1854-S Liberty Head Double Eagle. Unc Details--Surfaces Smoothed (PCGS).This is a fascinating example of the San Francisco Mints premier double eagle issue that has a charm all its own. Both sides exhibit sharp to full striking detail without even a hint of wear. Bold golden-orange patina is another one of this coins strong suits. The surfaces are matte-like in texture, however, with microscopic etching that suggests exposure to sea water. The PCGS qualifier concerns light tooling that points to an attempt to improve the coins appearance, although in our opinion a more appropriate qualifier for this coin would be Salt Water Damage. The matte-like texture and microscopic etching, in fact, are actually critical components to determining this coins provenance, more information on which is provided below.After several years of political wrangling, the mint in San Francisco was finally opened for business in March of 1854. The mint was first located in the offices of the highly regarded private coiners Moffat & Company at 608-610 Commercial Street until 1874 when it was replaced by a larger facility better suited for mass production. The first coins struck were the five main gold denominations: the gold dollar, quarter eagle, half eagle, eagle, and the double eagle. A total of 141,468 $20 gold pieces were struck that first year, all of which were promptly absorbed into the regional economy and would remain there for years. Because of the coins heavy use in a cash-starved West, this is a comparatively scarce issue that is almost always found in low grades. It was not until a group of 1854-S double eagles were found on the wreck of the S.S. Yankee Blade in 1977 did any examples in higher degrees of conservation would become available.With strong evidence of having spent decades immersed in sea water this example is almost certainly from the wreck of the S.S. Yankee Blade, which find yielded approximately 200 to 300 AU and Mint State 1854-S double eagles. Most pieces from that find display etched surfaces from exposure to sea water, as here, and we are aware of at least one other specimen almost certainly from that find that was struck from the same dies as the present example. That coin was certified Unc Details--Salt Water Damage by PCGS and was offered as lot 4414 in our August 2018 ANA Auction. Both coins display the same pattern of die cracks on both sides. We note the following cracks on the obverse:1 - From the border between stars 6 and 7 to the front of Libertys coronet2 - From the border through the left side of the digit 5 in the date to the bottom of Libertys portrait3 - At the top of the digits 54 in the dateThe reverse die is even more extensively cracked:1 - From the border through the letter N in UNITED to the eagles right wing2 - From the top of the same wing toward the letter D in UNITED3 - From the border to the left edge of the first letter T in TWENTY, then turning sharply into the field below the letters UN in UNITED4 - Through the top of the letters TWEN in TWENTY5 - From the lower border curving through the letter Y in TWENTY nearly to the S mintmarkDespite their long term exposure to sea water, the S.S. Yankee Blade 1854-S double eagles constitute the majority of high grade survivors of this conditionally challenging issue. These coins are eagerly sought by double eagle specialists, first year type collectors, California Gold Rush enthusiasts, and collectors of shipwreck treasure.
