1873-S Liberty Head Double Eagle. Open 3. MS-61 (PCGS).

1873-S Liberty Head Double Eagle. Open 3. MS-61 (PCGS).，A sharp and inviting example with remarkably lustrous surfaces for an issue that is typically offered in circulated grades. The rapid economic growth in the post Civil War era with the expansion of the railroads led to rampant speculation and unwise investments. The tenuous financial situation finally came to a head in 1873 with a series of major railroad and bank failures that spread like wildfire both domestically and in Europe. The New York Stock Exchange ceased all trading activities for ten days in September while banks continued to fail nationwide, a situation that quickly spread overseas. The resulting depression would not finally ease up until 1879. During that period numismatics was not a priority for many well heeled collectors affected by the panic. Even though 1,040,600 double eagles were delivered by the Chief Coiner at the San Francisco Mint, there was little interest in preserving any for posterity. The global financial crisis prompted a huge portion of the mintage to be used to pay foreign institutions liquidating their American holdings. All of these factors have made what should be a readily available issue in higher grades quite scarce in Mint State. In addition, in an opposite situation from those coins struck in Philadelphia, the Open 3 logotype double eagles from San Francisco are several times more scarce than the Close 3 variety. What few uncirculated pieces are known are all at the lowest Mint State levels.，，