1850-O Liberty Head Double Eagle. AU-53 (PCGS).A warmly patinated, olive-gold example with impressively sharp definition in a lightly circulated New Orleans Mint double eagle. Ample luster remains, as well, the finish characteristically matte-like for the issue with modest semi-reflective tendencies in the protected areas around the devices. The perennially popular 1850-O is the premier double eagle from the Louisiana branch mint. A mintage of 141,000 pieces for this issue is considerably lower than the 1,170,261-coin mintage reported for the Philadelphia Mints circulation strike delivery of the year. This began a trend that would continue throughout the early New Orleans Mint double eagle series of 1850 to 1861. While the vast quantities of gold that flowed east from California provided the bullion for double eagle coinage at both the Philadelphia and New Orleans mints, the majority of this precious metal found its way to the Northeast rather than the Deep South. When the San Francisco Mint began coinage operations in 1854, the limited amount of gold reaching the New Orleans Mint diminished even further, resulting in the creation of the legendary 1854-O and 1856-O double eagle rarities. Returning to the 1850-O, this is one of the more challenging early date New Orleans Mint double eagles to collect. Survivors are rarer than those of the 1851-O and 1852-O issues, and most are well worn in grades such as VF or EF. As with the Philadelphia Mints issue of 1850, the 1850-O saw extensive use in domestic circulation, primarily in regions west of the Mississippi River where gold coins were a preferred medium of exchange. Other examples were exported, primarily to London, where they were eventually melted. Q. David Bowers (2004) accounts for just 200 to 400 circulated coins extant, as well as a mere two to four Mint State examples. With its first year status resulting in particularly strong demand among mintmarked gold type collectors and New Orleans Mint enthusiasts, this impressive AU 1850-O double eagle is sure to see spirited bidding at auction.From the Fairmont Collection.
