1866-S Double Eagle (1866-S $20) With Motto, PCGS MS60. Many issues of the twenty dollar denomination struck in the 19th century were struck in considerable numbers. One of those issues was the first San Francisco double eagle of the so-called Type II Liberty Double Eagle, the 1866-S with motto. This year saw the addition of the motto In God We Trust to the reverse, inside a circle of stars which had been on the design since the denomination was introduced in 1850. The number of pieces minted totaled 830,250 coins, virtually all of which entered circulation. Few, if any collectors collected by date/mintmark, and as such this issue circulated extensively. Perhaps a few pieces were saved, but even this is unlikely, and the existence of an uncirculated coin such as the present was a matter of an extremely slim chance.

 

It is estimated that no more than three dozen coins of this issue remain to exist in uncirculated grades, compared to as much as 3,000 coins in all circulated grades. As can be easily seen from these numbers, the offering of any uncirculated 1866-S with motto double eagle is very important, and certainly not easily repeated. Unlike the eastern states, the American West was left relatively free from all problems which had occurred during and immediately after the Civil War. As such, the coins which were struck at the San Francisco Mint circulated freely, creating many condition-rarities. This is also the reason why the gold coins of this Mint had mintages which were many multiples of the same denomination struck at the Philadelphia Mint.

 

No doubt a very important offering for the specialist of this Mint and denomination, this coin is truly uncirculated, with abundant luster visible on both sides. Marks are consistent with the grade, being scattered on both sides, but none are overly distracting. A pleasing citron-yellow color is seen, slightly darker at certain points, confirming the originality of the present piece. With all of this said, the population of this coin at PCGS is just five coins, with eighteen pieces higher. Even these numbers are no doubt inflated by resubmissions, and it is our idea that the correct number is approximately half of those reported by PCGS. A very important opportunity which is destined to move fast.