1865-S $20 Liberty Head Double Eagle PCGS MS61

Here is a dramatic piece to add to your collection, one that would be an excellent type coin. Many 1865-S twenties on the market today are survivors of the tragic shipwrecks of the SS Republic and Brother Jonathan. However, this offering from AU Capital Management is not a shipwreck coin. PCGS has graded 38 as MS61 with 441 finer. Collector’s Universe gives this issue a price of $9,500.00 in MS61.

Striking quality contrasts widely for the 1865-S $20 Liberty head double eagle, though a majority of specimens are softly struck on the obverse over the hair curls along Liberty's brow and the high points of the coronet. Shipwreck-recovered pieces, however, generally are sharper on the obverse, while the reverse—of both shipwreck and non-shipwreck coins—is usually well struck. 1865-S double eagles in higher grades are known for having good luster, typically frosty or satiny in texture. However, some of the shipwreck coins are subdued from many years of immersion in sea water.

San Francisco Mint operations: "Running the gold into ingots" illustration from 1856. Photo: Library of Congress.

Writes Stack’s Bowers, “Apart from a few exceptional shipwreck examples, the typical 1865-S is noticeably abraded, often with deep marks and other sizeable distractions on one or both sides. In circulated grades such as VF and EF the 1865-S is relatively easy to obtain, and such examples have tremendous historic appeal due to their association with the waning days of the California Gold Rush.”