$20 1857-s Spiked Shield - S. S. Central America ** Analysis / Opinions on Valuations

DesertLizard

Last week my golfing buddy was showing off his latest treasure a $20 Liberty ex S. S. Central America! What a surprise as I did not even know he collected coins [he really doesn't but does buy gimmicky pieces]. He showed me a 1857-s PCGS MS65 and it was a beauty. What he told me next nearly floored me, he paid $8,750.

For a non collector that was a major purchase, heck for a collector that's a major purchase. Out of curiosity I asked him the pop on the coin and of course he gave me a blank stare. When I got home I checked my PCGS chart and saw in MS65 there are 645 and 138 higher! Good lord! Nearly $8k for a "common" coin? Afterall with over 600 copies floating around it can hardly be called rare! Dahlonega gold is rare. Charlotte gold is rare. This is not rare.

I am curious if anyone here has purchased shipwreck Liberties. Maybe the prices are high because of the "romance" and "historical" factor? Maybe alot of newbies have purchased the coins and they are out of circulation?

Lastly, I cannot believe NGC has not graded a single 57-s spiked shield! I heard they will not cross the SS pedigree but to cross and instantly be a pop top is surely a temption for some I would think.

RYK

Lizard, I agree with your conclusion. The SS Central America hoard has made this issue fairly common. Most other date Type I $20 Libs are very rare or non-existent. This coin sells for the price you would expect it to for being very rare, which in my mind, is a lousy deal.

oreville

Well, prior to the release of the SS Central America hoard of 1857-S MS-65 $20's, any type I $20 could not be obtained for less than $50,000 plus and was as rare as the type II's and drastically rarer than the type III's. Of course the type I are famous as they are the pre motto coins whereas the type II's are "just" the TWENTY D reverses so that after the release of the huge hoard, the prices of the type I's and 1857-S's did drop steadily and are still falling but may be nearing its bottom.. This remails true of all mint state grades through MS-66.

The MS-67's remain just elusive enough to still hold some magical powers over collectors of condition rarity $20 gold. The prices have come down but I am afraid have already bottomed out. I consider them and possibly even the MS-66 good buys at these levels.

But what the SS Central America has done for the series as far as fame and popularity is incredible. As you now see even non-collectors now want such piece of history. Such fame and allure will only grow and will the resultant demand!

darktone

Those coins do look nice but in my opinion they do don't look natural? I think they might have had a light dip. mike

DaveG

While I'm not, and haven't been, in the market for an Unc. Type I double eagle, my understanding is that a lot, or perhaps most, of the SS Central America coins went to non-numismatists, who were attracted by the "story".

I understand that prices came down significantly after the initial marketing push ended, but I suspect they may stabilize in the future, because the coins will be widely scattered and essentially off the numismatic market.

Bustman

If you want or need to buy a shipwreck coin, the Bro Jo's are a much better deal. Prices have come down a bit lately and the pops are a lot less. Its a cool coin with a great history, and a much better value.

RYK

Nearly seven years later, it would appear that your friend did not get hosed on the purchase. Most are now selling in the $11,000 range at auction. I continue to be amazed at how these have apparently held their value over the last seven years or so.

It is also interesting that the pops have not changed much (626/142) over the years.

RYK

<< <i>That is interesting to know how these have faired. But haven't these been molested and messed with by the salvagers and then the grading company that removed any debris or the experts prior to submittal? >>



Most people who have actually read the accounts would agree that they have been expertly conserved. That said, many have turned in their holders over the years and have had to be re-conserved. Here are a couple that look to be on-deck for the dipper:

GoldenEyeNumismatics

Many have developed a weird white haze. IDK if it can be removed with a dip.

RYK

Rather than buying a gold coin that was on-board the SS Central America, I purchased a modern restrike coin made from gold salvaged from the SS Central America.



It served the purpose for me, and prevented me from sinking big $$$ into a coin that might turn in the holder and made me not have to think about whether or not the market for the SSCA $20 coins was manipulated.

BloodMan

I have been a bit surprised that the 1857-S double eagles from the S.S. Central America have maintained their value, however, the shipwreck coins (also S.S. Brother Jonathan and S.S. Republic) have significant appeal to non-collectors which support the premium for coins in the lower mint state grades. Prior to the discovery of these shipwrecks, Type 1 double eagles were scarce for most dates, and very expensive. I personally would rather have a scarce AU Philly issue from 1862, 1859 or 1855, than a SSCA ’57-S.