HISTORIC FIRST-YEAR-OF-ISSUE 1854-S $20 IN PCGS/CAC AU50

In 1854, the new San Francisco mint opened and made gold dollars, quarter eagles, half eagles, eagles, and double eagles. The 1854-S double eagles were eagerly used in local commerce but failed to satisfy the local need for high denomination circulating gold issues.

Today, the 1854-S is an enigmatic issue among Tye One double eagles, as both services do not distinguish between coins with original surfaces and coins with seawater surfaces. These shipwreck coins (of which a few hundred higher grade pieces exist) are from the S.S. Yankee Blade are—in my opinion—far less desirable, and that the 1854-S double eagles that actually circulated should be collected alongside the privately minted Territorial double eagles of this period.

Around a dozen nicer than average 1854-S double eagles have entered the market via Fairmont, but few of these have been CAC approved due to excessive marks. This coin is 100% not from Fairmont as it is original but not as marky as the coins from that source. It is hard to believe but there are no APRs for a PCGS/CAC AU50 1854-S $20, and the only PCGS/CAC AU53 brought $18,800 back in July 2013.

This is a nice example of arguably the single most important Type One $20 from a historic perspective.

CAC has approved 7 in this grade with 21 finer.

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