Classic 1866-S No Motto Rarity
1866-S Liberty Head Double Eagle. No Motto. AU-53 (PCGS).
This richly original and vivid pinkish-honey example presents exceptionally well for a lightly circulated example of this key date San Francisco Mint issue. Appreciable luster remains, and both sides retain bold striking detail to all devices with the exception of a few of the stars around the obverse periphery. Pleasingly smooth, the only mark to note runs from Liberty's earlobe down the bust. An undeniable highlight of our present Fairmont offering, and sure to see spirited bidding among advanced double eagle enthusiasts. The story of the 1866-S No Motto double eagle starts five years earlier with the outbreak of hostilities after the separation from the Union of the secessionist states. The nation's morale was severely wounded and as an appeal during this time of national crisis, Reverend M.R. Watkinson of Ridleyville, Pennsylvania petitioned Secretary of the Treasury Salmon P. Chase urging the placement of a motto acknowledging "Almighty God in some form in our coins." Approving of this request, Chase instructed the director of the Mint to create designs and prepare patterns with various versions of the motto that he could take to Congress. Congress also thought kindly of the change and on April 22, 1864, they passed a law that specified the addition of the motto IN GOD WE TRUST on the newly created two-cent coin. The following year, Congress instructed that the motto be added to all gold coins of suitable size - that is, half eagles and larger - starting in 1866. The Philadelphia Mint began preparations in late 1865 for the change to the Motto reverse. The reverse dies were then shipped to San Francisco but because overland transit took more than two months during that era, they did not arrive until March. In the meantime, because the demand for coin, especially the double eagle, was strong on the West Coast, the San Francisco Mint went ahead with production of 1866 half dollars, half eagles, eagles, and double eagles using the older No Motto reverse dies on hand. Once the new dies arrived the old ones were swiftly retired, but not before somewhere around 120,000 No Motto double eagles were struck and released into circulation, where they remained for many years. This issue suffered a very high attrition rate and now the 1866-S No Motto double eagle is widely considered the second rarest San Francisco Mint issue of this denomination, ranking behind only the legendary 1861-S A.C. Paquet Reverse. The 200 or so known pieces are primarily in VF or EF condition, often with significant impairments or otherwise limit eye appeal. As an uncommonly original and aesthetically pleasing AU, this is an important opportunity for the double eagle collector who demands both rarity and quality.
PCGS# 8945. NGC ID: 269W.
From the Fairmont Collection - Sussex Set.