1875-S 20C MS65 认证号19946130, PCGS号5298

1875-S 20C MS65. Although San Francisco struck more than 1.1 million twenty cent coins in 1875, the facility passed on production of the denomination in 1876, the only other year it was struck for circulation rather than collector sales. The Specie Redemption Act, passed on Jan. 14, 1875, mandated that as of Jan. 1, 1879, gold coins would be exchangeable at par with paper bills--for the first time since the end of 1861. This ensured that paper currency of one dollar or more would be backed by gold, and that the government would gradually reduce the number of "greenbacks" in circulation. Western silver miners, who had been increasing in wealth, power, and political influence in the 1870s, wanted more. The silver twenty cent piece was introduced in that same year, even though it was confusingly similar in size and design to the quarter (the Susan B. Anthony dollar was still far in the future). The brief production of the Twenty Cent piece seems rather predictable today. The ill-conceived denomination was a dismal failure in terms of practicality, being neither needed nor wanted. However little sense it makes to have a One Cent coin today, it made even less to push a Twenty Cent coin down the public's throat in the 1870s. Nevertheless, the expanding economy in the Far West was so strong during this period and the need for small silver coinage so great that even this albatross managed to circulate rather extensively. Still, the novelty of this first year issue and its comparatively high production of over 1.1 million pieces meant that a fair number were set aside for posterity, perhaps several thousand coins in total. The typical 1875-S in Mint State has been rather carelessly preserved or poorly produced, often displaying substandard luster and noticeable softness on the major design elements (particularly the eagle's left wingtip). As a result most fall into the MS62-63 grade range and it is unusual to find an example that surpasses the Choice level. This is a beautiful, richly toned Gem of this popular type coin from the generous first-year S-mint production (it is not a coincidence that most twenty cent pieces were made in the West, at both San Francisco and Carson City). The surfaces are simply excellent, with plenty of underlying luster. Light aquamarine and gold toning enriches this example, which is very well-struck save for a few right-side stars. The viewer immediately notices the thick mint frost on this piece, which is all the more remarkable considering the presence of the toning.

Ron Guth

The 1875-S Twenty Cent Piece is the indisputable king of the series in terms of total mintage.  Exactly 1.15 million were made, almost ten times as many as the 1875-CC, the closest challenger.  As a result, this is the most affordable date in this short-lived series, and it is the best choice for type collectors because of the availability of high-grade examples. 

Over a thousand Mint State 1875-S Twenty Cent Pieces have been certified by PCGS alone, including nearly two hundred in MS65.  In MS67, this date becomes truly rare and the finest example tops out at PCGS MS68.

Keep an eye open for the S over S variety, which shows a repunched mintmark.