||1850 $20 -- Improperly Cleaned -- NGC Details. AU. The double eagle was authorized in 1849 by the same legislation that created the gold dollar. The chief purpose of this denomination was to efficiently coin the large amounts of gold bullion that were being shipped to Philadelphia and New Orleans from the California gold fields during the period. Its use in banking procedures, however, easily storing large sums of bullion backing for paper currency with minimal storage, caused the denomination to be popular through the end of circulating U.S. gold coinage in 1933. This example of the first Philadelphia issue shows strong detail and a degree of semiprooflike mirroring in the fields. The surfaces are cleaned, though they have since acquired pale green-gold patina. Ex: Eric P. Newman Numismatic Education Society.
Realized $2585.00. Description courtesy of Heritage Auctions.