The 1864-S $20 double eagle exhibits poor striking quality, with an overall flatness to the obverse evident on most pieces. Original, non-shipwreck coins exhibit rich pinkish or orange coloration that should command a premium above less vibrant and possibly conserved examples. Circulated examples of these San Francisco mint coins are readily available in all grades, becoming only slightly scarce in AU-58. The salvaging of the wreaks of the SS Republic and the SS Brother Jonathan introduced a significant quantity of Uncirculated coins to the market, and an estimated 225-250 coins remain in Mint State.

We wrote the following in our November 2022 Auction Catalog, saying: "The San Francisco Mint produced 793,660 double eagles in 1864 according to government records. These circulated extensively on the Pacific Coast and it is believed that many were exported overseas. The 1864-S once ranked as a foremost rarity in Mint State; indeed, David W. Akers listed just four auction appearances of Uncirculated examples in his 1982 tome on double eagles. Since that time, additional Mint State examples have entered the market. In 1999, as a consequence of the underwater excavation of the wreck of the S.S. Brother Jonathan, which sank in 1865, newly discovered Mint State examples were added to the roster of known specimens, followed by more from the S.S. Republic treasure. It is known that even more Mint State examples came from other sources and, presently, the Uncirculated population is estimated at 225 to 250 coins. This total is still limited when compared to the strong demand that Mint State double eagles enjoy in today's market."

The example to the left was sold by Stack's Bowers Galleries in November 2022 as part of the Fairmont Collection, CBL Set, where it realized $60,000.