1866-S $20 NO MOTTO XF40 OGH PCGS CAC

Incredible eye appealing and historic 1866-S $20 Liberty Head Double Eagle (No Motto, Type 1) represents the final issue of its kind before the mandated inclusion of the motto IN GOD WE TRUST on all larger gold denominations. Struck early in the year at the San Francisco Mint—prior to the arrival of the updated reverse dies—this transitional rarity boasts both technical and historical significance. From a mintage estimated 120,000 pieces, fewer than 307 examples are believed to survive in all grades, making it the second rarest San Francisco double eagle behind the famed 1861-S Paquet Reverse. Housed in an old green PCGS holder, this example displays classic, original surfaces untouched by modern cleaning. The coin exhibits a rich, medium-golden yellow hue, accentuated by rose-gold and peach undertones that pool in Liberty’s curls, stars, and recessed legends. Light friction on the cheek is shown but details are crisp and plentiful for an XF40 with strong hints of XF45 grade. The historical context of this issue is rooted in Civil War-era patriotism. Following a public appeal in 1861 to acknowledge divine authority on U.S. coinage, Treasury Secretary Salmon P. Chase authorized the development of designs incorporating a national motto. Congress formalized the change in 1864, with legislation requiring the motto be added to gold coins of appropriate size beginning in 1866. While Philadelphia prepared and shipped new reverse dies with the motto, overland transit delays meant San Francisco continued production with the older No Motto dies into March. These early strikes filled immediate coinage needs on the West Coast and were quickly absorbed into circulation. With a PCGS population of 25 in XF40 (136 finer) and CAC approval on only 7 coins (18 finer), this piece offers strong investment appeal. No XF40 or XF45 CAC has sold in the past 3 years, with a non-OGH and chatty XF40 PCGS CAC for $20,400 05/22 HA whilst an XF45 PCGS CAC for $31,200 08/18 ST; however, in 2021 an XF40 OGH PCGS CAC did sell for $25,318 01/21 GC. The PCGS Price Guide values this issue at $25,000, a fitting premium for a visually pleasing survivor of this crucial Civil War-era coinage transition.

PCGS Cert Verification #08437304