1856-S Double Eagle (1856-S $20) SS Central America, PCGS MS64. Mint frost and shimmering luster characterize this shipwrecked 1856-S double eagle. A couple of minor contact marks on Liberty’s cheek probably keep this beauty from the gem grade. The strike is sharp on both sides. On the obverse we see every detail of Liberty’s hair, coronet, stars and dentils. Similarly, the reverse is sharp and clear. Every ray, star, feather, line in the shield, arrow, olive branch, claw, and letter is well struck and fully visible. No doubt the excellent condition of this coin is attributable to its high state of preservation in the shipwreck. Until the discovery of the S.S. Central America, 1850’s double eagles in mint condition were virtually unavailable.

In 1857 a large hurricane sank the treasure ship, Central America, originally called the S.S. George Law. It was a three-mast, side-wheel steamship that traveled between Panama and New York. The ship was 272 feet long and had 578 passengers and crew on board. It also had on board over 35,000 pieces of mail and gold bars, nuggets, dust, and 5200 newly minted San Francisco gold coins from the West. The loss of the Central America triggered the “Panic of 1857,” which was caused by bank instability and generally poor economic conditions.

In 1985, the Columbus-America Discovery Group raised ten million dollars and began to search for the wreck. They found it at a depth of 8,500 feet off the coast of South Carolina. It is estimated that the total coin, ingots, and gold bars were worth more than one hundred million dollars. Mint state 1856-S double eagles from the Central America are available today encapsulated and authenticated by the two major grading services. The present coin is an excellent example of such a piece.