The 1854-S is numismatically significant as the first double eagle made at the brand new San Francisco mint. It is one of the rarest Double Eagles from this facility, especially with natural surfaces. Virtually all higher grade (AU and better) 1854-S double eagles are sea salvaged and show matte-like surfaces as a result. I have seen less than 10 AU coins with original surfaces and not more than three or four in Mint State.

This frosty, lightly worn example is clearly not a seawater coin and it lacks the familiar obverse die cracks seen on the salvaged coins. It shows pale green-gold and rose shadings and the surfaces are clean with just a few light marks seen in the fields. As is typical for the issue, the strike is strong and on this coin the centers on either side show nearly full definition.

There have been no auction records for an AU58 example of this date in over five years. A few months ago, I sold a superb NGC AU58+ with CAC approval to a collector for $23,500

The demand for this coin continues to be very strong while the supply is, of course, very limited. It could be some time before another comparable 1854-S becomes available.