1861-S $20 Liberty Head Double Eagle PCGS AU58 (CAC)

Writing in 2020, Doug Winter said, "I’d rank Civil War gold as one of the more popular ultra-specialties in American numismatics."

This rare piece, struck during the Civil War, would be an exciting addition to your numismatic collection. PCGS has graded 68 as AU58 with 44 finer. Collectors Universe gives this issue a price of $10,000.00 in AU58. In CAC, there are 25 in AU58 with 12 finer. CAC prices this issue at $9,600 in AU58.

This early emission from the San Francisco Mint has great eye appeal with its original golden rose coloration. Even though this issue had a generous mintage of 748,750, PCGS has only certified and graded 762 original examples. What could explain this? It is common for gold and silver coins to be hoarded in difficult times, and the Civil War was indeed a difficult time. And the dearth of certified examples today in the 21^st century points to extensive melting of the 1861-S issue after the hoarding.

San Francisco Mint, “Running the gold into ingots.” Hutchings’ Illustrated California Magazine, October 1856. Library of Congress.

When did Civil War gold become popular? Doug Winter writes, "I had a brainstorm one afternoon. 2011 marked the sesquicentennial of the beginning of the Civil War, and what would be more natural than to promote Civil War gold? I began to quietly accumulate coins and simultaneously began to feature articles and blogs on my website touting them....I remember selling virtually all the coins I had very early on in my promotion and not being able to find many more for Round Two and Round Three. Other dealers had the same idea I did, and suddenly Civil War gold became popular."