Lot 737
1866-S. No motto. PCGS graded AU-58. CAC. The 1866-S No Motto double eagle is a bit of an anomaly, but quite an important one. The new Motto of IN GOD WE TRUST was adopted in late 1865 to be applied to all coins large enough to support it. This of course included the largest gold coin, the double eagle. However, the new dies from Philadelphia did not arrive on time, so when coinage commenced in 1866 a leftover reverse from 1865 continued in service along with the previously sent new 1866 obverse. As soon as the new reverse die with the Motto arrived, coinage began using the new Motto on the reverse, so this is a true transitional coin.
The surfaces are satiny and smooth, with no heavy marks or detracting hits, this is quite important as many such double eagles from this era come marred from even limited circulation. This coin show glorious orange gold hues mixed with nice light golden toning. Only 12,000 struck, and from that small number around 300 are known. This is one of the best around today, and it remains one of the most challenging of the San Francisco mint $20s to find, especially so in high grade like this one offers. Pop 7; 7 finer, 2 in 60, 3 in 61, 2 in 62. (PCGS # 8945) Estimated Value $60,000 - UP
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