2017-09-28 Thu

From early double eagles, the rarest of the rare are New Orleans coins in Mint State. Presenting you a landmark coin in the November 2017 Baltimore Rarities Night Auction, the very finest 1858-O certified by either service. It is Graded MS-63 by NGC, both sides exhibit very fine detail that is universally full from the rims to the centre. Bright golden yellow surfaces are semi-proof-like with appreciable reflectivity in the fields. Otherwise, this landmark is satiny in texture with only small, wispy handling marks precluding an even higher grade.

The 1858-O is a low-mintage issue with just 35,250 coins struck. Many examples were consumed by commercial use, and most numismatic experts accept an estimate of only 150 to 200 pieces extant in all grades. The typical survivor grades EF or AU and is likely to trace its provenance to a group of circulated examples that entered numismatic channels during the 1990s. Mint State coins are rare with Doug Winter, accounting for just six or seven examples at any Mint State level. Four of the Uncirculated survivors are from the treasure recovered from the SS Republic shipwreck. The current examples are the finest of that quartet and also the finest certified 1858-O double eagle from any source.

In 1865, after the end of the Civil War, the SS Republic was located in a hurricane off the coast of Georgia. The ship was carrying $400,000 in silver and gold from New York City to New Orleans. The Odyssey Marine Exploration traced the shipwreck that yielded a treasure of 51,000 coins and 14, 000 artefacts. From the lot were numerous double eagles from the 1850s and 60s, including a number of condition rarities such as the 1858-O offered here.

This treasure will be showcased in the November 2017 Baltimore Auction, appearing alongside other rarities, including a Mint State 1792 Judd-1 Silver Center cent from the Cardinal Collection Educational Foundation.