The 1865-S Liberty Head Double Eagle is a popular $20 gold coin that has gained significant attention due to its historical significance and rarity. Much of its availability today is attributed to shipwreck salvage efforts, particularly from the early 2000s. This guide will explore the history, recovery, and market value of the 1865-S Liberty Head Double Eagle.
History and Origin
The 1865-S Liberty Head Double Eagle was minted at the United States Mint in San Francisco, with a total mintage of 1,042,500 coins. The gold used for these coins was sourced from California’s rich gold deposits. Like most Type I Liberty Head Double Eagles, these coins were circulated or used for export trade.
Shipwreck Salvage and Recovery
A significant portion of the 1865-S Liberty Head Double Eagles were lost in history when the SS Brother Jonathan, a paddle steamship, sank off the coast of California on July 30, 1865. This ship was carrying around $500,000 in gold coins, including many 1865-S Double Eagles. In 1996, the wreck was discovered, and a series of salvage operations recovered over 1,200 coins, with more than 600 being in Mint State.
A smaller quantity of 1865-S Liberty Head Double Eagles were recovered from the salvage of the SS Republic, which sank off the coast of Georgia in March 1865, with around $400,000 in gold and silver coins.
Coin Specifications
| Attribute | Details |
|---|---|
| Country | United States of America |
| Year of Issue | 1865 |
| Denomination | $20 (USD) |
| Mintmark | S (San Francisco) |
| Mintage | 1,042,500 |
| Alloy | .900 Gold, .100 Copper |
| Weight | 33.436 g |
| Diameter | 34.00 mm |
| Edge | Reeded |
| OBV Designer | James Barton Longacre |
| REV Designer | James Barton Longacre |
| Quality | Business Strike |
Collectors’ Interest and Market Value
Today, the 1865-S Liberty Head Double Eagle holds significant collector value. Coins from this issue typically sell at auction, with the MS64 grade being affordable at around $20,000. Gems, which make up a minority, surface at auction at a rate of about three or four per year.
PCGS and NGC have assigned various shipwreck recovery labels to these coins. For example, PCGS MS66 specimens are highly sought after and have fetched prices upwards of $46,000 at auctions. The majority of shipwreck coins are graded MS65, with dramatic die cracks and other distinct features contributing to their uniqueness.
FAQ’s
What is the mintage of the 1865-S Liberty Head Double Eagle?
The total mintage of the 1865-S Liberty Head Double Eagle was 1,042,500 coins.
Where were most 1865-S Double Eagles recovered?
Most 1865-S Double Eagles were recovered from shipwrecks, including the SS Brother Jonathan and SS Republic.
What is the current value of a high-grade 1865-S Liberty Head Double Eagle?
High-grade specimens, such as MS66, have sold for upwards of $46,000 at auctions.