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Some Personal Observations on the Type II Liberty Head Double Eagle
BillJones
Posts: 33,482 ✭✭✭✭✭
Chessman's account of his unpleasant experiences with a mail order purchased of an 1875-S double eagle inspired me to write down my experiences with the Type II double eagle as a type coin.
There are three types of Liberty Head double eagles. The Type I does not bear the motto, "In God we trust," and has the denomination spelled out as "TWENTY D." The Type II had the motto "In God we trust," added. The Type III had the denomination spelled out as "TWENTY DOLLARS." There are other differences, both obverse and reverse if you compare the three types, but the information I provided here are the most noticeable differences.
Among the three types the Type II is by far the most difficult piece to find in Mint State, especially Choice (MS-63, 64) or Gem (65 or better) Mint State. The reasons for this are due to the usage patterns for these coins. Although few Type I Liberty double eagles (1850 to 1866) were saved and preserved by collectors "back in the day" because of their high face value, many coins have been recovered from shipwrecks, most notability the SS Central America. The Type III double eagles (1877 to 1907) were saved in Mint State in large quantitles, in large part because they sat in bank and treasury vaults as reserve and currency back-up coins. MS-65 and better examples are scarce, but MS-63 and 64 pieces are common as a type coin.
The Type II double eagle is very scarce in strict MS-63; MS-64 coins are scarcer still, and MS-65 and better coins are virtually nonexistent. The reason for this was that few collectors could afford to set aside any of these coins, and these double eagles spent much of their time in mint bags where they were moved around from time to time and received coin to coin contact. Choice AU-58 examples are not hard to find, and not terribly expensive relative to their melt value, but Mint State coins are another story. In addition there have been no significant shipwreck hoards of these coins located.
PCGS graded this 1873, open 3, double eagle as an MS-63, and I agree with a grade. Despite that I was able to purchase this piece in a Heritage auction at fairly strong discount below Gray Sheet "bid." In that same auction there was a piece graded MS-63 with a green CAC sticker that also sold for less than bid.
Given my experience it is hard to fathom how this market works. Usually it is hard to buy a properly graded coin in a Heritage auction for bid, let alone a discount below bid. Perhaps other collectors could enlighten me about the market for this elusive Mint State item.
There are three types of Liberty Head double eagles. The Type I does not bear the motto, "In God we trust," and has the denomination spelled out as "TWENTY D." The Type II had the motto "In God we trust," added. The Type III had the denomination spelled out as "TWENTY DOLLARS." There are other differences, both obverse and reverse if you compare the three types, but the information I provided here are the most noticeable differences.
Among the three types the Type II is by far the most difficult piece to find in Mint State, especially Choice (MS-63, 64) or Gem (65 or better) Mint State. The reasons for this are due to the usage patterns for these coins. Although few Type I Liberty double eagles (1850 to 1866) were saved and preserved by collectors "back in the day" because of their high face value, many coins have been recovered from shipwrecks, most notability the SS Central America. The Type III double eagles (1877 to 1907) were saved in Mint State in large quantitles, in large part because they sat in bank and treasury vaults as reserve and currency back-up coins. MS-65 and better examples are scarce, but MS-63 and 64 pieces are common as a type coin.
The Type II double eagle is very scarce in strict MS-63; MS-64 coins are scarcer still, and MS-65 and better coins are virtually nonexistent. The reason for this was that few collectors could afford to set aside any of these coins, and these double eagles spent much of their time in mint bags where they were moved around from time to time and received coin to coin contact. Choice AU-58 examples are not hard to find, and not terribly expensive relative to their melt value, but Mint State coins are another story. In addition there have been no significant shipwreck hoards of these coins located.
PCGS graded this 1873, open 3, double eagle as an MS-63, and I agree with a grade. Despite that I was able to purchase this piece in a Heritage auction at fairly strong discount below Gray Sheet "bid." In that same auction there was a piece graded MS-63 with a green CAC sticker that also sold for less than bid.
Given my experience it is hard to fathom how this market works. Usually it is hard to buy a properly graded coin in a Heritage auction for bid, let alone a discount below bid. Perhaps other collectors could enlighten me about the market for this elusive Mint State item.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
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Comments
IMO this coin had claims to a higher grade, but the hairline scratches probably held it back to a net grade of MS-61.
This coin, with highly lustrous surfaces and strong strike, has far superior eye appeal to most MS-61's.
1873 (Open 3) $20 Liberty (Type 2) Double Eagle - PCGS MS-61
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"
Latin American Collection
Spelling (type too fast) corrected
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"
Golden, the attached images aren't great but this 1872 AU58 looks very nice in hand and is a match for an 1872-S that I own. It did take some time to find the pair.
Complete Set of Chopmarked Trade Dollars
Carson City Silver Dollars Complete 1870-1893http://www.pcgs.com/setregistry/showcase.aspx?sc=2722"
This apparent doubling (or re-engraving) of the obverse, IMO is more likely due to re-engraving or repunching of the stars to perhaps rejuvenate a worn late state die to extend its life to strike more $20 Liberties in San Francisco, which was not conveniently closely located near the main mint in Philadelphia where they would have had easier access to new dies.
I believe that if the obverse star doubling was attributable to strike, the stars would likely not be double outlined on all sides (as they are) but would likely be shifted in one direction or the other.
1873-S (Closed 3) PCGS AU-58 (Semi-Prooflike) $20 Liberty (Type 2) Double Eagle -- Doubled Stars & Profile
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"
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