LOT Old Heritage Auctions  /  2008 Jan. FUN Signature Coin Auction #454  / 

3306

1857-S $20 MS67 PCGS

Currency:USD Category:Coins & Paper Money / US Coins Start Price:85,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1857-S $20 MS67 PCGS
<B>1857-S $20 MS67 PCGS. CAC.</B></I> Ex: <I>S.S. Central America</B></I>. SSCA 6089. Variety 20B, Bold S. One of the foundations of coin collecting is the ideology of 'history in your hands.' Numismatists instinctively transport themselves back in time with each coin that they examine, whether it be an AR denarius of Julius Caesar from 46 B.C., one of America's first large copper cents, or even a common, circulated 1955 Franklin half dollar. That is the allure of this king of hobbies. Sometimes we visualize what a particular coin would have purchased back in the day, or we wonder if a famous person, such as Abraham Lincoln, actually spent the very coin that is in our hand. But, for the most part, our coin fantasies are fueled by a vivid imagination and little else. Seldom are we afforded the opportunity to own a coin that has a confirmed lineage to the day it was struck. The discovery of the 1857 <I>S.S. Central America </B></I>shipwreck in September 1987 provided one such rare opportunity. The subsequent salvage efforts revealed a staggering treasure of thousands of freshly minted gold coins and other important artifacts. All of the recovered coins are veritable time capsules, embedded with not only the history of an important era in America's history, but also the blood of some 435 souls who met with a watery grave on that dreadful day in September 1857. The coins, which went down with most of the crew and passengers, also represent the courageousness and tenacity of the men onboard who showed no fear while managing to save many women and children from a similar fate. <BR> Most of the coins recovered were in wonderful condition. That is not surprising, considering that they never had the chance to enter the channels of commerce. But some wonder how a coin, such as the current piece, could be so well preserved after being on the bottom of the ocean for 130 years. This question is easily addressed. The ship settled in 8,000 feet of water in an area where little to no current or agitation exists. In addition, gold is an extremely stable metal and salt water exposure imparts little effect. But more important is the fact that the coins were originally tightly stacked in wooden boxes, thus providing additional protection for coins in the interior of such piles (Bowers, 2004).<BR> The recover, certification and subsequent marketing of the <I>S.S. Central America's </B></I>golden cargo during the past two decades shattered old notions regarding the rarity and value of the 1857-S issue and changed the way type collectors approach the earliest double eagle design. Examining the PCGS <I>Population Report</B></I> reveals some astonishing statistics: in a total Type One Liberty double eagle population of slightly under 20,000 examples, 5,713 of them are dated 1857-S, a figure more than three times that of the next largest single-issue population. In all grades from MS63 up, the 1857-S population forms a clear majority of all Type One double eagles certified.<BR> Looking farther afield, even more impressive numbers appear. PCGS has certified 12 Type One Liberty double eagles in MS67; of those, 11 are 1857-S pieces. By comparison, PCGS has graded just one Type Two double eagle as a Superb Gem, and only nine Type Three representatives at that level. In other words, in the PCGS <I>Population Report</B></I>, the 1857-S has as many Superb Gem exemplars as all other Liberty double eagle issues combined (12/07).<BR> Despite this relative availability, the Superb Gem 1857-S issues remain condition rarities and are highly prized by type collectors and date collectors alike. This particular example offers vibrant luster and honey-gold, peach, and butter-yellow surfaces. The decisively struck devices and smooth fields are immaculate, and the overall visual appeal is magnificent. Simply put, this is one of the most important Liberty double eagles for the issue. Housed in a faux book with historical information and certificate of authenticity; comes with box from Blanchard.<BR><BR><B>Coin Engraver:</B> James B. Longacre<BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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