Lot 1946
1862. NGC graded AU-50. Mintage of 98,508 after a burst of panicked bullion depositors caused the prior year's coinage to spike to almost one and one-third million pieces and the outbreak of the Civil War (1861-65). Most gold coins were hoarded in the Eastern region of the country thereafter. Many were exported. Mintage figures fell off to low levels except for the main export coin, the double eagle. If a merchant or exporter wished to acquire gold coins from a bank or from the U.S. Treasury in the years 1862-79, he often had to pay a stiff premium over face value. At one point in 1864 at the depths of the crisis, it took $264 in greenbacks to purchase $100 face in gold coins (PCGS # 7796) .
Estimated Value $1,500 - 1,550.
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