Table Of Content

DOUGLAS WINTER and ADAM CRUM Special Contributions by Bob Evans Chief Scientist and Curator of the S.S. Central America Treasure TYPE I DOUBLE EAGLES, 1850-1866 A NUMISMATIC HISTORY AND ANALYSIS Douglas Winter and Adam Crum Copyright 2002 MONACO FINANCIAL 4900 Birch Street Newport Beach, CA 92660 MONACO financial 888*7514933 An Insider's Guide to Collecting Type I Double Eagles U5 OTHER BOOKS BY DOUGLAS WINTER • Gold Coins of the Carson City Mint, 1870-1893 A Numismatic History and Analysis (published 2001) • Gold Coins of the Charlotte Mint 1838-1861: Annual Rarity and Condition Census Update (s) (published 1998-2002) • Gold Coins of the Charlotte Mint, 1838-1861 (published 1998) • Carson City Gold Coinage 1870-1893: Rarity and Condition Census Update (published 1998) • Gold Coins of the Dahlonega Mint 1838-1861: Annual Rarity and Condition Census Update (s) (published 1998-2002) • Gold Coins of the Dahlonega Mint, 1838-1861 A Numismatic History and Analysis (published 1997) • Indian Head Quarter Eagles, 1908-1929. A Collector’s Guide, (published 2001) • Type III Double Eagles 1877-1907: A Numismatic History and Analysis (published 1998) • Type II Double Eagles 1866-1876: A Numismatic History and Analysis (published 1996) • Gold Coins of the Old West: The Carson City Mint 1870-1893 (published 1994) • New Orleans Mint Gold Coinage: 1839-1909 A Numismatic History and Analysis (published 1992) • Charlotte Mint Gold Coins: 1838-1861 A Numismatic History and Analysis (published 1987). ANA LIBRARY ■1HUII1 95015630 Table of Contents TABLE OF CONTENTS Introduction .5 Chapter 1: How to Collect Type I Liberty Head Double Eagles.21 Chapter 2: Survival of the Finest by Bob Evans.27 Chapter 3: Getting the Most Out of this Book.31 Chapter 4:1850 - 1866 Type I Double Eagle Date by Date Analysis.35 1850 .37 1851 .45 1852 .53 1853 .61 1854 .72 1855 .83 1856 .94 1857 .105 1858 .116 1859 .127 1860 .138 1861 .149 1862 .163 1863 .171 1864 .179 1865 .187 1866 .195 Chapter 5: Proof Type I Liberty Head Double Eagles.201 Mintage Figures.203 Rarity Charts .205 Glossary.215 My Personal Collection Spread Sheet.220 3 An Insider's Guide to Collecting Type I Double Eagles Introduction Introduction Gold has kindled the imagination of mankind throughout the centuries and gold coins have been intimately connected to the vagaries of man since recorded time. It has been the forum for discussions and filled countless volumes, as well as provided the fuel for exploration of new and untamed lands. Literature from the Bible down to the present day is filled with cliches and references to the fascinating yellow metal. Samples such as “Gold is to commerce what blood is to the body and, “Gold is the key to the destiny of nations” certainly go a long way in expressing how man has long valued this most interesting of objects. Throughout history, kings have fallen trying to protect it and nations have been built by the sheer possession of it. Undoubtedly, the historical context of gold and the romance that surrounds it is little challenged by any other object throughout history. It is little wonder why numismatic collectors and investors are drawn to the beauty and history that is woven through the minting of gold coins like America’s first large $20 gold piece, the James B. Longacre design, known as the Type I double eagle. The historical context of these coins and the time of its minting are key elements in the acquisition process. The unusually large Type I double eagle, surviving in an exceptionally high state of preservation, appeals to a broad audience of collectors and investors because it was born during one of the most significant and emotionally-charged eras in the development of the United States of America, and for that matter, western civilization. From the discovery of vast amounts of gold in the remote California territory, to the profound effect this discovery had on our nation’s economy, to the economic “Panic of 1857” and then finally the Civil War, the Type I double eagle is intimately woven throughout the historical fabric of 1849 to 1866. This reference book is not only an attempt to inform you about Type I double eagles, it is also a study in history that expresses the very reason why these wonderful coins exist today. 