1876-S

Closing the book on the With Motto, "TWENTY D." reverse at San Francisco, this issue marks the final Type 2 strike anywhere in the double eagle series. Beginning in 1877, Philadelphia, San Francisco, and Carson City all transitioned to the Type 3 reverse with "TWENTY DOLLARS" spelled in full, leaving 1876 as the design's terminal calendar year. With production approaching 1.6 million pieces, San Francisco delivered its largest Type 2 output ever, eclipsing the previous year's 1,230,000 and setting up the smooth handoff to the 1877-S Type 3 mintage of 1,735,000. For type collectors hunting a representative With Motto / TWENTY D. example, this date sits at the top of the candidate list.

Survival in lower Mint State runs comparatively deep, but the population curve flattens hard above MS62. PCGS and NGC certify the date readily through MS61, with properly graded MS63 examples appearing periodically; MS64 is genuinely scarce, and Gem-quality survivors are exceptional rarities. Strike on San Francisco Type 2 issues frequently shows softness on the obverse hair curls and the eagle's shield lines, a byproduct of the heavily reused dies and high production tempo at the SF facility during this era. The 2013 Saddle Ridge Hoard contributed measurably to certified supply, with reports indicating twenty-seven 1876-S double eagles in the cache, twenty-six of which were ultimately gradeable and dispersed through retail channels.

Auction history reflects this steep grade-rarity curve. A PCGS MS65 example realized $207,000 at Heritage Auctions on January 6, 2010, anchoring the date's record near the apex of its certified condition census. Lower-grade trades remain accessible: PCGS MS62 examples with CAC approval have changed hands in the high four-figure range, while problem-free AU coins routinely surface at major auction houses including Heritage and Stack's Bowers without bidding pressure. For students of James B. Longacre's design progression, this San Francisco issue functions as the bookend of the second reverse type within the broader Liberty Head Double Eagle series history.