Heritage Auctions is going to offer a recently discovered 1854-O Coronet $20 double eagle at the U.S. Coin Signature Auction that will take place from 29th March to 2nd April at Dallas. Struck at New Orleans Mint, the coin has a mintage limit of 3,250 only. However, only a few out of them exist. Even though the 1856-O Coronet double eagle has a mintage of 2,250 pieces, they are as rare as 1854 version. The latter variety is rarer in high grades.
The San Francisco Mint started producing double eagles in 1854. Gold miners found it safer to strike their coins at San Francisco Mint than to transport their raw gold to New Orleans Mint. That’s the reason why Gold coins struck at New Orleans Mint are much rarer.
The coin on sale is graded EF 45 by NGC and belongs to an old family collection. Experts also believe that it could be the first time that such a coin is auctioned publically. Mint marked coins were not very popular among collectors, due to which, almost all 1854-O double eagles entered circulation. Most of the 24 different varieties fall under the grade-range AU 50 to AU-55. The finest of all are four examples which are graded AU-58.
The coin to be auctioned is the only example which is graded EF-45. Many 1854-O double eagles have been upgraded. A coin that was earlier graded EF-45 by NGC was upgraded to NGC AU-53. One such coin which was graded AU-53 grade sold for $305,500 by Ira and Larry Goldberg in February 2017 at the Pre-Long Beach auction.
Image Courtesy: Heritage Auctions