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DOUBLE EAGLES

1850-O Double Eagle SS Republic Doubled O

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1850-O $20 Doubled O
NGC AU58
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1850-O $20 Double O (SS Republic) NGC AU-58. One of an original mintage of 141,000 pieces, struck in the first year of double eagle production, at the New Orleans Mint. While long regarded to be a common issue, modern reference books have identified this issue to be very rare in all grades above EF-45. The Mintmark is doubled, a diagnostic frequently seen on this issue.

The California gold rush saw an immense increase of the gold coin production in North-America. As a result, two new denominations were born out of this. One of these was the double eagle. The largest gold denomination regularly produced by the United States government, this denomination remained to be coined until 1933, when all gold coins were recalled from circulation.

As the San Francisco Mint did not open until 1854, and private coiners could not suffice the need for coinage out of the gold dust, the New Orleans Mint was the closest opportunity to mint federal gold coins. Opened in 1837, this was one of three Branch Mints that were introduced in the late 1830’s to help the Philadelphia Mint, or so-called mother Mint.

The present piece is one of many gold coins that were found in the wreckage of the S.S. Republic. Lost at sea on October 25, of the coast of Georgia, the ship and its contents remained there undisturbed until July 2005, when it was finally discovered by the Odyssey marine Exploration, Inc. The wreckage provided one of the largest hoards of 1850’s and early 1850’s gold coins, mostly in circulated condition.

This 1850-O double eagle circulated briefly, probably only among banks, until it was put into storage. There it remained until 1865, when it was hauled on the S.S. Republic, to be found again almost 140 years later in 1,700 feet deep seawater. While it has been conserved, as all these coins are, this is one of the finest 1850-O double eagles in existence today. Both Q. David Bowers and Douglas Winter estimate that only 3 to 4 Mint State 1850-O double eagles are still in existence. This number, however, has been based on rumors as a majority of the so-called mint state coins are in reality just upgraded AU coins.

This coin is one of the few, true, high-end AU pieces, known of this issue. A very strong strike, both at the centers and at the periphery highlight this coin. The majority of the pieces show at least some weakness at the stars, which is completely absent on this coin. Some small luster breaks, mostly on the reverse account for the grade. No distracting hits or noted on the semi-prooflike fields, which are overall very choice. A very rare opportunity to acquire one of the finest known 1850-O double eagles.

 

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