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All Posts Tagged With: "Coin World"

New Coin Discovery: 1856-O Double Eagle Discovered in Ohio to Be Offered At Long Beach

This recently discovered coin made front-page news in the July 26, 2010 Coin World, with a headline proclaiming “1856-O gold double eagle surfaces in Ohio.” The double-decker headline added, “Rarest New Orleans Mint gold coin in family holdings.” Numismatic researcher John W. McCloskey relates in detail how this rare coin–one of about 20 to 30 1856-O twenties known–was turned over to him for evaluation as part of a “small accumulation of gold coins held by a family in Ohio for nearly 100 years.” The coin has now been authenticated, encapsulated, and certified XF45+ by NGC.

Gold coin specialist Doug Winter calls the 1856-O double eagle issue “the rarest New Orleans double eagle and the rarest gold coin struck at the New Orleans mint.”

The Discovery

McCloskey’s Coin World article describes how an Ohio resident asked him to evaluate the family holdings:

“He indicated that ownership of the coins could be traced back to James Bullock, a gentleman who owned a farm near the city of Livermore, KY., during the early years of the 20th century.

“When Bullock died on June 26, 1923, his estate included a collection of gold coins that were passed down to his heirs as treasured family heirlooms. These coins have passed through three generations of family descendents over the years since his death and are now spread out among several family members.”

The Realization

The Coin World story relates the owner’s gradual realization of how fabulous and rare the 1856-O twenty is:

“After my evaluation session with the new owner I went home and checked the June 2010 issue of Coin World’s Coin Values and realized that I had just stumbled upon a great rarity that was completely unknown to the numismatic community. I then called the owner and told him that the 1856-O double eagle was listed at $220,000 in an Extremely Fine grade and that the piece might bring considerably more than that at auction considering its beautiful original surfaces and minimal field marks. I don’t think that the family really believed my estimate of the coin’s value but it began to sink in after I showed them the price listing in my copy of Coin Values.”

The Authentication

McCloskey goes into great depth over how, after they realized that “we had a treasure on our hands,” he studied the present piece under a microscope and identified various surface diagnostics that helped in its authentication as a genuine 1856-O double eagle. His descriptions of those obverse and reverse criteria, as quoted from Coin World, follow: (more…)