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

2079

1924-S $20 MS67 PCGS

Currency:USD Category:Coins & Paper Money / US Coins Start Price:487,500.00 USD Estimated At:1.00 - 1,000,000.00 USD
1924-S $20 MS67 PCGS
<B>1924-S $20 MS67 PCGS.</B></I> This is a truly special coin, one that exemplifies the very definition of a one-of-a-kind “wonder coin.” It is so far superior to any other known example of the issue that it is, in this respect, very similar to the incredible Dr. Steven Duckor 1920-S Indian Head eagle sold by Heritage in March 2007 for the stunning record price of $1,725,000. The strike is generally excellent with only slight weakness on the obverse at the Capitol building and Liberty’s fingers holding the torch; on the reverse the strike is absolutely full with every feather on the eagle, including those on the breast, boldly defined. The all-important factors of luster and color could not be improved upon in any regard. In fact, we are confident that many collectors will consider this 1924-S to be one of the most attractive Saint-Gaudens double eagles they have ever seen of any date. The color is a rich blend of beautiful greenish gold and orange hues with a few small natural copper toning areas, the most noticeable of which is in the folds of Liberty’s flowing gown to the left of the date. The entire surfaces of the coin are remarkably clean with only a few minuscule marks on either side, barely visible even with a glass. The overall quality and eye appeal of this completely original, virtually untouched coin are so exceptional that, to most, the PCGS grade of MS67 will seem conservative, if not a full point low.<BR> The original mintage of the 1924-S double eagle was relatively high, in fact the tenth highest of the series’ 54 issues. To strike this large number of pieces (more than 99.95% of which were subsequently melted), many different die pairs had to be used, and so there are numerous die variations in the current population of known examples. This particular specimen is one of those with slightly rounded rims although they are not nearly as rolled or beveled as on many other examples of this issue. It is also one of those specimens characterized by “mounding” or die bulging just inside the obverse rim that makes all the stars appear slightly elevated. This coin also has a fine die break through IBERTY and the top of the torch with another thin break runs from the middle of the Y through the olive leaves in Liberty’s outstretched hand and into the field below. The “mounding” and die breaks are indicators that the obverse die probably did not last long after this specimen was struck.<BR> In the 1930s, and especially the 1940s, the 1924-S double eagle was widely regarded by collectors and dealers as one of the rarest of all U.S. gold coins. It was also considered to be one of the two greatest rarities of the Saint-Gaudens double eagle series along with the 1926-D, with the 1926-S placing a close third and also held in high esteem. At that time, most estimates of the number of specimens known of the 1924-S ranged from only three to at most six pieces. The 1924-S was considered substantially rarer and more important than all of the issues that are now so highly regarded in the Saint-Gaudens series including the 1920-S, 1921, 1927-S, 1930-S, and 1931-D. It was even more highly regarded than the 1907 MCMVII Ultra High Relief, the 1927-D, and the 1933, all three of which are multi-million dollar coins today. Nearly all of the great name sales of the 1940s were missing the 1924-S twenty, including such famous ones as Dunham, Bell, Flanagan, “World’s Greatest,” Atwater, and “Memorable” among others. In 1949, B. Max Mehl sold the Dr. Charles W. Green Collection at auction and the sale contained a 1924-S twenty, offered as lot 879, which was described by Mehl as showing “slight evidence of having been handled with other coins”, i.e. a coin that probably would qualify as a “slider” or minimal Uncirculated coin today. The coin realized $1,000 at that sale, a high price for almost any coin in 1949. In his catalog description, Mehl stated that “to the best of my knowledge, only three specimens are known to exist” and also noted this was “the first specimen to be offered at public auction.” (Actually, this was not true because two years earlier, Numismatic Gallery had sold the C. David Pierce specimen in the 1947 Buffalo ANA convention sale for an incredible $2,200. “Mr. Lima,” one of the previous owners of the coin now offered here as the Stellar Collection specimen, paid James Kelly the identical price of $2,200 for his coin in late 1947 or early 1948. So it is quite possible, even likely, that this coin is the Pierce specimen from the 1947 ANA sale.) Mehl went on to note in his description of the Green coin that it was only the second 1924-S twenty that he had ever handled, the first one being the Berenstein specimen he had sold a few years earlier for $1,600. Then, in 1950, Numismatic Gallery again offered a specimen for sale in the so-called “Adolphe Menjou” sale. Menjou was a famous actor but most of the coins in the sale that bear his name were actually from the collection of Charles M. Williams, a prominent Cincinnati collector. His entire collection, which included many famous rarities such as the Dexter 1804 silver dollar and the Dunham 1822 half eagle, was purchased by Numismatic Gallery, i.e., Abe Kosoff and Abner Kreisberg, together with Sol Kaplan. The 1804 dollar and 1822 half eagle were sold privately, but many of the other coins from Williams’ collection were sold at auction by Numismatic Gallery, including the Menjou sale in June 1950. The 1924-S double eagle was offered as lot 1948 of the Menjou sale and brought $2,000, the same price that was realized by the Gem 1926-D twenty in the sale, and one of the top half dozen or so prices realized in a sale full of important rarities. In his description of the coin, Kosoff stated his opinion that the 1924-S was “the rarest of all double eagles; there are perhaps less than 5 specimens extant.”