Lot 1735
Historic 1861-O $20 Gold PCGS Graded AU 50. PCGS graded AU-50. A lustrous specimen of this storied date. The surfaces show moderate handling marks from circulation, and hints of prooflike reflectivity remain in the fields very close to the devices. As a date, this usually is weakly struck, this one better than average with most of the stars showing their radial lines at the centers, unlike the identical Bass Sale coin, which appears to be a bit weaker on the stars. As always, the date is weakly struck at the bottom.
As noted in the Bass Sale:
"Three pairs of dies were shipped to New Orleans from Philadelphia on December 10, 1860, during the same period in which the Confederate States of America government was in its formative stages. Only one pair was ever used. It is believed (cf. Breen) that the mintage of 17,741 pieces was comprised of 5,000 examples for the Union, plus 9,750 struck when the city of New Orleans was occupied by troops from Louisiana. Finally, 2,991 are believed to have been struck slightly later when Confederate troops were in charge. For about a year, New Orleans was held by Southern forces. Later it was "liberated" and controlled under General Benjamin Butler, of whom many stories have been told. Some called him "Spoons Butler" as he stole or requisitioned silverware from local inhabitants. To the victor went the spoils, and apparently Butler and his men took maximum advantage. Later, seeking to have the last word concerning his service and reputation, Butler wrote extensively of his life and the occupation of the city."
As no die cracks have been reported, it is uncertain which governmental entity struck this particular coin, but Breen guesses that the weaker date ones may have been struck by the rebels. What is truly important is that this coin circulated during a very turbulent time in our history, and has somehow survived in high grade to come down to us. This is an important piece of history, and one of the top 20 known according to PCGS in their Population Report which also notes that none have been graded in mint state. Waiting for a better one is likely a fools game, they simply aren't available.
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| Realized $7,475 |