5 | An Insider's Guide to Collecting Type I Double Eagles An Era that Defined a Nation THE CALIFORNIA GOLD RUSH The nation’s financial base is deeply rooted in the California Gold Rush In 1848, with rampant political, social and financial instability throughout the world, tens of thousands of people were anxious to immigrate to almost anywhere that could provide some hope. In stark contrast to the chaos of the Old World, the New World held limitless possibilities, and California seemed to offer more promise than any other place on Earth. This obscure part of America’s western frontier possessed gold in unimaginable quantities, and held an opportunity for people to change their lives, their fortunes and their futures! Arguably our diversity today in political, social and economic strength was bom of this incredible era. The man who understood supply and demand Although a Mexican named Francisco Lopez first discovered gold in the San Francisquito Canyon near the Pueblo of Los Angeles in California, it was an accidental discovery farther north, along the American River on January 24, 1848 by James Marshall, that dramatically changed the California landscape. Ironically, neither Marshall nor his employer. Captain John Sutter, were happy about the discovery. Since Sutter was intent on building an agricultural empire and Marshall had a sawmill to build, they made a pact to keep the find a secret. Both men felt that people hunting for gold would just get in the way. When the news of the discovery did get out, as it had to, Sutter and Marshall must have been pleased when people found the tale too fantastic to believe. It wasn’t until San Francisco merchant Sam Brannan literally ran through the streets of San Francisco holding up a bottle of gold dust as proof, shouting about the discovery on the American River at Coloma, that the rush for gold would be set into motion. In just nine weeks, Brannan’s stroke of genius resulted in a profit of thirty-six thousand dollars when he correctly calculated that the first person selling pickaxes, pans and shovels would get a lot more gold than the person who had to dig for it. Introduction The mill at Coloma. The man standing in the foreground is believed to be James Marshall. James Marshall John Sutter Sam Brannan An Insider's Guide to Collecting Type I Double Eagles The long, hard and dangerous journey to the gold fields Initially cautious, newspapers were soon filled with unrestrained enthusiasm, as news of the gold rush eventually made it back to the eastern United States and trading ships carried the word to other parts of the world. When two hundred and twenty ounces of gold were shipped to Washington, D.C. from the California gold fields. President Polk confirmed the rumors in a December 1848 address to Congress. The President reported that “the accounts of the abundance of gold in that territory are of such extraordinary character as would scarcely command belief were they not corroborated by authentic reports of officers in the public service.” This proclamation by the President set the stage for development of our nation like none other in recorded history. The discovery of gold literally expanded the boundaries of the United States of America and created, seemingly overnight, the wealthiest nation in history. For the first time, the opportunity to create wealth seemed within the grasp of anyone and everyone, and by early 1849, gold fever had become a global epidemic. Those lucky few who were already in northern California in the spring and summer of 1848, or those who arrived the fastest, were rewarded with fantastic fortunes that could be made in a few weeks. But the harsh reality was that most of the easily-accessible placer gold was gone by the time the multitudes arrived after long, hard and dangerous journeys. Most of the forty-niners, as they were called, had rushed to California with visions of making their fortunes, only to find loneliness, homesickness and isolation, struggles and temptation, bad food, physical danger, illness and even death. More than anything, mining was physically demanding and not for the weak of body or heart. Fortune was always “just around the comer”, but more often than not, so too was failure. Yet, just one year into the gold rush, the population grew from 18,000 to 92,600 and the California territory became the 31st state. Gold Fever spread around the globe and many hopeful souls from throughout the world continued to flood into California, to become part of the largest mass migration in modern history.