The Case: A Certified San Francisco Type 2 at a Premium Closer to Bullion Than to Its Scarcity

The 1875-S is a San Francisco Mint Double Eagle struck from Comstock and California gold in the penultimate year of the Type 2 series. At 1,230,000 pieces it is the lowest-mintage date of the three Type 2 issues in this offering, and the coins that survive in Mint State do so largely because they sat in bank and export bags rather than passing hand to hand across the western economy they were struck to serve. Its price, however, has not moved far from where the common Type 3 dates trade, and that distance between supply and premium is the opportunity.

Classified instructively as “historical bullion,” the $20 Liberty primarily tracks the spot price of gold over time, akin to a contemporary bullion instrument. That said, the series also experiences periods of premium expansion, typically during high-demand “flight-to-safety” episodes like the 2008–09 financial crisis and the pandemic. A certified MS61 Type 2 layers three further advantages on that base: a finite, fully documented certified population; the scarcest of the three Liberty design types; and an independent guarantee of grade and authenticity from PCGS or NGC. All told, it is arguably one of the better-positioned coins in the historic U.S. gold catalog for asset-preservation and safety-net-oriented investors who want a measure of upside beyond the gold price alone.

Design & Specifications

• Date / Mint: 1875, San Francisco (“S” mintmark below the eagle)
• Type: Liberty Head Double Eagle, Type 2 (1866–1876), motto IN GOD WE TRUST, denomination TWENTY D.
• Mintage: 1,230,000
• Grade: MS61, certified and encapsulated by PCGS or NGC (holders are a mix of the two services)
• Certified population (MS61): PCGS 910 / NGC 806 (population reports as of September 2026)
• Gold content: 0.9675 troy oz
• Composition: .900 fine gold, .100 copper
• Weight / Diameter: 33.436 g / 34 mm
• Designer: James B. Longacre

Historical Significance: San Francisco Gold in the Comstock Years

By 1875 the San Francisco Mint had moved into its new Granite Lady building on Fifth Street, and Double Eagles were its principal product: the coin in which Nevada silver-and-gold fortunes were banked, Pacific trade was settled, and western payrolls were met. The 1875-S was struck in the year of the Bank of California’s collapse, a reminder of exactly why hard money in hand held its appeal on the frontier. It is a Type 2 coin from the mint most closely identified with American gold, in the final years before the design gave way to the Type 3 in 1877.

Beauty of Design: Longacre’s Liberty, Struck in Mint State

James B. Longacre’s Liberty wears a pearl-bordered coronet inscribed LIBERTY, encircled by thirteen stars for the original colonies. The reverse presents the heraldic eagle with shield, olive branch, and arrows—and, on the Type 2, the motto IN GOD WE TRUST in the scroll above the eagle’s head. It is a restrained, formal design, an assertion that the young republic’s largest gold coin belonged in the same company as the great coinage of Europe.

Mint State 61 means the coin never entered circulation. Where an AU/UNC coin carries a trace of friction on the cheek and the coronet from brief commercial handling, an MS61 example shows none: the coronet crisp, the stars fully resolved, the fields carrying their original mint luster under the ordinary contact marks a nineteenth-century coin acquired in a Mint bag. Each coin is certified and sonically sealed by PCGS or NGC, so the grade, the date, and the authenticity are independently guaranteed rather than left to the eye of the buyer or the seller.

Why the MS61 Type 2 Rather Than an AU/UNC Double Eagle

Our AU/UNC $20 Liberty is the workhorse of the historic-gold genre: near-bullion pricing, deep liquidity, and a documented record of premium expansion. The MS61 Type 2 is the same coin one step further along each of the axes investors care about, at a per ounce acquisition cost that remains a fraction of what the MS63 and MS64 certified tiers command.

