1861 Liberty Head Double Eagle. MS-64 (NGC). CMQ. S.S. Republic Label.

Lovely surfaces are bathed in a bold blend of satiny mint luster and warm golden-wheat color. Sharply struck throughout the design and so carefully preserved as to be not all that far from Gem Mint State preservation. Beginning in 1861, gold coins were extensively hoarded in anticipation of economic difficulties pursuant to the armed conflict between the states. Silver coins were hoarded as well, beginning in the spring of 1862, following the introduction of Legal Tender notes that were not redeemable in gold or silver coins. The public's confidence in the economy wasn't restored until the late 1870s. During this period the government responded to the disappearance of specie by printing and issuing paper money, with denominations ranging from three cents up to $5,000; shortly thereafter - in 1863 - the $10,000 denomination was also added. Although gold and silver coins disappeared from circulation in the East and Midwest, they continued to circulate unabated on the Pacific Coast, where Legal Tender notes were accepted only at a deep discount. With the bombardment of Fort Sumter in April 1861 and the beginning of the Civil War, the North needed about $80 million to fund the war effort. The production of 2,976,452 double eagles at the Philadelphia Mint and 768,000 additional examples at the San Francisco Mint resulted in a combined production at those facilities of 3,744,452 $20 coins, more than had been produced since the inception of the double eagle series in 1850, or that would be coined in any single year for more than 40 years to come. The resulting $74.8 million face value of this denomination alone went far in meeting the federal government's needs for that year. However, with about $260 million required by the North in 1862, and even more in the war years that followed, gold production could not come close to those levels. Financial elasticity was possible only by returning to a federally issued paper currency, the Demand Notes of 1861 followed by the Legal Tender or "greenback" notes of 1862. They were federal paper not seen in quantity since the American Revolution. Including coins recovered by Odyssey Marine Exploration from the wreck of the S.S. Republic, lost in 1865, we estimate that about 1,000 Mint State 1861 double eagles have survived to the present time. This is one of the most common Type I Liberty Head double eagles, although circulated examples far outnumber Uncirculated pieces, even with the inclusion of shipwreck coins. Very scarce from a market availability standpoint, our offering of this premium quality MS-64 represents a fleeting bidding opportunity for the astute double eagle collector. Accompanied by the original presentation case, box, informational booklet and CD, and Certificate of Authenticity #5055563-009, as issued by Odyssey Marine Exploration, Inc. and distributed by Goldline International, Inc. The supporting items are available to the winning bidder upon request to Stack's Bowers Galleries at the close of the auction .

PCGS# 8932. NGC ID: 269G.

Ex S.S. Republic.