1850 Liberty Head Double Eagle. MS-60 (PCGS).A frosty deep gold example with tinges of pale olive iridescence evident as the surfaces rotate under a light. The persistent viewer will also be rewarded with flashes of modest semi-prooflike reflectivity here and there in the fields. The strike is razor sharp in all areas, and the in hand appearance is pleasingly smooth for an early date Type I Liberty Head twenty at the BU grade level. Rare and desirable Mint State quality for this historic double eagle issue.Upon its debut in 1850 the $20 gold double eagle supplanted the $10 gold eagle as the largest regular issue denomination produced by the United States Mint. The double eagle came about as a result of the California Gold Rush, that had been touched off by James Wilson Marshalls discovery of gold in the American River on January 24, 1848. The federal government soon realized that a large denomination coin would serve as a convenient storehouse for the vast quantities of precious metal that were soon flowing east. Authorized by the Act of March 3, 1849, the double eagle fulfilled this role. In American history up to and including 1933, over 75% of the gold used for coinage was made into double eagles.The mintage for the Philadelphia Mints premier regular issue double eagle is 1,170,261 circulation strikes, or $23,405,220 face value. The 1850 twenties were distributed chiefly in the U.S. rather than exported overseas in banking transactions (most heavy overseas shipments began in the late 1870s, by which time any earlier coins were typically well worn). Any that were exported at this time likely were melted at their destinations. These pieces created a sensation when first released. The gold dollar of the same design, released in 1849, was a reality, and the double eagle was eagerly anticipated. These pieces and their kin were strictly utilitarian in their distribution and use. There was no numismatic interest in them at the time, and not a single coin is known to have been saved for such purposes (except for an example in the Mint Cabinet formed in 1838 and, since that time, kept up to date by adding one of each date of coinage, but without mintmarks). The denomination was immediately popular and as stated above, accounted for the majority of regular issue gold coinage at the United States Mint until the end of the double eagle series in 1933.The 1850 is a significant condition rarity in Mint State, Q. David Bowers (A Guide Book of Double Eagle Gold Coins, 2004) accounting for just 30 to 50 different coins at that level of preservation. Clearly our offering of this lovely Uncirculated example represents a fleeting bidding opportunity for the advanced gold enthusiast.
