1850 Liberty Head Double Eagle. MS-62 (PCGS).A beautiful and elusive survivor from this early Liberty Head $20 issue. Flashy and lustrous with uniform khaki-gold coloration throughout. The fields are lightly reflective and complement the satiny texture that blankets the sharp devices. Attractive and exceptionally well-composed for the assigned grade. <p>The 1850 is the first regular issue double eagle from the Philadelphia Mint. This denomination, the highest that the United States Mint has ever produced for circulation, was authorized by the Act of March 3, 1849, to serve as a storehouse and convenient medium of exchange for the vast quantities of gold discovered and mined during the California Gold Rush. Indeed, during the earliest years of the double eagle series unprecedented quantities of gold were shipped from California to the eastern United States to be minted into coins at the Philadelphia and, to a lesser extent, New Orleans mints.<p><p>Using the Liberty Head design by Chief Engraver James Barton Longacre, the Philadelphia Mint produced 1,170,261 circulation strike double eagles in 1850. This issue saw extensive commercial use with worn survivors in grades such as VF and EF readily available in numismatic circles. Persistent buyers will usually be able to locate an attractive AU without too much difficulty, but Mint State survivors are rare and seldom encountered in any given year of market activity. There was little, if any, contemporary interest in saving high grade examples of this first year issue, and what few Uncirculated coins have survived appear to have done so as a matter of chance. Only a few dozen Mint State examples are believed extant across all grades, with demand far exceeding supply. This handsome MS-62 piece is a significant opportunity and will surely generate considerable interest.<p>PCGS# 8902. NGC ID: 268F.PCGS Population: 38; 19 finer.From the Dr. James A. Ferrendelli Collection.
