1862 LIBERTY HEAD $20 AU55

WELL STRUCK AND LUSTROUS. SCARCE CIVIL WAR SPECIMEN. The defeat of Union forces under Irwin McDowell during the First Battle of Manassas on July 21, 1861 came as a shock in the Northern states, where many had predicted an easy victory over the Southern Confederacy and a quick end to the Civil War. An air of uncertainty soon set in, and most major banks in the North would suspended specie payments before the end of the year. Against a backdrop of political and economic turmoil, Double Eagle production in the Philadelphia Mint fell off markedly in 1862. Whereas the facility delivered 2.9 million pieces in 1861, the total number of coins struck for circulation the following year is just 92,133 examples. While such a limited mintage would be sufficient in its own right to guarantee the rarity of the 1862 in today's market, the situation is further compounded by hoarding, exportation and melting. These activities continued throughout the Civil War (and probably for several years thereafter), and they undoubtedly claimed many Double Eagles of this issue. In fact, we would be shocked to learn that more than 150 examples have survived at all levels of preservation. The typically encountered 1862 Double Eagle in today's market is grades VF or EF. Mint State examples are exceedingly rare (Doug Winter and Adam Crum, 2002, account for only six-to-eight coins), and the Condition Census for this issue begins at the AU-58 level.