1881 LIBERTY HEAD $20 MS60

WELL STRUCK WITH PLENTY OF LUSTER STILL EXISTING. ONLY 2,199 STRUCK. LESS THAN 60 BELIEVED TO EXIST TODAY IN ALL GRADES. ONLY FOUR COINS GRADED HIGHER AT PCGS WITH THE HIGHEST BEING A MS62. Beginning in 1881 and continuing through 1887, the Philadelphia Mint struck few, if any Double Eagles for commercial use. We have never encountered an explanation for this phenomenon, but suspect that much of the gold bullion reaching the United States Mint at that time either originated out West or came into California from overseas. Indeed, the San Francisco Mint struck significantly greater quantities of Double Eagles during the 1880s than either the Philadelphia or Carson City facilities. A major rarity at all levels of preservation, the 1881 has a surviving population of only 40-50 coins (per Doug Winter and Mike Fuljenz, Type III Double Eagles: 1877-1907 , 2004). It is the fifth-rarest Double Eagle of this type after the 1884, 1883, 1882 and 1887 (three of which are proof-only deliveries) and is the rarest in high grades with the sole exception of the 1882. PCGS and NGC combined list a mere four Mint State coins (July/2007), all of which grade MS-61. We suspect that even this paltry total is inflated by resubmissions.