The 1865-S Liberty Head double eagle is a sought-after gold coin, particularly among collectors of U.S. currency. This $20 coin has a fascinating history, bolstered by shipwreck discoveries that have made it more accessible to collectors today.
In this guide, we’ll delve into the background, recovery stories, market data, and tips for collectors interested in this unique piece of numismatic history.
Historical Background
The United States Mint in San Francisco produced the 1865-S Liberty Head double eagle, striking a total of 1,042,500 coins that year.
The gold used to create these coins came from California, which was rich in gold deposits during this period. Like many Type I Liberty Head double eagles, these coins were widely circulated and often used for international trade.
One of the most significant events in the history of the 1865-S double eagle involves the shipwreck of the SS Brother Jonathan. This paddle steamship was employed to transport treaty payments to Native American tribes.
Tragically, on July 30, 1865, the ship sank off the California coast, carrying with it about $500,000 in gold coins and around 300 passengers and crew members.
The Discovery of the SS Brother Jonathan
The wreck of the SS Brother Jonathan remained hidden until 1996, when a crew using a mini-submarine spotted gold coins glimmering on the ocean floor. This discovery sparked a series of recovery efforts, resulting in the retrieval of 1,207 coins from the wreck.
Remarkably, more than 600 of these coins were graded as Mint State, showcasing the exceptional condition of many recovered pieces.
The SS Republic and Further Discoveries
While the recovery from the SS Brother Jonathan is the most notable, additional 1865-S Liberty Head double eagles were salvaged from another shipwreck, the SS Republic. Originally built as the SS Tennessee in Baltimore in 1853, this vessel had a storied history.
After being captured by the Confederacy early in the Civil War, it was later reclaimed by the Union and transformed into a gunship. In 1864, after sustaining damage in a hurricane, it was auctioned and repaired, receiving the new name, Republic.
The SS Republic met its fate during its fifth voyage after being sold, sinking off the coast of Georgia with passengers and an estimated $400,000 in gold and silver coins.
The wreck was discovered in August 2003 by Odyssey Marine Exploration, Inc., leading to another exciting chapter in the story of the 1865-S double eagle.
Shipwreck Recovery and Market Distribution
After the recovery and conservation of coins from these shipwrecks, they were distributed to wholesalers, marketing firms, and select dealers. Many of these coins were marketed as “treasure coins,” appealing to collectors drawn to their adventurous backstory.
Both major grading services have designated the recovered 1865-S Liberty Head double eagles with their respective shipwreck pedigrees. For instance, the Professional Coin Grading Service (PCGS) created a novelty insert featuring a steamship image to highlight the coin’s unique history.
Market Data and Noteworthy Specimens
The recovery of the SS Brother Jonathan has made the 1865-S Liberty Head double eagle relatively accessible for collectors. Coins graded at MS64 can typically be found for around $20,000. Although gems are rare, they do appear at auction, usually three to four times a year.
The market for this coin has remained stable over the past 15 years, without significant price increases. Initial promotional efforts featured heavily in the media, including a National Geographic special, enhancing interest in this unique coin.
However, coins with extremely low serial numbers (single digits) often do not carry a noticeable market premium.
1865-S Liberty Head Double Eagle Overview
| Feature | Details |
|---|---|
| Mint Location | San Francisco, California |
| Year of Minting | 1865 |
| Total Coins Minted | 1,042,500 |
| Notable Shipwrecks | SS Brother Jonathan, SS Republic |
| Estimated Value (MS64) | ~$20,000 |
| Grading Services | PCGS, NGC |
| Recovery Year for SS Brother Jonathan | 1996 |
| Recovery Year for SS Republic | 2003 |
| Average Auction Appearance | 3-4 per year |
Conclusion
The 1865-S Liberty Head double eagle is not only a beautiful piece of currency but also a tangible connection to an exciting chapter in American history. With its links to shipwrecks and unique stories of recovery, this coin appeals to collectors and enthusiasts alike.
Whether you’re a seasoned numismatist or a newcomer to coin collecting, understanding the history and market dynamics of the 1865-S double eagle can enhance your appreciation and investment in this remarkable gold coin.
FAQs
The 1865-S Liberty Head double eagle is significant due to its minting during the post-Civil War era and its association with shipwrecks that preserved many of the coins in exceptional condition.
A total of 1,207 coins were recovered from the SS Brother Jonathan, with more than 600 of those graded as Mint State.
The value is influenced by factors such as coin grade, rarity, condition, and historical provenance from shipwreck recoveries.
Yes, coins recovered from shipwrecks are often accompanied by special grading inserts and may have unique characteristics tied to their recovery history.
You can find these coins through reputable coin dealers, auctions, and online marketplaces specializing in numismatic items. Always verify the coin’s grading and provenance before purchasing.
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