For collectors of Southern gold coinage, few pieces command as much reverence as the 1856-O Liberty Double Eagle. Struck at the New Orleans Mint, this coin represents the lowest mintage of any double eagle produced at that facility, with only 2,250 pieces ever made. Today, it stands as one of the most elusive and historically significant gold coins in American numismatics.
A Coin of Unmatched Rarity
Numismatic experts consistently rank the 1856-O among the premier rarities in U.S. gold coinage. Noted specialist Doug Winter describes it as the second-rarest Type One double eagle, behind only the 1861 Paquet Reverse. In addition, its overall scarcity surpasses even the esteemed 1854-O double eagle. Current estimates suggest that fewer than 40 examples exist across all grades, with two permanently housed in the Smithsonian Institution’s National Numismatic Collection.
The Context of Its Mintage
The limited production of the 1856-O double eagle can be attributed to shifting economic and industrial factors. Prior to 1854, the New Orleans Mint processed significant amounts of California gold, transported via treacherous routes for striking into coinage. However, the opening of the San Francisco Mint in 1854 drastically reduced the volume of bullion reaching New Orleans. By 1856, gold coin production at the Southern mint had dwindled, and that year’s double eagle mintage was cut short in October due to structural renovations at the facility.
Surviving Specimens and Pedigree Highlights
Unlike many collectible gold coins, virtually all 1856-O double eagles saw circulation, with only one known to have been deliberately preserved at the time of issue. That specimen, originally kept by New Orleans Mint Superintendent Charles Bienvenue, remains the sole Uncirculated example, graded SP63 by PCGS. Most survivors, however, exhibit varying degrees of wear, a testament to their extensive use in commerce.
Over the years, some of the finest known examples have passed through prestigious collections, including that of Louis E. Eliasberg, Sr., the only collector to assemble a complete U.S. coin set by date and mintmark. The specimen offered in the upcoming Heritage Auctions event, graded AU58 by PCGS, ranks high within the Condition Census and represents an exceptional opportunity for advanced numismatists.
The 1856-O’s Numismatic Legacy
The significance of the 1856-O double eagle was not widely recognized until the 20th century, particularly after the Gold Recall of 1933. With gold bullion holdings restricted, collectors began appreciating the numismatic value of large-denomination gold coins. Its reputation as a landmark rarity grew, particularly following the discovery of the Baltimore Hoard in 1934, which included a single example of the elusive 1856-O.
Decades of searching have yielded few additional specimens. Many are believed to have been lost during the Civil War, as Confederate forces funneled Southern gold reserves abroad, where much of it was melted. Today, only a small handful of examples remain available for collectors, making any public offering a numismatic event of great significance.
An Extraordinary Opportunity for Collectors
The upcoming Heritage Auctions 2025 February 27 – March 2 Long Beach Expo U.S. Coins Signature® Auction #1381 presents a rare chance to acquire an outstanding example of this historic coin. With its exceptional pedigree, strong technical quality, and place in numismatic history, this AU58 specimen is sure to attract considerable interest.
For those interested in learning more about the fascinating history of this issue, watch Heritage Auctions’ detailed spotlight video on the 1856-O Liberty Double Eagle:
Heritage Auctions. “1856-O $20 AU58 PCGS. Winter 1. Ex: Eliasberg.” 2025 February 27 – March 2 Long Beach Expo U.S. Coins Signature® Auction #1381, Lot #3384. Accessed February 2025. https://coins.ha.com/itm/liberty-double-eagles/1856-o-20-au58-pcgs-winter-1/a/1381-3384.s?type=YouTube-VLD-060215.