SCARCE AND HISTORIC 1861-O $20: PCGS/CAC EF45 AND OGH (!)

The 1861-O double eagle has the unique status of having been made by no less than three authorities: The US Mint, the State of Louisiana, and the Confederacy. Around 17,741 were produced, and an estimated 150-175 exist today. Most are seen in the EF40 to AU53 range, and this is an extremely rare issue in full Uncirculated with no more than three to five known.

I believe that over 90% of all 1861-O $20s have been messed with at one time or another, and I can recall not having seen more than two or three really nice pieces until a group of five or six pieces came out of hiding as part of the Fairmont Hoard. These seem to have all gone into “black holes” where they will likely stay for some time.

This piece seems to meet the standards of today’s AU50 to AU53, as it is choice with lots of luster and even, gentle wear limited to the high spots. The color is totally natural and the surfaces are choice but for a scrape between stars two and three on the obverse, and a very faint old reeding mark beneath the sixth star on the obverse.

No CAC-approved EF45 or AU50 examples of this date have ever sold at auction. There are three relevant APRs for PCGS 45s: $40,800 in May 2023; $39,600 in November 2022; and $45,720 in May 2022. Two PCGS non-CAC AU50s have sold since late 2017, and they brought $40,800 in May 2023, and $51,600 in April 2022. A CAC PCGS EF40 brought $43,200 as SB 3/2023: 5294.

This coin has multiple levels of demand, and it is numismatically significant as the sole Southern mint Civil War double eagle.

CAC has approved 3 in this grade with 10 finer.

From the Palos Verdes Collection; purchased from DWN via the New Jersey Surfer Collection and purchased earlier from DWN in August 2016.

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