The 1854-S $20 double eagle was the first Liberty Head double eagle minted in San Francisco. In October 1854, the Independent Steamship Company's S.S. Yankee Blade was shipwrecked off the California coast after getting caught on a submerged reef in thick fog. The vast majority of passengers and crew made it to safety, but the ship sank with valuables, including a brass cannon and $152,000 in specie, including 1854-S double eagles, to its watery grave. More than a century later, in 1977, salvage divers discovered artifacts from the S.S. Yankee Blade, including 200 to 250 specimens of 1854-S gold $20 coins. With an estimated 300 to 500 examples remaining in circulated condition, the 1854-S $20 is scarce but attainable with some persistence. There exists a moderate population of 200 to 300 Mint State coins as noted, the majority of which come from the wrecks of the SS Yankee Blade and, to a lesser extent, the SS Central America. However, many of these Uncirculated pieces from the Yankee Blade are marred by saltwater exposure, and locating an example with wholesome, original surfaces presents a true challenge to collectors.

We wrote the following in our March 2020 Auction Catalog, saying: "After several years of political wrangling, the mint in San Francisco was finally opened for business in March 1854. The mint was first located in the offices of the highly regarded private coiners Moffat & Company at 608-610 Commercial Street until 1874 when it was replaced by a larger facility better suited for mass production. The first coins struck in 1854 were the five main gold denominations: the gold dollar, quarter eagle, half eagle, eagle, and the double eagle. A total of 141,468 $20 gold pieces were struck that first year, all of which were promptly absorbed into the regional economy and would remain there for years. Because of the coins' heavy use in a cash-starved West, this is a comparatively scarce issue that is almost always found in low grades. It was not until a group of 1854-S double eagles were found on the wreck of the Yankee Blade that any examples in higher grades became available. Even so, this issue is scarce in Mint State with Q. David Bowers accounting for only 200 to 300 Uncirculated examples in numismatic hands when he wrote his Guide Book of Double Eagle Gold Coins in 2004."

The example to the left was sold by Stack's Bowers Galleries in March 2020 as part of the D. Brent Pogue Collection Part VII: Masterpieces of United States Coinage, where it realized $132,000.