1859-S $20.00 PCGS MS61

MINTAGE: 636,445

The 1859-S is similar in overall and high-grade rarity to the 1861-S. It is the most available of the three different double eagles struck during 1859, making it highly suitable for a year set of Type One double eagles.

1859-S $20.00 NGC AU58 CAC

STRIKE: This is a below-average issue in terms of strike. The obverse often shows weakness on the curls around the face and below the ear. Many of the other curls lack definition. The stars, especially those on the left and the final two, are weak with no radial lines showing. On the reverse, there is often weakness on the tail feathers, the eagle’s head, and the wing tips. The obverse edge may show noticeable beveling; this is also present on the reverse but it is not as prominent.

SURFACES: Many 1859-S double eagles are severely abraded. It is much easier to locate an example with decent surfaces, though, than it is for the 1859-P or the 1859-O.

LUSTER: The luster tends to be frosty with a slightly grainy texture. Some 1859-S double eagles have good luster but on most, the luster is somewhat subdued.               

COLORATION: The natural coloration seen on this date is often a rich rose-gold or medium green-gold hue. A decent number are known with original color but these tend to be “dirty” coins from overseas with a “smudgy” appearance which might not appeal to all collectors.

EYE APPEAL: The eye appeal for the 1859-S double eagle tends to be slightly below average. The typical 1859-S grades in the EF40-AU53 range, and is weakly struck with numerous abrasions in the fields. Higher grade (AU55-AU58) examples are sometimes available with better surfaces and attractive natural color. The patient collector should find an acceptable 1859-S given some time.

INTERESTING VARIETIES: There are two varieties for this date, one of which is now recognized by both NGC and PCGS.

  1. Repunched Date. The 18 is lightly repunched. This variety is not considered significant but some advanced collectors include one in their set.

  2. Doubled LIBERTY variety. The ERTY in LIBERTY, as well as some other areas on the obverse, shows plain doubling. This variety is easily visible to the naked eye and I think it is very important. It is very rare in Uncirculated (I have seen fewer than 10, with the best clearly the PCGS/CAC MS62+ sold by Stacks Bowers in April 2022) and a few in the higher AU grades. Less than 5% of all 1859-S double eagles are this variety.

PROOFS: No proofs were struck.

HOARDS: There were 60 examples found in the S.S. Republic, but only one (an MS61) was Uncirculated. 14 lower grade to middle grade pieces were found in the S.S. Brother Jonathan treasure. The Saddle Ridge Hoard contained 2 examples, both Genuine. There are a significant number of 1859-S $20’s in the Fairmont Hoard with the finest sold as of the end of 2023 being a PCGS/CAC MS62+.

BUYING TIPS: Obviously, a smart tip is to learn how to spot the Doubled LIBERTY variety mentioned above. I have cherrypicked dozens of them, but it is becoming harder now that the surfaces recognize this variety.

AUCTION RECORD: The current auction record for this date is $99,000 which was set by Heritage 5/2023: 3282, graded MS63 by PCGS.

FINEST KNOWN: The highest-graded 1859-S is the aforementioned PCGS MS63, but this coin has a detracting brownish vertical toning streak at the obverse center. I have seen a few MS62 examples which I liked more, including the PCGS/CAC MS62+ I mentioned above, a PCGS coin owned by DL Hansen and ex: William Crawford, and another PCGS MS62, ex Stack’s Bowers 2014 ANA: 12020, which realized $30,550.

RARITY:

TOTAL KNOWN: 1500-2000+

BY GRADE:

  • Very Fine: 80-100

  • Extremely Fine: 820-1100

  • About Uncirculated: 540-730

  • Uncirculated: 60-70

PCGS Number: 8928

POPULATION FIGURES: As of the end of 2023 PCGS had graded 13 in MS60, 26 in MS61, 19 in MS62, and one in MS63 for a total of 59 coins in Uncirculated. NGC had graded eight in MS60, 11 in MS61, and seven in MS62 for a total of 26 in Uncirculated. This includes a single MS61 from the S.S. Republic. These figures are inflated by resubmissions, especially in the MS61-MS62 range.

CAC has approved two MS60 examples, three in MS61, three in MS62 and, one in MS63 for a total of nine in Uncirculated.

PERFORMANCE SINCE 2002: In the current market, a choice About Uncirculated example of this date (equivalent to an AU55) would sell in the $4,250-4,750 range. In 2002, the same coin would have sold for $1,750-2,000. In the current market, an average quality Uncirculated example of this date (equivalent to MS61) would sell in the $10,000-13,000 range. In 2002, the same coin would have sold for $5,500-6,500.

COMMENTS: The overall and high-grade rarity numbers for the 1859-S have risen fairly significantly since the first edition of this book was published in 2002. There are quite a few more Uncirculated pieces accounted for (around three dozen) but these tend to be low-end, abraded MS60-MS61 coins that may have actually “gradeflated” from earlier AU55 or AU58 holders. The 1859-S remains scarce in properly graded MS62, and it appears to be unique in certified MS63 at this time.

LAST UPDATED: 12/7/2023