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Sale 78
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Lot 1856
1850. PCGS graded MS-62. An outstanding needle sharp strike exhibiting full definition within each star and denticle. Liberty's head appears in high relief as well as the other raised devices. The shimmering mint luster is intense and appears semi-reflective. Delicate golden overtones further add to its appeal. Always popular as the first year of production of the Double Eagle.
The 1850 Double Eagle is readily available in circulated grades, typically Very Fine or Extremely Fine, with occasional About Uncirculated examples on the market. Both the 1850 and 1850-O seem to have circulated widely. In any grade the 1850 has always been in great demand. A few dozen Mint State pieces are known.
The dies must have been fresh when this handsome piece was made. The 1850 Double Eagle is particularly significant as the first year of issue of this denomination. Such pieces quickly went into circulation where they developed wear and got thoroughly knocked about, being made of soft metal and heavy as the dickens. Today even at the basic MS60 level the 1850 is scarce, and in choice Mint State 62, as here, it is very rare. The date was too early to be found among the recovered treasure ships, and accordingly a piece such as this is apt to have survived by random chance. Pop 36; 9 finer, 1 in 62+, 7 in 63, 1 in 64 (PCGS # 8902) .
Historic Notes: One of the consequences of the discoveries of gold in California was a sizeable increase in gold bullion coming to the Philadelphia Mint for coinage. Authorities felt that large-scale domestic or international transactions payable in gold should be made in more compact form than Eagles or smaller denominations. Accordingly, Rep. James Iver McKay was persuaded to introduce an amendment to his Gold Dollar bill, Feb. 1849, which would authorize coinage also of $20s, to be called Double Eagles. These were to weigh 516 grains = 33.436 grams, 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 132-coin Baltimore hoard, mostly thoroughly bagmarked. All double eagles, 1850-58, are from a master die in which LIB was corrected from LLI: a condition publicized by Carl W. A. Carlson, "NY Coll.," p. 19.
No design changes occurred on reverse, which is in low enough relief that even Mint Director Peale found no fault with it. Its double scroll was designer Longacre's deliberate allusion to the denomination of Double Eagle, its glory (stars in rays) recalled the Great Seal of the United States.
Estimated Value $20,000 - 22,000.
The Del Valle Collection.
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| Realized $34,075 |
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