1868-S Liberty Head Double Eagle. MS-62 (PCGS).Wisps of pale rose mingle with dominant orange-gold patina on both sides of this handsome, pleasingly original example. Boldly struck overall for an example of the challenging Type II Liberty Head double eagle, the reverse is actually sharply defined throughout. Consistent with other years during the 1860s, the production of double eagles at the San Francisco Mint was immense, dwarfing that of the Philadelphia facility. In 1868, some 837,500 examples were coined amounting to $16,750,000 in face value. Most of these entered into the channels of commerce along the Pacific Coast, where gold was used in day-to-day transactions as freely as paper money was used back East. Many others were likely shipped overseas and melted. Q. David Bowers estimated a population of just five to eight different Uncirculated examples when he wrote his <em>Guide Book of Double Eagles</em> in 2004. This estimate agrees nicely with David W. Akers 1982 research, as the latter was only able to find six examples cataloged as Mint State in a survey of more than 400 major auction sales. More recently, it would appear that several additional MS-60/61 quality examples have come onto the market although, like its identically dated Philadelphia Mint counterpart, the 1868-S remains a major rarity in Mint State. This is one of the finest examples known to PCGS, an impressive condition rarity that would serve as a highlight in an advanced gold cabinet.
