LIBERTY
HEAD (NO MOTTO ON REVERSE) TWENTY DOLLARS OR DOUBLE EAGLE
(1849-1866)
1857 Double Eagle
1857
Double Eagle or $20 Gold
PCGS
No:
Circulation
strikes Mintage:
439,375
Proofs:
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.
Introduction:
In circulated condition, the 1857 double eagle is
a relatively readily available issue. The date can
be found in Very Fine or Extremely Fine condition
without too much difficulty, and for not a large premium
above melt value. Most of the coins offered at auction
are graded About Uncirculated due to rarity and valuation
limitations. While the S.S. Central America hoard
contained thousands of examples from the San Francisco
Mint, there were only two 1857 Philadelphia double
eagles among the masses. As a consequence, the 1857
issue is scarce in Mint State, and very much so in
choice condition. There were 26 examples on the S.S.
Republic, which sank in 1865. The Harry W. Bass Jr.
example is one of the finest known. It sold for $23,000
in the 2000 auction of his estate. The lone example
that has been graded MS-64 by PCGS sold wholesale
at the February 2006 Long Beach coin show for around
$65,000.
Key to Collecting:
The 1857 Philadelphia Mint double eagle is rare in
Mint State, and especially choice examples. From the
sale of over 5,000 choice and gem Type 1 double eagles
from the S.S. Central America treasure, the 1857 projected
into great market demand. Circulated specimens are
easy enough to find.
Aspects of Striking: Usually sharply struck.
Die Data: 1857 four-digit
date logotype in thick, heavy numerals closely spaced.
Top interior of 8 slightly smaller than bottom interior;
upright of 5 slants slightly to right.10 Used on alt
dies for all mints. This logotype was also used on
the 1857 Large Date copper cents. Logotype position
variations exist. On dies in which tfie four-digit
logotype is punched more deeply at the bottom than
at the top, the bottoms of the numerals appear overly
neavy and the upright of the 1 in the date is tapered,
becoming much thicker at the bottom.
Number of Appearances:
85 (19%)
High Grade Condition Points: 43
Average Grade: VF-39
Auction Records:
(12) Unc: Stack's 9/81; ANA 1979;
Ivy 1/78; ANA 1976; AAA 6/75; Ullmer 1974; Stack's
2/73, 10/70; DiBello 1970; Atwater 1946; WGC 1946;
Bell 1944
(19) AU:
New England 3/79, 4/78, 7/77, 11/75; Stack's 4/30/75;
Pine Tree 4/75; AAA II/74;Scanlon 1973; Paramount
5/73; Stack's 3/73, 12/72, 6/70; Miles 1968; Shuford
1968; ANA 1965; Ward 1964; Bell 1963; Menjou 1950;
MC 1948
(28) EF:
Stack's 6/81, 3/81, 6/80, 12/79, 9/79 (2). 6/79; Kagin's
4/79, 1/79, 9/78; Stack's 6/78, 6/77, 2/77; ANA 1975;
Superior 6/75; Pine Tree 6/75; ANA 1974; Stack's 6/
74; Gilhousen 1973; RARCOA 5/71; Stack's 1/70, 3/69,4/67;
Kosoff 10/65; Walton 1963; Holmes I960; Lee 1947;
Roach 1944
(26) VF:
Stack's 2/80; Superior 1/80; NASCA 10/79; Stack's
2/79, 10/76, 4/76; Superior 10/74; Stack's 4/71; Paramount
2/71; Kreisberg/Cohen 11/70(2); Stack's 5/68, 6/67,
10/66; Bolt 1966; Paramount 3/66, 10/65, 2/65; ANA
1964; Golden 1963; Wolfson 1962; Golden 1962; Cicero
1960; Melish 1956(2); Farouk 1954
Comments: The 1857 Double Eagle is a very scarce date
that is comparable in overall rarity to such other
Type I P-Mint issues as 1855, 1856, 1858, 1863 and
1864. (However, it is not as "impossible"
to obtain in Unc. as the 1863 and 1864.) It is considerably
rarer than any of the 1850-1854 dates from the Philadelphia
Mint. Most available specimens grade VF or EF although
AU's and an occasional unc are also seen from time
to time. Choice or gem quality uncs are rare but do
exist; I have seen several at those levels. I do not
know the whereabouts of any proofs and one has never
been sold at public auction. However, since proofs
do exist of all the other gold denominations including
the Half Eagle and Eagle, it is reasonable to assume
that a proof Double Eagle was struck in 1857. Whether
or not one still exists is another matter.
1857
HISTORICAL HIGHTLIGHTS
Washington. D.C..
Feb. 21. Congress passes legislation barring
use of foreign coins in United Slates. Washington. D.C.. March 3. Congress
appropriates $70.000 to assist trans-AtliiiitLC cable
financed by Cyrus Field. United States. May 26. Dred Scotl
freed by his new owner (-Dec. 31). United States, June 27. Scientific
American cites threat to whale population, as in¬creased
literacy rate heightens demand for lamp oil. Oregon Territory July 1. Henry Pittock
and three others reach top of Mount Hood. Washington, D.C., July 13. Alfred
Cumming officially replaces Brigham Young as Governor
of Utah, with authority to use federal troops to enforce
national law (—Oct. 4). Valentia Bay, Ireland. Aug. 14. Ships
from United States and Britain assemble to begin laying
first trans-Atlantic cableVSepl. 2, IK5B). New York City, First passenger elevator,
invented by Elisha Otis. installed in Haughwout Department
Store. Moline, Illinois. John Deere is producing
10.000 steel plows a year. Chicago. Baseball ruling sets length
of game at nine innings. New York City. Cooper Union founded
by Peter Cooper, providing education for working class. Michigan. Thomas F.dison founds chemistry
lab at home, marking all bottles "poison."
to ainuscmenl of friends. Arizona. Edward Beale blazes wagon
trail from Fort Defiance to Colorado, using camels
as pack animals (— June 16). United States. American cities reportedly
have highest death rales in world, due. in large part,
in tuberculosis. San Diego, California. Introduction
of Italian honeybees begins honey industry here. New York City. Lithographers Nathaniel
Currier and James Merrill Ives establish their own
imprinl. Charleston, S.C. Hinton Rower Helper,
in Vie Impend¬ing Crisis of the Stmth. argues
that slavery ultimately impoverishes whites in South.
