1876 Twenty-Cent Piece. BF-2. Rarity-2. Doubled Die Reverse. MS-66+ (PCGS). CAC. Lustrous satiny silver surfaces are accented with delicate splashes of pinkish-rose iridescence toward the borders. This Gem is very sharply struck, including on the details of the eagle on the reverse, a rare situation among circulation strike coins of this denomination. A fantastic specimen, one of the very finest graded, and especially desirable from the standpoint of sharp strike, high grade, and eye appeal combined.When the twenty-cent piece was introduced in 1875, the hope was that it would facilitate making change in a small change-starved West. Minor coins, including cents, three-cent pieces, and nickels were not used in commerce as much as in the East. Precious metal coins were preferred, even Spanish colonial and Mexican 1/2 and 1 real coins served as half dimes and dimes, respectively. With the vast output of silver from the Comstock Lode in Nevada, an opportunity arose to add a new silver coin to the nations repertoire: the twenty-cent piece. This was not a completely strange concept; Jefferson originally proposed it instead of the quarter and Canada had been using the denomination since 1858. However, several factors doomed it from the start, first and foremost the similarity of its diameter and design to a quarter dollar. The reverse was different enough and the edge was plain, but at first glance the obverse is essentially identical (with minor variations). In 1875, large quantities were struck at San Francisco and Carson City, with only a modest number from Philadelphia. The coin was an instant flop - the confusion with the quarter was enough and soon negative press essentially killed it as a viable coin. In 1876, only a perfunctory quantity of coins was struck at Philadelphia, none at San Francisco, and almost the entire Carson City mintage of 10,000 was melted. Today, the 1876 twenty-cent piece is popular among specialists in the more unusual denominations as well as type set collectors seeking to represent the series apart from the much more common 1875-S. At the premium Gem level, this is a challenging issue and with its superior eye appeal, this is a coin well worth the wait. From Heritages Baltimore, MD Signature Sale of July 2003, lot 6895; our (American Numismatic Rarities) sale of the Oliver Jung Collection, July 2004, lot 45.
