MINTAGE: 577,670

+ 59 Proofs

The 1860 is the second most available Type One double eagle from the Philadelphia mint produced during the 1860s.

STRIKE: The quality of strike seen on this date varies. There are a number that are reasonably well-detailed, including good definition on the hair of Liberty. Others show weakness on the hair surrounding the face and below the ear. Even on the sharply-struck coins, the hair at the top of the head will show weakness. The reverse is almost always better struck with sharpness at the center and the border. The wing tips and the tail feathers, as usual, have minor weakness. Some 1860 double eagles were struck from lightly clashed dies with faint obverse clashmarks visible in back of Liberty’s head. There are sometimes fine die cracks seen through the lettering on the reverse.

SURFACES: The 1860 double eagle is not a hard issue to locate with acceptable surfaces. The majority have significant abrasions, but there are enough reasonably clean pieces that the fussy collector should be able to locate the right coin without a massive effort.

LUSTER: This issue has better than average luster. Higher grade pieces have soft, frosty luster which can be very attractive. The quality of luster, along with the 1861, is among the best seen on any Type One double eagle from the Philadelphia mint.            

COLORATION: The natural coloration ranges from medium yellow-gold to rose-gold to a medium green-gold hue. There are still a fair number of 1860 double eagles which have natural color, but these are becoming more difficult to locate with each passing year.

EYE APPEAL: The 1860 double eagle has above-average eye appeal. While some are not as sharply struck as one might hope for, there are a decent number which have acceptable surfaces, good luster and nice coloration.

INTERESTING VARIETIES: The unique pattern 1860 double eagle struck in gold (Judd-272a), has the same reverse as found on the 1861 Paquet issues.

PROOFS: 59 Proofs are reported to have been struck. Most were melted. Estimates of survivors range from a low of 7 to 9 to a high of 10 to 13; I believe that the correct number is around 8 or 9 coins, and this includes two coins currently in museum collections (ANS and Smithsonian). As rare a date as the 1860 is, it is the only pre-Civil War Proof double eagle which most collectors will ever have a chance to own.

As of the end of 2023, PCGS had graded 2 in PR63CAM, 1 in PR64, 3 in PR64CAM, and 1 in PR64+DCAM and 1 in PR65+CAM for a total of 6 Proofs. NGC had graded 1 in PR64, 5 in PR64CAM, 1 in PR65 Ultra Cameo, and 1 in PR66CAM for a total of 8 Proofs. These figures are significantly inflated by resubmissions, especially in PR64CAM. The auction record for a Proof of this date is currently $1,200,000 which was set by a PCGS PR65+CAM, ex Harry Bass and sold as Heritage 9/2022: 11070.

HOARDS: There were a total of 82 in the S.S. Republic including 43 in Uncirculated. An unknown number are in the Fairmont Hoard with a PCGS/CAC MS62 sold in August 2022 the best seen as of the end of 2023.

BUYING TIPS: This date is still relatively available in higher grades (MS60 and above), and attractive coins are still available. This means that the fussy collector can afford to be picky when it comes to this date.

AUCTION RECORD: The auction record for a business strike of this date was set by Stack’s Bowers 2016 ANA: 3490, which sold for $141,000. It was a PCGS/CAC MS65, ex Eliasberg, and DWN sold it to a New England collector.

FINEST KNOWN: The finest known business strike 1860 double eagle is the ex Eliasberg PCGS/CAC MS65 cited above. The second best is the NGC MS65 which sold for $69,000 as Heritage 9/2006: 4046. It traces its origin from the S.S. Republic and it was clearly among the more interesting coins found in this treasure. There are likely three or so known in MS64. This include an NGC coin with CAC approval in a New England collection which is ex Heritage 4/2014: 5803, and two PCGS examples from the Bass collection which were both sold in 2000. One of these was resold as Heritage 1/2017: 5999 where it brought $70,500; it had previously sold for $18,400 nearly 20 years earlier (5/2000).

RARITY:

TOTAL KNOWN: 2000-2500+

BY GRADE:

• Very Fine: 70-100

• Extremely Fine: 830-1000

• About Uncirculated: 900-1100

• Uncirculated: 200-300

PCGS Number: 8929

POPULATION FIGURES: As of the end of 2023, PCGS had graded 24 in MS60, 53 in MS61, 17 in MS62, 4 in MS62+, 8 in MS63, 1 in MS63+, 2 in MS64, and 1 in MS65 for a total of 110 in Uncirculated. NGC has graded 13 in MS60, 31 in MS61, 1 in 61+, 9 in MS62, 2 in MS62+, 1 in MS63 and 3 in MS64 for a total of 60 in Uncirculated. This does not includes 58 from the S.S. Republic. These figures are inflated by resubmissions, especially in MS61 and MS62. CAC has approved 2 in MS60, 13 in MS61, 6 in MS62, 3 in MS63, 2 in MS64, and 1 in MS65 for a total of 27 Uncirculated examples.

PERFORMANCE SINCE 2002: In the current market, a choice About Uncirculated example of this date (equivalent to AU55) would sell in the $2,300-2,500 range. In 2002, the same coin would have sold for $900-1,300. In the current market, an average quality Uncirculated example of this date (equivalent to MS61) would sell in the $4,000-5,000 range. In 2002, the same coin would have sold for $3,000-4,000.

COMMENTS: With the exception of the 1865, no Type One date had its higher grade availability altered more by the S.S. Republic treasure than the 1860. Some of the best individual double eagles from this wreck were dated 1860, and this includes an MS65 which is now believed to be one of the finest known. When the first edition of this book was published in 2002, I estimated that 50-60 Uncirculated pieces were known. Today the number is at least 200-300, meaning that the serious collector is now far more likely to be able to include a nice Uncirculated example in his set.

LAST UPDATED: 12/7/2023