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02 Mar '14

1857 O Rare PCGS Type One Liberty Head Double Eagle Twenty Dollar Gold Coin

The 1857 O New Orleans Twenty Dollar Double Eagle Gold Piece was made famous by the discovery of the S.S. Republic. The Republic left New York on October 18, 1865 bound for New Orleans. She was carrying passengers and a cargo of $400,000 in coins, mostly in gold $10 and $20 pieces, intended for use as hard currency after the Civil War. At 4 pm on October 25, 1865, she sank. In August 2003, the wreck of the Republic was located by Odyssey Marine Exploration, Inc., a commercial archaeology company in Tampa, Florida. She was found about 100 miles southeast of Savannah, Georgia, in about 1,700 feet (500 meters) of water. A salvage effort recovered about one-third of the rare 19th century gold and silver coins carried aboard, worth an estimated $75 million. Included in the recovery were three uncirculated 1857 O's to bring the number of uncirculated 1857 O's to six known. The 1857 O is rare in any condition and slightly less rare than the 1858 O. PCGS estimates that there are only 209 pieces known.

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