An 1868-S $20, graded PCGS MS62+ is going to be offered by Heritage auctions at the Central States Signature Auction from 24th to 29th April. The plus sign indicates that it’s superior to the 13 existing examples which are found in MS62 condition. Only one coin is graded higher than the offered example, as MS64 NGC. The offered coin has thick, frosted surfaces with minimal abrasions. There is central softness on Liberty’s hair and the obverse stars. The reverse strike is impressive, unlike many other examples of this type.
As many as 837,500 1868-S double eagle coins were minted, out of which only a few circulating examples exist today. It’s even more difficult to find a coin like this in Mint State condition. After the Civil War in the United States, gold and silver coins were heavily circulated in the western states. This eliminates the occurrence of such coins in top grades. Apart from that, the double eagle was used as a gold reserve for national banks and overseas shipments. $20 gold pieces were produced on a larger scale when compared to other silver and gold coins. This trend continued throughout the Type Two series from 1866 to 1876. The 1868-S is 22nd of the 31 date and mintmark combinations that were issued from the Type Two series. These coins were shipped, which led to abrasions, making it almost impossible to find such coins in higher-grades.
Image Courtesy: Heritage Auctions