1866 Liberty Head Double Eagle. AU-58 (PCGS).Lovely honey-rose patina with bold striking detail and ample mint luster. The first Philadelphia Mint double eagle of the Motto design type, the 1866 was produced to the extent of 698,745 circulation strikes, or $13,974,900 in face value. Despite the end of the Civil War the previous year, public confidence in the post-war economy continued to be shaky, and the hoarding of gold and silver coins continued in the eastern half of the United States until the mid-1870s. It is therefore likely that many of the gold coins minted during this period were used to make overseas purchases, especially when payment in gold was stipulated. Q. David Bowers (2004) gives a range of 4,000 to 6,000 pieces for circulated 1866 double eagles. This may have to be revised downward in the future as the combined population statistics of both major certification services suggest a lower number. David W. Akers regarded the 1866 as "scarce in all grades" and, indeed, Bowers high estimate of 6,000 pieces amounts to less than 1% of the original mintage. Few circulated examples are as nice as the coin offered here.From the Fairmont Collection.
