Written by the TreasureGuide for the exclusive use of treasurebeachesreport.blogspot.com.
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Twenty Dollar Double Eagle Found by Sebastian Steve
Who Had It Mounted.
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Here is the rest of what Steve had to say.
I found a nice picture today that I was looking for. This pic was of the big gold, the 1860’s $20 Double Eagle (Shown above.) that I recovered from a deep, Lakes Passenger Steamer back in the late 1970s.
I used to wear it on special occasion....but with the chain and bezel, the weight was over 3 ounces! The wife said...”Far too heavy for me, but I’ll wear one of those English Sovereign’s (similar in size and weight to our $5 gold piece).
And so I mounted an 1832 Sovereign for her. How fitting her request. As this Sovereign was my very first gold coin I ever recovered! I recall the day I recovered this coin, although almost half a century ago... like it were yesterday! Because this coin showed wear, it was suitable for me to make a decision to use this particular coin mounted in jewelry. It’s a decision that must be made with care. More later on this...
And my wife still wears that first Sovereign even today for special occasions. (:
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1832 English Sovereign
Find and photos by Sebastian Steve.
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| Same 1832 English Sovereign. |
And there was in fact counterfeiting going on even in the 1860s already. I had one particular U.S. $1 One Dollar gold piece... (try to pick up one of these with big dry suit mitts!) that just seemed far darker than the others.
Sure enough at NGC grading, when chatting in the office of the President of N.G.C., in Sarasota... he hauls out my -Counterfeit- $1 gold piece! Interestingly... as a preeminent grading firm, that was his “cup of tea” to show history and how they could tell the coin was not real. (Without the darkness from not being real gold, it looked pretty good to my untrained eyes). And we worked out a deal with some other business, so that my $1 Counterfeit would remain in N.G.C., permanent collection! I was thrilled to hear I made history in a small way.
Allow me to comment on coins and coin grading. Everyone thinks they have a sure fire way to get a coin re-graded and up its grading a point. As I mentioned...1 point on a valuable coin can be $10,000. But EVERY COIN has its own set of markings. The slightest rub, the tiniest scratch, and firms like NGC...use microscopes on each and every coin of value that they grade.
Coins and their particular identity become very obvious and recorded forever...with microscopic pictures taken while under the lens...that are archived forever. So if your buddy told you to “crack it out of the case” and re-submit it...you’re just wasting your time and money. AND you might just get yourself a bad reputation.
The serious coin world is very small and everyone knows each other. And that is actually very good for you. For with today’s grading system...no shark will ever skin you with an over-rated, over graded coin, sold “in his opinion.” at a grade far in excess of its actual grade. If you’re buying for investment...insist on buying ONLY ENCAPSULATED GRADED COINS, GRADED BY ONLY N.G.C. or P.C.G.S. Sure there are a few other reputable firms...but why take the chance? Only to have your spouse or other loved one years later have trouble getting top dollar for your coins! Why risk it? Back to the deep we go...
When I first saw the $20 Double Eagle outline laying on some boards on the lake bottom next to the wreck...I had no idea what it was! In the swirling mud, I attempted to pick up this very large coin with difficulty... thinking “something was holding it...like it was glued down?”
I said to myself...this must be some type of State Fair or Inaugural Token? So big and heavy...what else could it be? It was somewhat dirty but still had that unmistakable look of gold. Not until I reached my first decompression stop coming up at 20 feet, did I get to peek into my bag and realize what I had! Even that one coin sagged the big diver’s bag down in the corner! Thank God there were no rips or holes in the bag!!! Something like that could absolutely ruin your day!!! (;
And there it was...the coin of legend...the famous often read about, but rarely ever seen or held...the U.S. $20 Double Eagle. 1 ounce of gold. Very close in size to the silver dollar. Rarely even used in everyday trade as seen all too often in the old Westerns. The $20 Double Eagle, Civil War era...would have bought you a down payment on a good house! So in reality...these coins were mainly used for international trade between bankers.
These $20 Double Eagle coins was produced in response to the immense gold finds coming out of California. The result of the initial rich finds were the beginning of The California Gold Rush. So much so...that in 1854...the U.S. built a branch mint in San Francisco, to convert the miners gold into coins. By the end of that year...the San Francisco Mint had produced $4,084,207 in gold coinage! What an exciting time to be alive!???
And yes...gold does bring a smile to your face, but all the other shipwreck artifacts if studied and shared, bring more joy and history come to life... than any one gold coin.
Thanks once again Steve!
Someone sent me an email and asked why the mercury dime from the Sedwick auction that I posted a few days ago brought such a high price when a mercury dime with the same date/mint was listed on eBay for much less. What Steve had to say is relevant.
Of course condition is extremely important. A coin in excellent condition can bring a thousand times more than the same date/mint in poor condition. In fact a valuable coin in very poor condition can be worthless. As Steve points out, a single scratch can reduce the value tremendously.
An encapsulated graded coin will bring a higher price. Buyers feel confident knowing what they are getting.
Sometimes there is simply an eye-appeal factor. Some coins just look better. They might have an especially nice patina, for example.
And there are a lot of counterfeits and poorly, if not inaccurately, described items on eBay.
I've dabbled in coin collecting lately, and have mentioned how difficult it is to find a coin on a beach that will delight a purist collector of U. S. coins. Most coin collectors are very picky and prefer coins in as close to mint condition as possible. They wear gloves when handling their coins. They view them under magnification. That means every bit of corrosion and every scratch is taken into account. The majority of coins that I've found on salt water beaches are ruined as far as collectors are concerned. I have found a few that would be graded as uncirculated, but those are very rare. I even found one that was in a plastic case that protected it from the salt water.
Thankfully Spanish colonial reales seem to be regarded differently. While it is the general rule that you should not clean valuable coins, silver cobs are routinely cleaned using electrolysis or acid. Of course if you manage to find a rare mint-state reale that has never been circulated or spent years on a salt water beach, handle it with kid gloves, but most have already led a tough life and a little handling or proper cleaning won't hurt them. In fact, you will often have to clean them to simply find out what you have.
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On the Treasure Coast we are still having some nice high tides, however the surf is still running around two or three feet.
Happy hunting,
TreasureGuide@comcast.net
