An 1856 Liberty Double Eagle coin minted in New Orleans in 1856 has been sold for $690,000 at an auction in California.
Just 2,250 of the gold coins were struck in the city’s mint, one of the regional branches of the US Mint. They are identified with an O that gives the coin its name: the 1856 O $20.
There are now many fewer survivors from that initial issue.
Although coins are extremely long lasting, gold ones in particular can be taken out of circulation if the value of gold makes it worthwhile to melt them down.
Experts quoted by Heritage Auctions, who handled this sale, suggest only as many as 40 coins are still around, with 31 identified and 27 in known locations, including two in the US’s national collections. Only one coin, kept by the New Orleans Mint boss, is still in uncirculated condition.
The mint in New Orleans in 1873. Not long after this coin was struck, New Orleans was on the losing side in the American Civil War when much gold coinage was shipped abroad.
“This lot represents an important opportunity for advanced collectors of U.S. gold coinage, an opportunity that may not recur for many years,” Heritage said in a statement.
Double Eagles are among the most popular coins with collectors.
The 1933 Saint-Gaudens Double Eagle is the most valuable coin in history, selling for over $20 million. It was withdrawn before issue as the US Government removed gold from circulation during the Great Depression of the 1930s.
This example was issued, but the coins were very high value – Double Eagles are the highest value coins for circulation struck in the US – and relatively rare even then.
Twenty dollars was a lot of money in the 1850s; to tuck it away as a potentially valuable coin was a luxury most could not afford. Issued in the South just before the Civil War, it’s likely many New Orleans-struck gold coins were shipped overseas by the Confederate authorities.
Heritage say that numismatists secured double eagles for their collections via proof sets, which did not include branch mint issues.
After the gold recall of 1933, Heritage say: “The elusive nature of the 1856-O was widely recognized. Its status as a landmark rarity was quickly established.”
This coin was sold on Thursday in Long Beach, realising $690,000 including buyer’s premium. A similar coin, minted in 1870 at the Carson City Mint, made $588,000.
