Gold deposits at the New Orleans Mint went into a steep decline after the San Francisco Mint opened for coinage operations in 1854. Accordingly, the famous Southern facility produced only limited numbers of double eagles every year throughout the remainder of the decade. In 1858, the mintage was just 35,250 pieces, certainly a modest production in absolute terms, but actually quite generous in the context of the series. The coins were released into commercial channels and circulated widely in both foreign and domestic trade.
Few 19th century collectors could afford to set aside long date runs of twenty-dollar coins for their collections, and the wealthy collectors who did collect double eagles systematically preferred to update their holdings by purchasing proofs from the Philadelphia Mint every year. There was little numismatic interest in branch mint issues before Augustus Heaton published his landmark treatise on mintmarks in 1893, so New Orleans Mint issues were almost completely neglected. By the time collecting double eagles became popular, in the late 1930s, the 1858-O double eagles had been circulating for decades, suffering much wear and attrition along the way. Doug Winter estimates the surviving population at 225-275 examples in all grades, with only 6-7 specimens in Mint State. Three of the Mint State coins were recovered from the wreck of the S.S. Republic.
This example displays glittering luster at the protected areas on each side.
The PCGS population is 17 with 66 graded higher. Listed at $24,000 in the CDN CPG and $30,000 in the PCGS price guide.
Offered at $24,500
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