1850 Liberty Head Double Eagle. AU-55 (PCGS).

A beautiful and conditionally scarce survivor from this popular first year Liberty Head $20 issue. Flashy and lustrous for the grade with a tinge of pale olive to original medium orange-gold color. Attractive and exceptionally well composed for a Type I double eagle at the AU level of preservation. The 1850 is the first regular issue double eagle from the Philadelphia Mint. This denomination, the highest that the United States Mint has ever produced for circulation, was authorized by the Act of March 3, 1849, to serve as a storehouse and convenient medium of exchange for the vast quantities of gold discovered and mined during the California Gold Rush. Indeed, during the earliest years of the double eagle series unprecedented quantities of gold were shipped from California to the eastern United States to be minted into coins at the Philadelphia and, to a lesser extent, New Orleans mints. Using the Liberty Head design by Chief Engraver James Barton Longacre, the Philadelphia Mint produced 1,170,261 circulation strike double eagles in 1850. This issue saw extensive commercial use with worn survivors in grades such as VF and EF readily available in numismatic circles. Persistent buyers will usually be able to locate an attractive AU-50 or AU-53 without too much difficulty, but beginning at the AU-55 grade level the conditionally challenging nature of this issue comes to the fore. The present coin is a fitting opening to the double eagle offerings in the current installment of the Fairmont Collection. It will surely generate considerable interest among advanced gold collectors.

PCGS# 8902. NGC ID: 268F.

From the Fairmont Collection - Mont Blanc Set.

Estimate: $5500