1866-S $20 No Motto MS(PCGS#8945)

Spring 2022 U.S. Coins Auction

拍卖行

Stack's Bowers

批号

3176

等级

MS61

价格

630,423

详细说明

Landmark 1866-S No Motto $20 in Mint State 1866-S Liberty Head Double Eagle. No Motto. MS-61 (NGC). An extraordinary offering for advanced double eagle enthusiasts, this is one of the few Mint State survivors of this key date issue available in today's market, and one of the finest certified by NGC. It is a lustrous, satin to softly frosted coin dressed in light honey-rose color. Surfaces are exceptionally smooth for both the issue and the assigned grade, there being only a few wispy handling marks that are easily overlooked, and just as easily forgiven. Sharply to fully struck in most areas with outstanding eye appeal. The story of the 1866-S No Motto double eagle starts five years earlier with the outbreak of the Civil War. The nation's morale was severely wounded and as an appeal during this time of national crisis, Reverend M.R. Watkinson of Ridleyville, Pennsylvania petitioned Secretary of the Treasury Salmon P. Chase urging the placement of a motto acknowledging "Almighty God in some form in our coins." Approving of this request, Chase instructed the director of the Mint to create designs and prepare patterns with various versions of the motto that he could take to Congress. On April 22, 1864, Congress passed a law that specified the addition of the motto IN GOD WE TRUST on the newly created two-cent coin. The following year, Congress instructed that the motto be added to all gold coins of suitable size -- that is, half eagles and larger -- starting in 1866. The Philadelphia Mint began preparations in late 1865 for the change to the Motto reverse. The reverse dies were then shipped to San Francisco, but because overland transit took over two months during that era, they did not arrive there until March. In the meantime, because demand for coin, especially the double eagle, was strong on the West Coast, the San Francisco Mint went ahead with production of 1866 half dollars, half eagles, eagles, and double eagles using the older No Motto reverse dies on hand. Once the new dies arrived the old ones were swiftly retired, but not before around 120,000 No Motto double eagles were struck and released into circulation, where they remained for many years. This issue suffered a very high attrition rate and now the 1866-S No Motto double eagle is widely considered the second rarest San Francisco Mint issue of this denomination, ranking behind only the legendary 1861-S Paquet Reverse (an example of which is also offered in this sale). The 200 or so known pieces are primarily in VF or EF condition, often with significant impairments or otherwise limited eye appeal. The issue is exceedingly rare in Mint State. This sharp and aesthetically pleasing MS-61 represents a significant opportunity for double eagle collectors who demand rarity and quality. NGC Census: 5; 0 finer at this service. PCGS# 8945. NGC ID: 269K.