LOT Heritage Rare Coin Galleries  /  2007 Signature Coin - Charlotte, NC #432  / 

2281

1879-S $20 MS64 PCGS. While the 1879-S as a date is no

Currency:USD Category:Coins & Paper Money / US Coins Start Price:1.00 USD Estimated At:1.00 - 1,000,000.00 USD
1879-S $20 MS64 PCGS. While the 1879-S as a date is no
<B>1879-S $20 MS64 PCGS.</B></I> While the 1879-S as a date is not generally thought of as rare, like a long list of Liberty Head double eagles in high grade, it is conditionally quite elusive. Unlike most Liberty Head double eagles, however, it is rare in any Mint State grade. The issue in the past has been much underrated, due to its large emission exceeding 1.2 million pieces, but <I>in grades above MS62 the issue is surpassingly rare. The present example is the single highest graded of the issue at either NGC or PCGS, and it is the finest by two grade points that we have ever had the privilege of offering.</B></I><BR> The current NGC and PCGS population data eloquently tell the story: While NGC has certified 33 pieces in MS62, there is not a single piece graded MS63, much less one in MS64. (Even the 1897-S's sibling, the famously rare 1879-O double eagle with a mintage of 2,325 pieces, shows one example graded MS63 at NGC.) PCGS has certified 44 examples of the 1879-S in MS62, yet there are only three specimens certified MS63 (or--as always--one piece submitted three times). Finally, in MS64, the present example is the only one so certified.<BR> Once considered a common Type Three double eagle, the 1879-S in recent years has seen a burgeoning awareness of its true rarity in the numismatic marketplace. Heritage has offered a total of only 11 MS62 examples of the 1879-S in the past dozen or so years. While in the mid-1990s the selling price was only slightly higher than generic pieces, 10 years later the average price for an MS62 had increased fifteenfold. In 2004's <I>Type Three Double Eagles 1877-1907,</B></I> the authors made the following observations: "The 1879-S Double Eagle can be located in any circulated grade without much difficulty although nice About Uncirculated coins are not nearly as common as their current price level would indicate. This is a scarce date in Uncirculated with a great majority of the known specimens grading Mint State-60. It becomes rare in Mint State-61 and any 1879-S Double Eagle grading Mint State-62 or better is very rare."<BR> Bowers' <I> Guide Book of Double Eagles</B></I> probably understates the elusiveness of the issue in MS62 by saying, "The 1879-S is another easy winner in the double eagle sweepstakes--with examples being readily available in just about any grade desired from VF to MS-62. Higher level coins are in another category, however, and are very elusive." Of course, on the latter point he is absolutely correct.<BR> The latest (and most encyclopedic) gold coin reference available, Jeff Garrett and Ron Guth's <I>Encyclopedia of U.S. Gold Coins 1795-1933,</B></I> offers the following comments: "Although the mintage for the 1879 New Orleans issue was tiny, the San Francisco Mint produced an abundant number of coins. Many were shipped overseas for international trade. Large numbers have returned in recent decades. Most are just Extremely Fine or About Uncirculated, and the issue is actually scarce in Mint State. In choice condition the 1879-S double eagle is very rare. Some high-grade examples seen are partially prooflike. Amazingly, two NGC MS-62 examples sold for more than $29,000 each in early 2005."<BR> The present example boasts a bold strike, with full radial details seen on each peripheral star, and none of the mentionable weakness so often seen on the highpoints of Liberty's hair. The surfaces offer intense luster over medium orange-gold surfaces that show a hint of reflectivity in the fields. For such a large gold coin, the surfaces are remarkably free of all but a few smallish abrasions that are consistent with the near-Gem grade level. This beautiful and rare coin is bound to catch the attention of Registry Set collectors and connoisseurs of the finest rare-date gold. Population: 1 in 64; there are none finer (2/07).<BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
Sign In to Bookmark Lot