Lot 2537
1850 $20 Liberty. PCGS graded MS-62 PQ. A lovely well struck example. Beautiful golden color with easy claims to a higher grade. A few minor marks on Liberty's chin.
The discoveries of gold in California caused an inordinate increase in gold bullion coming to the Mints for coinage. Authorities realized that transactions payable in gold should be made in more compact form than half eagles, the most favored size gold coin up to that time. Rep. James Iver McKay (Democrat from North Carolina) was persuaded to introduce an amendment to his Gold Dollar bill, February 1849, which would authorize coinage also of $20 denomination, to be called Double Eagles. These were to weigh 516 grains = 33.436 grams.900 Fine, a little over a troy ounce each, and be roughly comparable in value to several Latin American denominations.
About Jan. 26, 1850, the first production coins appeared. Many were saved as first of their kind; other mint state specimens came from the Baltimore hoard, mostly thoroughly bagmarked regrettably. Pop 22; 8 finer, 7 in 63, 1 in 64 (PCGS # 8902) .
Estimated Value $25,000 - 28,000.
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| Realized $32,200 |
