1855 $20 Liberty Head Double Eagle NGC AU58 Ex. SS Republic

The SS Republic left New York on October 18, 1865, bound for New Orleans with passengers and a cargo of $400,000 in coins, primarily gold $10 and $20 pieces. New Orleans was a bustling, thriving city, but due to the Civil War, "hard money" was in short supply. A hurricane off the coast of Georgia, on the fifth day, prevented the SS Republic from continuing on its voyage. That night saw her hull leaking, which resulted in the fire in the boiler being snuffed out. The ship stalled in the heavy seas, taking on water at a frightening rate. All passengers and crew took refuge in four lifeboats and a rough and ready raft before the Republic plummeted towards the ocean's floor. Two days later, the desperate survivors were found by the sailing ship Horace Beals.

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, broken dies, rejected dies--on more than one occasion--and a false claim of being relieved from 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.