A.C. Dwyer's Coin Stories

1860-O Gold $20 Double Eagle

Type 1 No Motto - S.S. Republic

THE ONLY MINT STATE EXAMPLE KNOWN TO EXIST!

NGC MS-60 PL - Pop 1/0

SS Republic Population

Total Mintage: 6,600

Overall Rarity Ranking: 5 of 44 coins

Overall Population: approx. 86 to 96 coins

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The Arlington Collection of Shipwreck Treasure

The Arlington Collection of Shipwreck Treasure

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This 1860-O $20 Type 1 double eagle graded MS60PL is the only example graded mint state by either PCGS or NGC. 

Technically, this coin is the finest known, but one could argue that there is bound to be an example graded AU-58 that would have better eye appeal.

Out of close to 2,500 double eagles recovered from the SS Republic shipwreck, this is the only example found of the 1860-O showing just how rare this coin is.

Although the 1854-O and 1856-O are considered the great rarities of the type 1 double eagles, the 1860-O along with the 1855-O and 1859-O are considered the next level of great rarities in the series. With a mintage of just 6,600 coins, the 1860-O had the third lowest mintage of the type 1 double eagles which is lower than the mintages for the more famous 1861-S Paquet Reverse and 1866-S No Motto rarities. This trio of 1855-O, 1859-O, and 1860-O have shown tremendous price appreciation over the past few years. With the popularity of type 1 double eagles on the increase, this trend may continue, but lower grade examples are still within the reach of many collectors.

Most reference guides generally assume about a 1% survival rate of type 1 double eagles which would mean that about 66 examples might exist. I'm a little more conservative in my estimates of 86 to 96 examples being out there. There is no doubt that most 1860-O examples were released into circulation. Even with all the double eagles repatriated from European banks in the 1990's, a mint state example failed to appear.

Designer: James B. Longacre

Weight: 33.436 grams

Diameter: approx. 34mm, reeded edge

Composition: 90% gold, 10% copper/silver

PCGS Price Guide: Libery Head $20 (1850-1907)