1867-S Liberty Head Double Eagle. MS-62 (PCGS). Dressed in softly frosted mint luster and vivid rose-gold color, this premium BU double eagle is also uncommonly smooth for the assigned grade. Circulation strike Type II Liberty Head double eagles are often plagued by soft striking detail but, while the present example has a characteristic appearance on the obverse in this regard, the reverse is impressively sharp throughout the design. Mint records indicate that 920,750 double eagles were produced at the San Francisco facility during 1867, amounting to $18,415,000 in face value. As is typical of double eagles produced at this mint, they were heavily used in day-to-day transactions on the Pacific Coast, something completely opposite to the situation that prevailed in the eastern half of the United States, where precious metal coins were extensively hoarded and most transactions were conducted using paper money. Q. David Bowers estimated a Mint State population of just three to five different Mint State examples when he wrote his 2004 <em>Guide Book to Double Eagles</em> published by Whitman. This dovetails nicely with David W. Akers research, as the latter found only three listings of Uncirculated specimens in a survey of more than 400 major auction sales. Although a few more Uncirculated coins have slipped into the market in recent years, the 1867-S continues to be celebrated as a major condition rarity. Indeed, to the best of our knowledge this issue has not been widely represented in any overseas hoards. A highlight of the present sale, this is one of the finest examples known to PCGS and is eagerly awaiting inclusion in an advanced double eagle cabinet.
