1850 $20 Liberty Head Double Eagle PCGS AU58 Ex.SS Central America #2

      It gives us great pleasure to present for consideration an example of the rare 1850 Liberty head $20 gold Double Eagle (Ex. SS Central America). This specimen is from the first year of this quite popular series. The first coin of a series is typically a popular collectable. This example is perfect for the discerning numismatist who wishes to add a true rarity to his or her collection. It could be part of a mint state collection of gold type coins, or one of a full run of dates and mintmarks of the Liberty head double eagle series (1850-1907).

      This example is a survivor of the sinking of the S.S. Central America in 1857. However, much more significant than coins that survived that shipwreck was the loss of life the night of September 11-12, 1857; 425 of her 578 passengers and crew perished at sea in a category 2 hurricane with 105 MPH winds. Plus the sinking of 30,000 pounds (14,000 kg) of gold was a major contributing factor to the economic Panic of 1857. Considering those events, this offering from AUCM, an 1850 Liberty head double eagle, is rich with history.

      The creation of the double eagle design and coin saw conflict reach a fever pitch within the U.S. mint--between chief coiner Franklin Peale and mint director Robert Patterson on one side, and chief engraver James B. Longacre on the other. Patterson despised the senator who influenced Longacre's appointment, while Peale was running an illicit private business making medals for private clients--on the mint's dime with their equipment--with the mint director's unspoken approval. Peale had possession of the Contamin portrait lathe, which was needed to reduce models of designs of medals and coins to reductions from which working dies could be made. Peale did not want to share the lathe, which was a problem when the new double eagle was being created. Obstacle after obstacle was thrown in Longacre's path as he worked on the coin. Harassment was a constant companion for the skilled engraver, from both Patterson and Peale. It was the result of corruption by and friendship between the two mint officers. No help with engraving work, broken galvanos, smashed dies, rejected dies--on more than one occasion--and a false claim of being relieved of his position--were what Longacre had to face daily. Finally he went to the Treasury Secretary in Washington, who discovered all the lies told about Longacre and his work from the Mint officials; that meeting saved his job as chief engraver.