Selling Gold

Selling Gold - 1854-O Double Eagle Sells For $603,750 At Heritage Auctions

by Mark Borckardt

New Orleans Issue Among The Rarest In Liberty Series

When gold was discovered in California in 1848, New Orleans was home to the nearest federal Mint. Once the San Francisco Mint became operational in 1854, however, the supply of gold coins produced in New Orleans — with an "O" mintmark — was substantially reduced.

The new San Francisco facility is clearly the reason that the 1854-O double eagle is a major rarity, from a mintage of only 3,250 coins, says Heritage Auctions Vice President Leo Frese. "Only about 30 to 35 of these coins still survive today, including a single example in the Smithsonian."

Most known 1854-O $20 gold coins grade in the VF to XF range. An 1854-O graded AU55 by PCGS realized $603,750 at Heritage Auctions' October 2008 U.S. Coin Signature® Auction. No more than three examples grade higher.

The 1854-O double eagle is included in Jeff Garrett and Ron Guth's 100 Greatest U.S. Coins. In their Encyclopedia of U.S. Gold Coins 1795-1933, Garrett and Guth say the 1854-O double eagle "has always been in great demand, but with the recent interest in the field of double eagles, the 1854-O issue has become nearly priceless."

Selling Gold

"This issue and the 1856-O," notes Frese, "are two of the rarest and most highly desirable double eagles in the Liberty series."

Selling gold 1854-O $20 graded AU55 by PCGS
Sold: Heritage Auctions, October 2008, $603,750.

Photos and article courtesy of www.heritageauctions.com

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