MINTAGE: 141,468

The 1854-S is a numismatically significant issue due to its status as the first double eagle struck at the recently-opened San Francisco mint. Unlike the quarter eagle and half eagle dated 1854-S which are great rarities, the 1854-S double eagle can be found with some degree of regularity.

STRIKE: The 1854-S is one of the better-struck Type One double eagles from this mint. The obverse is well-detailed with sharp hair curls, stars, and denticles. The reverse sometimes shows weakness on the eagle’s wingtips as well as on the denticles from 12:00 to 3:00. Many of the shipwreck coins (see below for more details) show a network of fine die cracks on the obverse and the reverse.

SURFACES: Most high(er) grade 1854-S double eagles have a granular semi-matte texture from exposure to seawater. Many of these coins can be quite attractive as they were Uncirculated when they were lost in the 1850s. Additionally, the granular texture tends to make the fields look smooth and even. Otherwise, coins tend to have very heavily abraded surfaces. Many are well-worn and bright from cleaning. Few collectors still understand the difference in rarity between seawater and original surface 1854-S double eagles, especially in higher grades. To date, I have seen around six to eight Uncirculated 1854-S double eagles in Uncirculated with natural surfaces and maybe three dozen in About Uncirculated. These are among the rarest San Francisco Type One issues to find with original surfaces and they should command strong premiums when compared to seawater examples.

LUSTER: 1854-S double eagles with original surfaces have inferior luster. It is satiny with a slightly coarse texture. Original surface coins tend to be worn to the point that they show minimal luster. Seawater coins have a distinctive matte-like texture which is not lustrous. There are some which are decidedly less granular than others and they could be mistaken for pieces with original surfaces by less experienced collectors.

COLORATION: The natural color for examples with original surfaces is medium orange and rose-gold. Seawater coins tend to show an attractive deeper orange-gold hue. I have seen no more than a handful of 1854-S double eagles with original surfaces which have nice natural color.

EYE APPEAL: Ironically, examples with seawater surfaces tend to have better overall eye appeal than their counterparts with original surfaces. Any 1854-S with original surfaces that has good eye appeal is very rare and desirable.

INTERESTING VARIETIES: There are a number of minor varieties known. Some 1854-S double eagles have a broken crossbar of the A in STATES, while others have a normal A. Another variety has the mintmark touching the feathers, while on others the mintmark is free of the feathers.

PROOFS: There is a unique Proof 1854-S double eagle in the Smithsonian. It is the first coin struck and was sent by Superintendent Robert Aiken Birdsall to Mint Director James Ross Snowden, and then placed in the Mint Cabinet. I regard this as one of the most important and potentially valuable Type One double eagles.

HOARDS: In 1977, a hoard of Uncirculated 1854-S double eagles was located. These were said to have come from the S.S. Yankee Blade. In the past it has been written that “approximately 100” were found. However, on page 80 in his book on Double Eagles, Dave Bowers claims that “as many as 200-250” have been located. This number seems correct, and it likely includes a number which were damaged or whose appearance precludes them from being encapsulated by either PCGS or NGC. Despite having etched surfaces from exposure to seawater, many examples from this hoard have been graded and encapsulated by PCGS and NGC. 25 examples were found on the S.S. Central America, and five were found in the S.S. Republic. There have been a number of nice AU55 to MS62 examples with natural surfaces in the Fairmont Hoard. The finest brought $40,800 as Stacks Bowers 4/2022: 5373; it was graded MS62 by PCGS.

BUYING TIPS: Learn to distinguish the difference between an example with original surfaces and one with seawater surfaces. The difference between the two types is still not widely known, and even many dealers do not realize how rare the former is.

AUCTION RECORD: A new record price of $132,000 was set by a PCGS MS65 which was offered as Stack’s Bowers 3/2020: 7346.

FINEST KNOWN: This is a date which is a challenge to determine the finest known. This is due to the fact that many of the highest graded 1854-S double eagles have finely granular surfaces from exposure to seawater. Of these coins, the three best are two PCGS MS65s (one is in the Hansen-Crawford Collection and the other brought $132,000 as Stack’s Bowers 3/2020: 7346) and a PCGS MS64 from the S.S. Central America (last sold as Stack’s Bowers 2014 ANA: 12010 and sold by me to a New England collector). There are around six to eight known in Uncirculated with non-seawater surfaces. The three best I know of include the Fairmont coin graded MS62 which sold for $40,800 in Stacks Bowers’ April 2022 sale; an example in a New England collection graded MS61 by PCGS which is ex Heritage 11/2007: 61779 ($21,850), Bass III: 781 ($10,925); and an NGC MS61 owned by a Connecticut collector. I sold all three of these.

RARITY:

TOTAL KNOWN: 500-600+

BY GRADE:

• Very Fine: 30-50

• Extremely Fine: 120-150

• About Uncirculated: 250-275

• Uncirculated: 100-125+*

*This includes numerous shipwreck coins with matte-like surfaces. Many of these are in numerically graded PCGS and NGC holders.

PCGS Number: 8913

POPULATION FIGURES: As of the end of 2023, PCGS had graded three in MS60, nine in MS61, 22 in MS62, 15 in MS63, four in MS64, one in MS64+ and two in MS65 for a total of 56 in Uncirculated. NGC had graded two in MS60, five in MS61, eight in MS62, one in MS62+, 21 in MS63, nine in MS64, and one in MS65 (as well as an MS64 from the S.S. Central America) for a total of 47 in Uncirculated. These figures are inflated, especially in the MS62 to MS63 range.

CAC has approved one in MS62, one in MS63 two in MS64, and one in MS65 for a total of five in Uncirculated.

PERFORMANCE SINCE 2002: In the current market, an average quality AU example (equivalent to AU50) would sell for $12,000-14,000. The same quality coin would have sold for $1,500-2,000 back in 2002. In the current market, an above average quality Uncirculated example (equivalent to MS62) would sell for $37,500-45,000. Back in 2002, the same quality coin would have sold for $6,000-8,000. The price performance of this date is among the best of any Type One double eagle over the last 21 years. This is attributable to many new collectors having “discovered” this issue, the multiple levels of demand which the 1854-S has, and the fact that it was extremely undervalued two decades+ ago.

COMMENTS: Given the historic nature of this issue, I regard it as one of the more desirable Type One double eagles. It used to be under-priced but this is clearly not the case any longer. That said, I feel that examples with original surfaces are still undervalued and very few people are aware of just how scarce these are in AU55 and higher grades.

LAST UPDATED: 12/28/2023