GEM
QUALITY GOLD DOUBLE EAGLE FROM THE SS CENTRAL
AMERICA! Extremely good quality, PCGS Gold
Label MS-65 CAC of this gem 1857-S $20 from
the SS Central America. This beauty is 1 only
68 examples of the hotly desired "Spike Shield"
variety have been approved by CAC. A very
small percentage of the population of graded
57-S actually getting the seal of quality
from CAC. Please examine the larger
images, review the in-depth description
and call/email to confirm availability and
purchase. Thank you!
1857-S $20
SS Central America, 20A Spiked Shield, PCGS
MS65 CAC. 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.
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.
