LOT Old Heritage Auctions  /  2007 (ANA) Signature Coin Auction #444  / 

2074

1920-S $20 MS65 PCGS

Currency:USD Category:Coins & Paper Money / US Coins Start Price:210,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1920-S $20 MS65 PCGS
<B>1920-S $20 MS65 PCGS.</B></I> After a four-year hiatus since 1916, in 1920 both the Philadelphia and San Francisco Mints again produced double eagle coinage. While those mintages are recorded as 228,250 pieces for the P-mint and 558,000 for the S-mint, the Philadelphia piece is fairly available, and the 1920-S is considered the first "classic rarity" among the With Motto Saints. Apparently they were never available in quantity. Unlike some other mintmarked issues that are now less rare due to importations of overseas hoards, this piece has never seen a sizeable repatriation. <BR> The Ivy Press publication <I>The Coinage of Augustus Saint-Gaudens as Illustrated by the Phillip H. Morse Collection </B></I>comments that "the 1920-S is one of the great absolute rarities in the Saint-Gaudens series of double eagles. It is also the first date from this challenging decade to have been extensively melted. ... Apparently, most were kept in government vaults until the 1930s, and after the ownership of gold coins was effectively made illegal in 1933, virtually the entire mintage was melted. Estimates of the numbers of survivors have varied widely over the years. Breen stated in 1988 that only 8-12 pieces have survived, but this is clearly inaccurate. In Bowers' <I>A Guide Book of Double Eagle Gold Coins, </B></I>he estimates that between 40 and 60 Uncirculated examples are believed extant today. This range of survivors is in line with the combined numbers of coins certified by PCGS and NGC--a total of 75 pieces from MS60-65, minus an unknown (but likely small) number of resubmissions. The total population of 1920-S twenties in all grades is probably somewhere in the range of 80-100 pieces, with the majority of known coins grading MS60 or better."<BR> Since that reference was published in 2006, the total certified Mint State population has increased to 98 pieces in all grades. We must quibble with the "likely small number of resubmissions" caveat in the excerpt above. As the increasing certified population shows, when the potential income boost from an upgraded 1920-S Saint can reach into the tens of thousands of dollars, what is "likely" is that the number of resubmissions is quite high, perhaps as much as 50% or more of the entire certified population.<BR> PCGS has certified only two examples of the 1920-S in MS66. Heritage offered the Morse MS66 specimen in November 2005, a piece that was formerly in the collection of Dr. Steven Duckor, who purchased it from the Eliasberg Collection. The second MS66 at PCGS, a piece with no known pedigree, was sold in early 2006. <BR> Even in MS65 condition, NGC has certified only a single piece, while the PCGS online <I>Population Report </B></I>shows three pieces, for a total of<I> four Gems at both services combined. </B></I>Is it possible, given our estimate that as much as half of the certified population comprises resubmissions, that there is <I>are</B></I> <I>only two different MS65s? </B></I>While we cannot be sure, what is certain is that Gems of this issue are high R.7 or low R.8 in terms of rarity. <BR> An interesting sidenote occurs in relation to top-notch specimens of this issue. In the Morse sale, the cataloger mentions the relationship of George Godard, Librarian of Connecticut, and Dr. Thomas Louis Comparette, curator of the Philadelphia Mint coin collection. Godard was responsible for updating the collection of George P. Mitchelson, which had been donated to the State Library in 1911. In March 1921 Comparette wrote to Godard: "Here are two eagles struck at the San Francisco mint in 1920. With some difficulty I was able to secure four specimens from the pyx, of which I send you these, one for your collection, the other for Connecticut State Senator Hall ... ." A year earlier Comparette wrote to Godard about double eagles: "Herewith I am sending you a 1920 Twenty Dollar gold piece, just struck. It is for the Reserve Funds and not to be issued for general circulation, and the securing of the specimens for others than the government collection is probably irregular, so please do not let the fact become public knowledge. For others will demand specimens as soon as they learn that a few are out." <BR> The extraordinary condition of the top pieces of this issue suggest that they may have formed part of that clandestine shipment. <BR> Specimens of this issue are known for minor strike weakness on the lower obverse, and this piece does show the most trifling weakness on Liberty's right (facing) foot and the lower columns of the Capitol building. Her left foot, however, is nearly full, and the other lower-obverse details are well articulated. Her head, torso, the olive branch, and torch are all bold and sculpted, and the reverse is sharp throughout. Bounteous luster coats both sides, which reveal deep-orange gold color that adds to the allure. This is only the second time that we have offered an MS65 coin for sale. It is a simply extraordinary and memorable coin, and undoubtedly one of the most important Saint-Gaudens issues in this sale. Population: 3 in 65, 2 finer (7/07).<BR><BR><B>Coin Engraver:</B> Augustus Saint-Gaudens<BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>\)
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