MINTAGE: 6,600

The 1860-O is similar to the 1859-O in terms of its overall and high grade rarity. As with its counterpart, the 1860-O is a rare date in all grades and it has become next to impossible to find a choice, original example in just about any grade.

STRIKE: The 1860-O is not a well-struck issue. All known examples are weak on Liberty’s hair. There is a lack of detail on the curls around the face and below the ear of Liberty. The hair at the top of the head is sharper, and some higher grade pieces will show a strong bow. The first four stars on the left of the obverse are often flat with no radial line detail with the remaining stars are sharper. The denticles on the obverse are well defined. On the reverse, the horizontal stripes may show weakness and the tail feathers are usually weak as well. The wing tips are weak while the rest of the feathers are sharp.

SURFACES: Nearly every 1860-O double eagle which I have seen has been excessively abraded with deep, detracting marks. On some higher grade pieces, there may be little in the way of actual wear, but the surfaces are abraded to the point that PCGS or NGC will “net grade” the coin down to a lower level. This is one of the hardest Type One issues to locate with choice surfaces and a clean, reasonably mark-free example is worth a significant premium.

LUSTER: The luster seen on this date is better than on the 1859-O. Higher grade coins are usually semi-prooflike and a few are close to fully prooflike. The luster is nearly always interrupted by the aforementioned surface marks. There are some known with especially good luster and these are visually impressive.                  

COLORATION: The natural coloration is a bit lighter than on the previous few issues from this mint. High-grade uncleaned pieces can show a very pleasing deep yellow-gold color which is not seen on many other New Orleans double eagles. Most 1860-O double eagles have been cleaned or dipped and this gives them a washed-out appearance. The few known which are CAC quality are seldom available for sale and if one becomes available, it brings a significant premium over a typical example.

EYE APPEAL: This date has below average eye appeal. The typical piece is well worn, not well-struck, and is heavily abraded. Most have been cleaned or dipped and this gives them a washed-out appearance. It has been a while since I have seen a truly “PQ” example and I think a very choice high grade 1860-O would set a record price if offered for sale at auction.

INTERESTING VARIETIES: A single die variety is known.

PROOFS: No proofs were struck.

HOARDS: A single example was found in the S.S. Republic, but it was a remarkable MS60PL which is now regarded as the second finest known. In the early to mid-1990s, a small group of lower grade pieces was found in Europe. These were quickly dispersed into the market. The Fairmont Hoard has thus far yielded just one coin, a PCGS/CAC AU50 which sold for $69,000 in April 2022.

BUYING TIPS: Since this is such a hard issue to find with choice surfaces, a buyer is going to have to be less concerned with marks and more concerned about originality and overall eye appeal.

AUCTION RECORD: A new record for this date was set by Heritage 7/2018: 3257 graded MS61 by NGC, which sold for $168,000. The same coin earlier brought a then-record price of $152,750 as Heritage 2017 ANA: 4192.

FINEST KNOWN: The finest known is the PCGS MS61, ex Hansen/Crawford/Eliasberg. It was formerly graded AU58 by PCGS, but I graded it MS61 years ago. The second best is the NGC MS60PL ex SS Republic and the third best is a PCGS MS60 which sold for $120,000 as Heritage 2022 ANA: 4113.

RARITY:

TOTAL KNOWN: 85-95

BY GRADE:

• Very Fine: 20-22

• Extremely Fine: 39-43

• About Uncirculated: 22-26

• Uncirculated: 4

PCGS Number: 8930

POPULATION FIGURES: As of the end of 2023, PCGS had graded 11 in AU50, 12 in AU53, 5 in AU55, and 4 in AU58 for a total of 31 in About Uncirculated. They have graded two coins in Uncirculated with a single MS60 and another MS61. NGC has graded 13 in AU50, 15 in AU53, 8 in AU55, 2 in AU58PL, and 11 in AU58 for a total of 47 in AU. They have graded 1 in MS60, 1 in MS60PL, and 3 in MS61. These figures are significantly inflated by resubmissions, especially in AU53 and AU55. CAC has only approved 6 examples in all grades, the highest is a single AU58.

PERFORMANCE SINCE 2002: In the current market, an average quality Extremely Fine example of this date (equivalent to EF40) would be worth in the range of $30,000-40,000. In 2002, the same coin would have been worth $10,000-15,000. In the current market, a choice AU example of this date (equivalent to AU55) would be worth in the range of $55,000-65,000+. In 2002, the same coin would have been worth $17,500-22,500.

COMMENTS: The certified population figures for the 1860-O at both PCGS and NGC are very inflated and need to be severely adjusted downwards to represent a truer scope of the rarity of this date in properly graded EF and AU.

LAST UPDATED: 12/8/2023