• A finite, certified population. The number of Type 2 Double Eagles graded Mint State by PCGS and NGC is a fixed and fully documented figure that cannot be replenished. As of September 2026, PCGS has graded 910 examples of the 1875-S in MS61 and NGC 806, with roughly 550 graded higher between the two services. Those counts include resubmissions and crossovers, so the number of distinct coins is smaller still. AU/UNC supply, by contrast, can be met from raw coins as they surface. When flight-to-safety demand arrives, it is the thinner certified supply that responds most sharply.
• A sharper premium history at the certified tiers. During the 2008–09 financial crisis, premiums on the AU/UNC $20 Liberty peaked at roughly 90% above the gold spot price. The certified MS63 peaked at 177% and the MS64 at 242%—the highest in our data set. The pattern is consistent: as certified supply thins, the premium response steepens. MS61 sits on that same ladder, one rung above raw, at a cost only modestly above it.
• The scarcest of the three Liberty types. The Type 2 was struck for 11 years against the Type 3’s 31. Mint State survivors from the 1866–1876 window are comparatively scarce beside the common-date Type 3 coins that make up the bulk of the AU/UNC market—yet a certified Type 2 in MS61 trades at a premium closer to a common Type 3 than the gap in supply would suggest. That gap is the opportunity.
• Independent guarantee. Grade and authenticity are certified by a third party, which simplifies resale anywhere in the world and removes any debate over condition at the moment of liquidation.

Coins in this offering are a mix of PCGS- and NGC-certified examples. Both services are universally recognized by dealers and auction houses worldwide, and both guarantee the grade on the holder. Specific holder generation and label style vary by coin.

International Recognizability and Liquidity

The $20 Double Eagle is, alongside the British sovereign and the 20 Franc, one of the foundational instruments of the gold-standard era. Dealers across North America and Europe recognize it on sight, its specifications are universally documented, and its trading history is deep enough that bid-ask spreads remain tight across international markets. A PCGS or NGC holder adds a second layer: the coin can be sold sight-unseen against the certification, which is how the wholesale certified market already trades.

The Pre-1933 Advantage: Legal Distinction and Portfolio Differentiation

In 1933, FDR issued Executive Order 6102, requiring Americans to surrender their gold coin and bullion to the Treasury—but the order and the regulations that followed it exempted gold coins of recognized special value to collectors of rare and unusual coins. Subsequent clarifications by the Treasury identified pre-1933 gold coins like the $20 Liberty as falling within that collector classification as historical items.

Under current constitutional law, a government intervention in the gold market would be executed through the power of eminent domain—the government’s right to take private property for public use provided it pays the owner just compensation. Historic coins complicate the government’s ability to broadly establish “just compensation” or “fair value,” which was precisely the reasoning behind the original “recognized special value” exemption in 1933. A certified, date-specific coin like this one sits at the far end of that complexity: every date, every mintmark, every grade carries its own value, and that difficulty is what insulates the owner’s legal liquidity rights in the event of capital controls.

Whether a future government intervention in private gold markets is a risk an investor assigns significant weight to is a personal judgment. The factual point is narrower: the pre-1933 status represents a layer of portfolio differentiation that this coin carries at minimal added per-ounce cost over comparable modern bullion, along with a measure of insulation for the legal liquidity rights of its owner.

For a more in-depth study, we invite you to read our comprehensive memorandum on this subject: Preparing for a Potential Gold Confiscation.

Final Thought

The 1875-S offers the investor a certified, never-circulated Type 2 Double Eagle from the San Francisco Mint, the lowest-mintage date in this group, at a premium far closer to bullion than its supply would suggest. For investors whose priorities are a certified grade, the scarcest of the three Liberty types, and a San Francisco date with comparatively thin Mint State survival, the 1875-S MS61 is the coin in this offering with the most room between its scarcity and its price. Quantities are limited and this date is not always available. No other gold coin can boast this unique combination of so many notable advantages for gold investors.

Learn More:

Investing in $20 Liberty Gold Coins: Building Date Runs

Pre-1933 US Gold Coins Investment Guide: $10 & $20 Liberty Complete Analysis

Pre-1900 $20 Liberty Gold Coins: Scarce MS63 $20 Liberty Offered at Common Date Premiums

Historic Low Premiums Make Pre-1933 Gold Coins a Smart Investment

Outshining the S&P 500: Why Pre-1933 Gold Coins Could Boost Your Return

USAGOLD Top 25 Curated Numismatic Coins Collection 2025