1877-S $20 Liberty PCGS MS62 CAC

The distinguishing feature of this Type, setting it apart from the preceding one, lies in the presentation of the denomination. In earlier Types, the denomination was depicted as TWENTY D, while in this Type, it is expressed as TWENTY DOLLARS. In the year 1900, a minor adjustment was made to the smoothness of the back of the eagle's neck on the reverse side.
Among the three Types of Liberty Head Double Eagles, this is notably the most prevalent, with a staggering mintage exceeding 64 million pieces. In 1904, the Philadelphia Mint alone struck 6,256,699 coins, marking it as the second-highest mintage for any circulating U.S. gold coin, surpassed only by the 1928 Double Eagle, which boasted a mintage exceeding eight million. Production of this coin occurred not only in Philadelphia but also in San Francisco, New Orleans, Carson City, and Denver.
Type 3 Liberty Head Double Eagles found extensive use in international transactions, as foreign entities preferred gold coins over paper currency. Literally millions of Type 3 Liberty Head Double Eagles were sent abroad. Even today, the majority of Liberty Head Double Eagles entering the market have typically been imported from Europe.
For most collectors, their focus is on this issue as a Type, where they select a high-grade example to add to their holdings. A select few, with determination, opt to assemble a complete date and mintmark set. However, this endeavor requires a considerable amount of patience and financial resources, especially considering that a few of the dates carry substantial price tags, although not exceedingly so, even in lower grades. Bullion enthusiasts are drawn to this Type as a hedge against inflation. Given the relatively large mintages, Type 3 Double Eagles in low grades typically carry a comparatively modest numismatic premium. Common-date, low-grade Type 3 Double Eagles have long served as a favored substitute for purely bullion pieces like Krugerrands.