LIBERTY
HEAD (NO MOTTO ON REVERSE) TWENTY DOLLARS OR DOUBLE EAGLE
(1849-1866)
1854 Double Eagle
1854
Double Eagle or $20 Gold
PCGS
No:
Circulation
strikes Mintage:
757,899
Proofs:
Unique?
Designer:
James Barton
Longacre
Diameter:
±34
millimeters
Metal
content:
Gold - 90%
Other - 10%
Weight:
±516
grains (±33.4 grams)
Edge:
Reeded
Mintmark:
None (for Philadelphia,
PA) below the eagle's tail on the reverse.
1854 Double Eagle. There are two varieties
of this double eagle, the Small, also known as Medium,
and Large Date. On the normal Small Date coins, the
5 and 4 do not touch. There is also a repunched Small
Date where the tops of the numerals almost touch.
The Large Date numerals have normal spacing. They
are from the logotype that was used for silver dollars.
The Small Date is the more common
variety of the two. Both major grading services have
certified a combined 854 Small Dates and 144 Large
Dates. In other words, 14% of the certified population
is made of Large Dates, and one would expect that
this percentage would be the same for uncertified
coins as well. The wreck of the S.S. Republic, which
sank in October 1865, yielded 36 Small Date coins
and 7 Large Date pieces.
The Small Date variety is similar
to the numerals in the 1852 and 1853 coins. Circulated
coins of this date and variety are readily available,
but mint state coins are rare. NGC has 13 in MS60
to 62, with none better. PCGS has 19 in mint state
with only 1 in MS63 and 1 in MS65. The Small Date
logotype was also used on the branch mint coinage
of this date at New Orleans and San Francisco.
The Large Date variety
is by far the rarer in mint state. NGC has certified
9 pieces in MS60 to MS64, with none better. PCGS has
only 1 in mint state at MS64. Of course these numbers
are not exact because of resubmissions and crossovers,
but they illustrate the trend that is obvious.
The retail price listing
for the two varieties is also instructive. At VF 20
they are close with the Small Date listed at $2,000
and the Large at $2,250. At AU50 they are $3,000 and
$8,250 respectively, and at AU58 the gap widens to
$5,000 vs. $25,000. This five-fold gap decreases somewhat
at MS60 with listings at $9,000 and $42,500. At MS63
the ratio diminishes at $30,000 and $62,500. From
a collector’s point of view, perhaps the best
move is to buy a Large Date in AU58 at a Small Date
price since the market did not pay too much attention
to the size differences between the two.
There are no known proof
double eagles of this date. In fact there are no known
for the 1850 to 1857 years. Researchers believe that
a small number of 1850 proof coins were struck, but
there have been no appearances of an 1854 proof double
eagle.
Specifications:
Weight: 33.436 grams
Composition: .900 gold, .100 copper
Net weight: .96750 Troy ounces pure gold
Diameter: 34 millimeters
Edge: reeded
Mintage: 757,899 (Includes both Small and Large Date
varieties.)
Designer: James B. Longacre
