1865 $20 Liberty Head Double Eagle NGC MS64 (CAC) Ex.SS Republic

     We are proud to offer one of the rarest examples of the $20 Liberty Head double eagle. The end of the Civil War saw few gold coins minted, most of which were promptly hoarded and melted down for their bullion value. The mintage of 1865 was 351,175, with a survival rate very low in any mint state grade. This extremely rare piece is also a survivor of the S.S. Republic shipwreck, which was discovered only in July 2003.

      The S.S. Republic left New York on October 18, 1865, bound for New Orleans  with passengers and a cargo of $400,000 in coins, which was primarily gold $10 and $20 pieces. The Big Easy needed hard currency after the end of the Civil War. New Orleans was a busy, thriving city, but due to the war, "hard money" was in short supply. It was on the fifth day of the voyage that a hurricane off the coast of Georgia prevented the SS Republic from continuing. That evening saw her hull leaking, resulting in the fire in the boiler being snuffed out. The ship stalled in the heavy seas, taking on water at an alarming rate. At 4 p.m. on October 25 she sank. All passengers and crew had taken refuge in four lifeboats and a rough and ready raft. Two days later, the desperate survivors were found by the sailing ship Horace Beals.

      The obverse of the $20 Double Eagle features a left-facing Liberty. A pearl-encrusted coronet inscribed with “Liberty” adorns her wavy hair, which flows down her neck. Thirteen stars that represent the original colonies/states surround her bust. The reverse presents Longacre's exaggerated design, featuring a heraldic eagle, one that is quite different from eagles previously found upon our coinage. Dramatic rays emanate from the national bird, and a circle of 13 stars is found hovering over the eagle. Two contrived ribbons encircle the awkward creature, one of which the eagle holds firmly in its beak. The motto E PLURIBUS UNUM is split between the two ribbons. A federal shield is found on its breast and arrows and the ivy branch of peace are found, respectively, in its right and left talons. The inscription UNITED STATES OF AMERICA and TWENTY D. surround the bird at the coin's rim.

      Douglas Winter and Adam Crum write, "The 1865 is a...scarce date....It is very rare in Uncirculated..." Winters also writes, "The 1865 double eagles from the S.S. Republic are well-struck and ....have excellent luster....they [are] impossible to distinguish from non-shipwreck coins. The luster on these pieces is frosty in texture with a slightly satiny appearance." Out of the original mintage, only 788 pieces have been graded by NGC. There are 85 in MS64 with only 24 finer (as of 2/2021). Plus the CAC certification tells you that it is at the summit of coins graded MS64. A registry coin of this caliber is difficult to come by, and is found only in exclusive numismatic collections. The sophisticated numismatist will appreciate a specimen such as this 1865 double eagle, and will eagerly take the plunge to make it the newest piece in his or her coin portfolio.