1892-S $20 Double Eagle NGC MS66. Novice collectors are often surprised when they hear of the rarity of many S-Mint issues from the 1880s and 1890s in high grade. After all, mintages were high, often more than a million coins, and overall auction appearances indicate that a larger number of pieces are still available. However, when they venture deeper into the type three double eagles, they discover that gem pieces are not as common as one might think, and that for many of those issues they don’t even exist.

Because of their value, double eagle gold coins have long been used in international trade. Because of its gold content, they were commonly traded in both Asian and European markets. To reach those markets, they had to be exported, and the only way to do so was by ship. As San Francisco was the only seaport that had a Mint which struck these gold coins constantly, many pieces were exported soon after their melting, mostly to Asia but also to Europe and other parts of the world. The shipwrecks of the S.S. Central America and S.S. Republic, which yielded a very valuable cargo of freshly minted double eagles, indicate that this had been the case many decades before the present coin was struck.

While being overseas, the large and soft gold coins circulated heavily, which was were they were meant for. Often, they were also melted for their gold content, as the twenty dollar figure often proved meaningless in places were other currencies were standard. The pieces that did survive the melting pot and returned to the United States, however, often still showed severe marks of handling. In his Guide Book of U.S. Double Eagles, Q. David Bowers makes clear what that meant for this particular issue:

“The 1892-S double eagle is abundant in numismatic circles, and you can easily find a nice piece in any desired grade from AU through MS-63. Gems, however, are very rare.”

Not only has this coin been graded above the gem level, at MS-66, it is also one of the very few pieces struck at the San Francisco Mint that do so. Gems are often not even available for most issues, and safe for this single coin they are also virtually non-existent with this issue, despite its mintage of 930,150 coins struck for circulation that year.

Extremely clean fields are seen on both sides, confirming the grade NGC awarded to it. Both sides are boldly defined, with Liberty’s entire hair detail showing on the obverse. On both sides, full and frosty luster is seen adding to the overall eye-appeal of this particular piece. Completely original, the coin shows the original green-yellow gold color naturally seen on these pieces. An extremely rare opportunity for the specialist, this coin is destined to become part of the finest set of type three double eagles.