Lot 3095
1850 $20 Liberty. PCGS graded MS-62. Housed in an Old Green Holder. Well struck, frosty, and light even toning. A popular type. The Double Eagle, whose net gold content is 0.9675 of an ounce, actually weighs more than an ounce, because the coin has some copper alloy to toughen it for circulation. At the time these were current (1850-1933) the gold "standard" equated to $20.67 per ounce. The 1850 double eagle is readily available in circulated grades, typically Very Fine or Extremely Fine, with occasional About Uncirculated examples making their way to the market. Both the 1850 and 1850-O seem to have circulated widely. In any grade the 1850 has always been in great demand as the first year of issue. A few dozen Mint State pieces are known: Pop 32; 8 finer, 7 in 63, 1 in 64 (PCGS # 8902) .
In 1848 the discovery of gold in California turned the American economy on its ear. Suddenly, vast quantities of gold were available to be quickly converted into money. Although the $10 gold piece was perfectly suited for the job, the Treasury took the opportunity to create a new denomination called a double eagle, worth twice the face value of the $10 eagle." The design for the series was by James B. Longacre. Approximately 1.1 million were produced at Philadelphia in 1850. Very few were saved in Mint condition at the time.
Estimated Value $22,000 - 24,000.
|
| |
| Realized $34,500 |
