Ron Guth: Much of what we know about the 1865 $20 has changed since David Akers wrote about them decades ago. The most significant development was the discovery in 2003 of approximately three hundred 1865 $20 gold pieces in the shipwreck of the S.S. Republic. After conservation, numerous Mint State examples swelled the population and the condition census. Despite the addition of hundreds of coins to the known populations, the 1865 still conforms to Akers' conclusions of long ago -- the 1865 $20 remains rarer than all the dates cited by Akers (1855, 1856, 1857, 1858, 1859, 1862, 1863, and 1864) and it remains less common than the 1854 and the 1860. However, Akers' comments on condition are no longer relevant. Now, every 1865 $20 in the PCGS Condition Census grades at least MS64 and the finest examples rate out at MS65.
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