1857-S
Liberty $20 Gold, SS Central America, 20A Spiked Shield
PCGS MS65 CAC - $16,500. Click on Coin Image to
enlarge
Bright
luster blooms from this gem “Spiked Shield”
1857-S Double Eagle. It shows pale yellow-gold through
the highly reflective centers with deeper peripheral
color, which is typical of SSCA double eagles. There
are a couple of scattered wispy marks that are not worthy
of individual description and mentioned merely for the
sake of accuracy. The grade, which is confirmed by CAC,
could easily have been a point higher. The strike is
full and sharp with every detail on both sides easy
to see and appreciate. It is probable that this coin’s
excellent condition is because of its high state of
preservation within the shipwreck itself. Double eagles
were minted because of the huge amount of gold discovered
in California in 1849.
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The Gold Rush caused
large amounts of gold to be sent to the Mint for coinage.
A bill was introduced in Congress to create the twenty
dollar double eagle. It was felt that this new denomination
would facilitate large domestic and international transactions.
At this time, Mint Director Robert Patterson tried to
replace James Longacre as Engraver. Longacre had obtained
his position through John C. Calhoun, the former Vice
President, and was hated by Patterson. He was afraid
that Longacre’s continued presence would disrupt
the illegal and lucrative medal making business of his
friend, Franklin Peale. Despite Patterson’s encouragement
of harassment against him, Longacre prevailed and maintained
his position.
For the double eagle
Longacre chose the Coronet motif similar to other coins
of the era. On the obverse, Liberty wears a coronet
inscribed LIBERTY, and her hair is tied in the back
as curls flow down her neck. The date is below the truncation,
and thirteen stars surround her head. Dentils are placed
near the edge of both sides of the coin. The heraldic
eagle of the reverse has an oval of thirteen stars above
its head which are surrounded by rays. E PLURIBUS UNUM
is found on matching ribbons on each side of the eagle.
These ribbons were added to symbolize the new denomination.
The present coin is a Type 2. The denomination is abbreviated
TWENTY D., and IN GOD WE TRUST was added to the slightly
enlarged oval of stars.
Until the discovery
of the S.S. Central America, 1850’s double eagles
in gem condition were virtually unavailable. The ship,
originally called the S.S. George Law, was a United
States mail steamship. In 1857 it sank off the coast
of the Carolinas because of a huge hurricane. It was
a three-mast, side-wheel steamship that traveled between
Panama and New York. The journey took approximately
21 days. In the five years prior to its sinking, it
has been estimated that the Central America carried
about $150 million worth of gold or one-third of all
of the gold mined in California. 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, of which the present coin is one.
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 coins, ingots, and gold bars were worth
more than one hundred million dollars. Mint state 1857-S
double eagles from the Central America are available
today encapsulated and authenticated by the two major
grading services; however, few are as attractive in
gem condition as the present coin.
