1862-S Liberty Head Double Eagle. AU-55 (PCGS).A richly original example that exhibits a blend of honey-gold and pale pinkish-apricot patina. Frosty surfaces retain ample mint luster, the devices boldly to sharply defined over most features. While the economic repercussions of the Civil War resulted in a sharp decrease in double eagle production at the Philadelphia Mint beginning in 1862, the San Francisco Mint remained busy churning out generous numbers of these coins. Records state that 854,173 examples were struck at the California facility, or $17,083,460 in face value. These coins circulated on the West Coast in an era in which they were not seen in commerce in the East and Midwest. Although less than 1/2 of 1% of the mintage for the 1862-S is extant, circulated examples exist in such numbers -- Bowers (2004) says 2,500 to 3,500 pieces -- that locating one in low grades should be relatively easy under normal market conditions. The same cannot be said for examples in AU and finer, which exist to the extent of just about 500 pieces. Coins at the Choice AU level are considerably scarce, and the present piece is among the finer known to PCGS. A fair number of high grade coins entered the market recently from shipwreck treasures such as those of the S.S. Brother Jonathan and S.S. Republic, although we stress that most examples recovered from those sources are circulated to one degree or another.From the Fairmont Collection.
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