimensional engraver to create an image based on the Great Seal of the United States . The reverse depicts a spread eagle with a shield on its breast, 13 stars in an oval with rays above. The nation's name appears above, the denomination expressed as TWENTY D. below.

The coin featured is a Type 1 or no motto, which was struck at the San Francisco mint from 1854-1866. The coin featured is a lustrous 1862-S $20 Double Eagle, graded AU58 by the very stringent Professional Coin Grading Service (PCGS). The AU-58 grade has been verified by the Certified Acceptance Corporation (CAC) with 3 examples verified at the AU-58 grade and only 1 example being verified at a higher grade. This coin exhibits beautiful honey-comb colored surfaces with minimal contact marks as well as sharply struck devices. A remarkable coin that is full of history, perfect for any collector.