1861-O $20 PCGS EF-45 CAC – The 1861-O double eagle is not only a very rare coin, it is also extremely popular. It was struck under an amazing number of 3 different governments, with a low total mintage of 17,741 double eagles struck in the first year of the Civil War. Unfortunately, although there are different theories, no one knows precise when a certain coin was struck, i.e. under which government.

It is estimated that only 140 to 150 1861-O double eagles survive in all grades, a number much smaller than the demand for these pieces. As such, examples are quickly absorbed into the market, in any grade, and higher graded pieces with originality, such as the present piece, are seldom offered publicly. Anything higher than EF is rare, and this issue remains to be virtually non-existent in Mint State.

The present coin has a slightly weakly struck date, a feature that is seen on the majority of known examples (3 out of 4). In earlier times, it has always been believed that these were the coins struck under the CSA, as it would appear that those workers did not have the experience to strike fully detailed coins. However, this theory has been disputed recently, in particular by Douglas Winter in his book on New Orleans gold coinage. Under his theory, this coin would either have been struck by the United States or the state of Louisiana. The coins that were struck under the confederacy would show a strong date and a minor die crack from the 2nd star to Liberty’s chin.

Whatever government the present coin was struck under, it remains to be a wonderful coin of this storied issue. Although it has been slightly circulated, evidence of prooflike fields upon striking are still found, in particular on the obverse. There are a few minor marks, but none are really deep as often found on these large and soft gold coins. With the sesquicentennial of the Civil War rapidly approaching, these historic coins are determined to rise in value and become great investment capital. As a bonus, the coin has also been stickered by CAC for exceptional quality.