MINTAGE: 43,597

+ 80 Proofs

The 1859 has the second lowest mintage figure of any Type One double eagle from the Philadelphia mint. Not including the exceedingly rare 1861 Paquet, it is the second rarest Philadelphia Type One in terms of overall rarity and it is actually the rarest in higher grades, surpassing the 1862.

A slight design change occurred on double eagles beginning with this issue. A new obverse hub was used which showed the designer’s initials (JBL; for James Barton Longacre) further to the left on the truncation. In addition, the truncation was slightly more curved and the curls around the bun and below the ear of Liberty were slightly modified.

STRIKE: This is a relatively well-struck issue. On the obverse, the hair detail is fairly bold with the curls around the face and below the ear showing some individual definition. The stars at the left are sometimes flat while those above the head of Liberty and to the right are sharper, sometimes with full radial lines. The reverse is well-detailed with the exception of the tail feathers and the wing tips which are usually soft. There is often a network of fine cracks through the obverse stars.

SURFACES:  With the possible exception of the 1866-S No Motto, the 1859 is the hardest Type One issue to find with clean surfaces. Virtually all known examples are extensively abraded with deep, detracting marks. These marks are often clustered in the left obverse field and on the face of Liberty and they severely detract from the overall eye appeal. Any higher grade piece with minimal marks is worth a very strong premium over a typical quality 1859 double eagle.

LUSTER:  Most show luster which is frosty in texture. A smaller number are semi-prooflike. The quality of luster on the higher grade 1859 double eagles that I have seen tends to be good, but the average piece has impaired luster from past cleanings and the above-referenced marks.

COLORATION: The natural coloration is rose-gold with orange or greenish-gold undertones. As recently as a decade ago, the collector could find an 1859 with nice natural color, but these coins are either in tightly-held collections or they have been fiddled with by dealers.

EYE APPEAL: The level of eye appeal is well below average.

INTERESTING VARIETIES: A small number of 1859 double eagles show a repunched 18 in the date. This variety is interesting, but it is not considered collectible by specialists.

PROOFS: 80 Proofs are believed to have been struck. If this is accurate, most were melted. Proof 1859 double eagles are extremely rare, and at least one of the examples known is impaired. Two others are impounded in museum collections. As of the end of 2023, PCGS has graded one in PR62 DCAM, one in PR62+, one in PR63 CAM, and one in PR64+DCAM for a total of four. NGC has seen two in PR63 Cameo, and one in PR63 Ultra Cameo, for a total of three. It should be noted that not a single Proof 1859 $20 has sold at auction since June 2015 and that coin “only” graded PR63.

HOARDS: A single MS60 was found in the S.S. Republic. In the late 1990s, a group of three or four higher grade (MS60 to MS61) examples came onto the market. I am not aware of the source of these coins. The Fairmont Hoard has yielded six coins as of the end of 2023 with the finest a PCGS/CAC MS62 which brought $72,000 in April 2022

BUYING TIPS: If you are an ultra-finicky collector you will have to relax your standards when it comes to this date. A nice Extremely Fine or About Uncirculated with natural color and unmolested surfaces is very rare and you can expect to “pay up” for such a coin if you are lucky enough to be offered one.

AUCTION RECORD: The current auction record for a business strike 1859 is $72,000 for a PCGS/CAC MS62 which I purchased directly as Stacks Bowers 4/2022: 5385.

FINEST KNOWN: The two finest known business strike 1859 double eagles are almost certainly the PCGS/CAC MS62 ex Fairmont which now resides in the New England Collection, and the PCGS MS62 in the Hansen-Crawford collection. There are likely three or four clustered in the MS61 range, and these include one in a New England collection, as well as an NGC MS62 which brought $37,373 as Heritage 2014 ANA: 8460.

RARITY:

TOTAL KNOWN: 250-300

BY GRADE:

• Very Fine: 20-30

• Extremely Fine: 130-160

• About Uncirculated: 94-102

• Uncirculated: 6-8

PCGS Number: 8926

POPULATION FIGURES: As of the end of 2023, PCGS has graded one in MS60, two in MS61 and two in MS62 for a total of five in Uncirculated. NGC has graded two in MS60, four in MS61, and one in MS62 for a total of seven in Uncirculated. These figures have remained mostly static for more than 15 years and are likely not inflated by resubmissions.

CAC has approved a single coin in Uncirculated, an example in MS62.

PERFORMANCE SINCE 2002: In the current market, a choice Extremely Fine example of this date (equivalent to EF45) is worth $7,500-9,500. In 2002, the same coin was worth $2,500-3,500. In the current market a nice quality About Uncirculated example of this date (equivalent to AU55) is worth $16,000-18,000. In 2002, the same coin was worth $5,000-6,000. While the price performance of this date has been very good in the last dozen years, in my opinion, it remains undervalued in virtually all circulated grades.

COMMENTS: I used to rank this as the fourth-rarest Type One issue from Philadelphia, but I now feel that it is the rarest, both overall and in high grades. It is usually found in the Extremely Fine-40 to About Uncirculated-50 range and most coins which grade as such are low end. The 1859 double eagle is rare in properly graded About Uncirculated-53 to About Uncirculated-55, very rare in About Uncirculated-58, and extremely rare in Uncirculated.

LAST UPDATED: 12/27/2023