1854-S Liberty Head Double Eagle. Unc Details--Salt Water Damage (PCGS).This fascinating example of the San Francisco Mints first double eagle issue 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 noted on surfaces that are matte-like in texture, with microscopic etching from exposure to sea water.<p>After several years of political wrangling, the mint in San Francisco was finally opened for business in March 1854. It was first located in the offices of highly regarded private coiners Moffat & Company at 608-610 Commercial Street. In 1874 it was replaced by a larger facility better suited for mass production. The first coins struck in 1854 were the five main gold denominations: gold dollar, quarter eagle, half eagle, eagle, and double eagle. A total of 141,468 $20 gold pieces were struck in 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 <em>S.S. Yankee Blade</em> in 1977 that any examples in higher degrees of conservation would become available.<p>The wreck of the <em>S.S. Yankee Blade </em>yielded approximately 200 to 300 AU and Mint State 1854-S double eagles. Most display etched surfaces from exposure to sea water, as here, and we are aware of at least two other specimens from that find that were struck from the same dies as the present example. Those coins were offered as lot 4414 in our August 2018 ANA Auction and as lot 5350 in our August 2019 ANA Auction. All three examples display the same pattern of die cracks on both sides. We note the following cracks on the obverse:<p>1 - From the border between stars 6 and 7 to the front of Libertys coronet<p><p>2 - From the border through the left side of the digit 5 in the date to the bottom of Libertys portrait<p>3 - At the top of the digits 54 in the date<p>The reverse die is even more extensively cracked:<p>1 - From the border through the letter N in UNITED to the eagles right wing<p>2 - From the top of the same wing toward the letter D in UNITED<p>3 - 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 UNITED<p>4 - Through the top of the letters TWEN in TWENTY<p>5 - From the lower border curving through the letter Y in TWENTY nearly to the S mintmark<p>Despite their long term exposure to sea water, the <em>S.S. Yankee Blade</em> 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.PCGS# 8913. NGC ID: 268U.From the Q. David Bowers Collection. Earlier ex <em>S.S.</em> <em>Yankee Blade.</em>
