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1856-O Type I Double Eagle Branch Mint Proof Sells for More Than $1.4 Million

Rare Coin News

June 17, 2009 Rare Coin News Monaco Rare Coins

Monaco Rare Coins is excited to announce its most recent acquisition…

1856-opcgs_obv

What is considered to be the greatest New Orleans minted coin in existence set a record on May 29th for the highest price ever realized for a proof Double Eagle. The 1856-O Type I $20 gold piece—certified Specimen-63 by PCGS—is the rarest New Orleans-minted Double Eagle‚ and is by far the finest known example of this famous American coin.

Entering the auction as the featured specimen of the sale‚ it did not disappoint the crowd and certainly lived up to its billing. At more than $1.4 million‚ it is the most ever paid at auction for a New Orleans Double Eagle‚ eclipsing the 1854-O Type I Double Eagle which sold in November 2008 for just over $600‚000. This new record for a New Orleans-minted coin will no doubt continue to stir the imagination and drive interest from both collectors and investors for these highly-desired branch mint coins. Many specialists believe that this is the single most important New Orleans Double Eagle in existence‚ and the most important O-mint coin of any denomination.

1856-O Type I Double Eagle Branch Mint Proof Gold Coin

The seven-figure price is even more impressive when you consider the price journey this particular coin has taken just over the past decade alone‚ where it sold twice before‚ bringing $310‚500 in 2002‚ just months after the tragedy of September 11th‚ and then again for $542‚800 in 2004.

Only 19 coins (of any type) have ever sold at auction for more than this one‚ and none of those were struck in New Orleans. Monaco Rare Coins is honored to have purchased the first million-dollar piece of Southern branch mint gold. While the value of this coin is important‚ the sheer beauty of the piece cannot be overlooked. It exhibits deeply mirrored fields and sharply-struck devices which jump off the surface of the coin. By any standard it’s a work of art and is arguably more important‚ and certainly more impressive‚ than coins like the 1894-S Barber dimes‚ two of which have sold over the past two years for more than $1.5 million‚ with the most recent selling for a record $1.9 million.

I used the sale of the 1894-S dime at $1.9 million and the 1861 “Paquet” Reverse Type I Double Eagle‚ which sold in January 2008 for $2.5 million‚ to help determine the price to bid for the 1856-O. After careful market analysis and much discussion with my staff‚ I determined that anything under $2 million would be a good value. We are so excited to have acquired this important rarity for only $1‚437‚500 and believe it to be one of the best values in numismatics today.

Whomever we place this coin with will have the honor of being the custodian of not only a great portfolio cornerstone coin‚ but will also be acquiring an asset of outstanding value and time-tested appeal of an important part of American history.


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