1857-S Double Eagle (1857-S $20) SSCA NGC MS65. This magnificent eagle has a bright yellow-gold coloring. The coin sparkles because of its unbroken luster on both the obverse and reverse. There are a couple of minor tick on Libertys cheek and neck, and virtually none on the reverse. The coin shows no wear and could probably have gone a point or two higher. The strike is sharp on both sides.

On the obverse we see every detail of Libertys hair, coronet, stars and dentils. Similarly, the reverse is sharp and clear. Every ray, star, feather, line in the shield, arrow, olive branch, claw, and letter is well struck and fully visible. No doubt the excellent condition of this coin is attributable to its high state of preservation in the shipwreck. The SS Central America, 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. On board were 578 passengers and crew, and over 35,000 pieces of mail. Also on board was gold from the West, tons of it.

The ship had three masts and was 272 feet long. It was a side-wheel steamship that traveled between New York and Panama. 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. In addition to ingots, various coins, and gold dust, the ship carried 5200 newly minted double eagles from the San Francisco Mint, of which the present coin is one. The loss of the ship brought about the Panic of 1857, which resulted from bank instability and general economic distress.

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 coin, 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. The present coin is an exceptional example of such a piece.