1864 Liberty Head Double Eagle. AU-58 (PCGS). CAC.With overall sharp definition and plenty of frosty luster remaining, this premium quality example is knocking on the door of a Mint State grade. Federal records report that 204,235 circulation strike double eagles ($4,084,700 in face value) were coined at the Philadelphia Mint during 1864, and due to the continued problem with hoarding -- which lasted until late December 1879 -- none were used in regular day-to-day transactions in the eastern half of the United States. It seems that many were exported, and to the extent that this happened, most were likely melted into bullion, as Uncirculated examples have not turned up in European bank hoards. Q. David Bowers, in his study of the series, estimated a Mint State population of only between three and five pieces. David W. Akers, writing in 1982, stated: "I have never personally examined a true Mint State piece, and despite the rather numerous auction records, have seen relatively few that could even be graded AU." Jeff Garrett and Ron Guth in the second edition of their <em>Encyclopedia of U.S. Gold Coins: 1795-1933</em> commented: "There were 42 examples of the 1864 Philadelphia issue on board the <em>S.S. Republic</em>, but this is very small in comparison to the large number of double eagle collectors." Not all of the <em>S.S. Republic</em> coins were Uncirculated or choice. As far as circulated grades are concerned, the 1864 is also scarce. We estimate a surviving population of between 300 to 450 pieces, most of which grade VF or EF. This limited total amounts to just a little more than 1/5 of 1% of the mintage. Clearly the offering of any circulation strike 1864 double eagle represents a significant event in todays market. This Choice AU, finer than most examples of the issue, is sure to catch the eye of astute gold collectors.PCGS Population: 36; 28 finer (MS-65 finest).From the Fairmont Collection.