Coin Specifications

Category: Liberty Head $20 (1850-1907)
Mint: San Francisco
Mintage: 686,750
Catalog: KM-74.2
Composition: Gold
Fineness: 0.9000
Weight: 33.4360g
AGW: 0.9675oz
Melt Value: $1119.01 (10/10/2015)
Diameter: 34mm
Numismatic specification data provided by Krause Publications NumisMaster.
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1869 S $20 MS obverse 1869 S $20 MS reverse

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There are no NGC varieties for this coin.

Description & Analysis

The year 1869 was quite memorable when Jay Gould and James 'Jubilee Jim' Fisk created quite a stir in the gold market. President Lincoln had partially financed the Northern war effort by issuing greenbacks (paper) currency. Gold had generally disappeared from circulation during the 1860s and continued in hiding well afterward, even as far west as San Francisco. As prices slowly returned to normal after the war and more coins returned to circulation Gould and Fisk decided it might be fruitful to attempt to corner the market for gold. Normally, the huge gold bullion holdings of the United States Treasury were used to keep the price of gold stable. Nevertheless speculators Gould and Fisk employed various friends and acquaintances to have President U. S. Grant hold the Treasury's gold off the market, giving them a chance to push up the price of gold. Grant was led to believe that long suffering farmers were unable to sell their home grown grain overseas as the price of gold was too low, so increasing it a bit might make local grain more competitive. Gould and Fisk bought highly leveraged positions in gold, hoping to cash in on the quick rise in the price of gold. At that time speculators could leverage about 100 to 1, in other words they could own 100 ounces of gold for every 1 ounce they purchased on paper. Naturally, just a small move in the price of gold the wrong direction would wipe out their holdings, but if they were correct, then millions could be quickly made in the market. Unsuspecting Grant cooperated for a brief time, and the highly leveraged Gould and Fisk made paper fortunes. The price of gold rose steadily into September, 1869. The Gould and Fisk scheme seemed to be working, but then President Grant found out the true motivation of his 'friends' and he immediately authorized gold bullion to be sold by the Treasury. This happened on September 24, 1869, a date which became known as 'Black Friday'. The price of gold collapsed back to levels seen before the corner was attempted. Many gold speculators were wiped out, and Gould and Fisk had to move on to other ventures.

Description and Analysis courtesy of Heritage Auctions and may not be republished without written permission.


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Price Guide

Last Updated: 4/13/2015

Click on a price to see historical prices, comparison charts and trends.

1869 S $20 MS
Base $ 1650 1675 1700 1800 2000 2350 2750 4500 6100 18000 32000 52500 82500 - - - - - -
$ 2200 - - - 7300 - - - - - - - -

The World Coin Price Guide is independently compiled by Krause Publications’ NumisMaster. NGC makes this information available to its website visitors as a free service, but in no way does the information provided represent NGC’s official opinion or policy. For example, varieties listed in the World Coin Price Guide may not necessarily be recognized by NGC. Please contact NGC Customer Service with any questions.

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Total Graded: 1339
Low Grade: F
Average Grade: 53
High Grade: 64

Upcoming Auctions

A random selection of NGC coins is shown below.

Auction House
Sale / Lot
11/1/2015 AU 58   Heritage Auctions 2015 October 29 - November 1 US Coins Signature Auction - New York Session(3), 1225/Lot# 5253

Auction Prices Realized

A random selection of coins is shown below.

Auction House
Sale / Lot
4/8/1994 NGC AU 55   Heritage Auctions 1994 Indianapolis Bullet Sale #117, 117/Lot# 1196 $990.00
2/11/2004 NGC AU 55   Teletrade Auction 1843, 1843/Lot# 1709 $1,375.00
9/14/2008 PCGS MS 64   Goldberg September 14-16, 2008 Pre-Long Beach Coin Auction, 48/Lot# 1291 $69,000.00
7/21/2013 NGC AU 55   GreatCollections GreatCollections Coin Auctions 07/21/2013, 84/Lot# 129857 $2,640.00
7/28/2013 PCGS AU 53   David Lawrence Rare Coins Internet Auction # 762, 771/Lot# 744 $2,500.00
8/6/2014 PCGS MS 61   Stack's Bowers August 2014 Chicago ANA, 6014/Lot# 12040 $15,275.00
6/4/2015 PCGS MS 61   Heritage Auctions 2015 June 4 - 7 Long Beach Expo US Coins Signature Auction - Long Beach Session(2), 1221/Lot# 4346 $11,162.50
6/4/2015 PCGS AU 58   Heritage Auctions 2015 June 4 - 7 Long Beach Expo US Coins Signature Auction - Long Beach Session(2), 1221/Lot# 4345 $7,637.50

NGC Registry

NGC Registry Score 1869 S $20 MS
Registry Image Gallery
Grade: AU 55
Points: 3639
Owner: ftrifilio5
Grade: AU 53
Points: 2885
Owner: Brewzz
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