<BR> The rarity of the 1924-S double eagle (and, to a much lesser extent, the 1926-D as well) changed dramatically in the early 1950s when a number of pieces were uncovered in banks in Paris and Switzerland. Although a 1924-S was sold in a large lot at the Farouk sale in Cairo, Egypt, in 1954, it was not until 1956 that another 1924-S twenty appeared at a major auction in the United States. In that year, two examples were offered at public auction, one in the Melish sale conducted by Abe Kosoff in conjunction with the CSNS convention in Indianapolis and the other in James Kelly’s Chicago ANA sale. By that time, the value of the 1924-S double eagle had dropped precipitously and the two coins realized only $350 and $325 respectively. Kosoff, in his description of the Melish sale specimen noted that “Recently several specimens were unearthed in a French bank. I have reason to believe that that source of supply has been exhausted. This coin will certainly remain a scarce item and promises to renew its upward trend price-wise.”<BR> It is possible that the supply from the source with which Kosoff was familiar had indeed been exhausted but, over the next 10-15 years, at least a few hundred other 1924-S double eagles were discovered in Europe and, despite a much stronger overall market a decade or more later, the price of a typically available lower Mint State grade 1924-S remained well under $500 until the 1970s. In the late 1980s and early 1990s, still more 1924-S double eagles were discovered in eastern Europe, and today the total number of specimens known in all grades is estimated to be in the range of 650-800 pieces. Just under 900 examples have been graded by PCGS and NGC combined, with approximately 75% of them certified in AU or the lower Mint State grades up to MS63. Of course, some of the 892 certifications undoubtedly include duplications resulting from coins resubmitted in an attempt to receive higher grades. This is always more likely to be the case with the highest quality examples, and so the certified populations for the MS64 and MS65 grades are probably somewhat inflated; in particular, the quantity of examples graded MS65 by NGC (18) seems especially high and may well represent considerably fewer than 18 distinct Gem specimens. (PCGS, for example, although grading only 15% fewer 1924-S double eagles overall than NGC, has graded a mere two pieces MS65.)<BR> Despite all of the previously unknown specimens that were uncovered in Europe over the past 55 years greatly inflating the total population, the following Condition Census clearly shows that the 1924-S double eagle remains an extremely rare issue in Gem condition and, even in MS64, the 1924-S is still at least moderately rare. However, of greater relevance to the matter now at hand, namely the sale of this specimen from the Stellar Collection, it is important to note that even with hundreds of additional examples discovered since the early 1950s there is still just this one 1924-S double eagle that can be called a Superb original Gem and graded a most conservative MS67. Furthermore, it is one of just a handful that never left the United States mingled with other coins, and can be pedigreed back to the 1940s and this issue’s heyday as the most famous and important rarity in the series. The individual making the ultimate winning bid for this coin will be acquiring one of the greatest of all 20th century U.S. gold coins, a piece that will be one of the most significant highlights of the new owner’s collection regardless of how outstanding that collection already may be.<BR> <BR><B>1924-S Double Eagle Condition Census<BR></B></I> <BR><B>1. The Stellar Collection specimen, the coin offered here. MS67 PCGS.</B></I> Ex: Dr. Thaine B. Price Collection Sale (David Akers, 5/98), lot 107, where it was purchased by the current consignor for a record $187,000. Acquired by Dr. Price nearly a decade earlier (1989) from the collection of a prominent collector and true gentleman from Lima, Ohio. “Mr. Lima” as he was affectionately known in his community, had an amazing eye for quality. He was a man well ahead of most collectors of his generation in that regard, and virtually every coin in his great collection was in the Condition Census for the issue with many Finest Knowns like this 1924-S. He acquired the majority of his coins privately from noted Dayton, Ohio, dealer, James Kelly, in the 1940s and 1950s. For this 1924-S double eagle, which he obtained in late 1947 or early 1948, he paid Kelly $2,200, a price level reached by very few coins of any date or denomination in that era. “Mr. Lima” was one of those great collectors who was virtually unknown to the collecting fraternity of his day and he rarely ever publicly displayed or even privately showed coins from his collection. As a result, until this coin was auctioned with Dr. Price’s collection in 1998, few people had ever seen or even heard of it, at least not in more than a half century! This is probably the C. David Pierce specimen which was sold in the 1947 Buffalo ANA sale, although that cannot be verified with absolute certainty.<BR><BR><B>2. Eastern collector and specialist in Saint-Gaudens coinage. </B></I>Uncertified at the present time but at least a very high-end MS65 and, most likely, a coin that would grade MS66 at any of the major grading services.<BR> <BR><B>3. A coin graded MS66 by NGC.</B></I> No 1924-S double eagle has ever been graded at this level by PCGS.<BR> <BR><B>4. The Dr. Steven Duckor specimen. MS65 PCGS</B></I>. This is a high-end MS65 that would be graded MS66 by some. Dr. Duckor obtained this example as lot 6671 from Heritage’s sale of the Phillip H. Morse collection (11/2005) for $97,750. This was the second highest auction record for a 1924-S double eagle.<BR> <BR><B>5. A second example graded MS65 by PCGS.<BR></B></I> <BR> <BR>Note: In addition to the above five examples which comprise our Condition Census, it should be noted that the NGC <I>Census Report</B></I> lists 18 entries for MS65. All of these certifications have occurred in recent years (at the time of the Price sale in 1998 no 1924-S double eagle had been graded MS65 or higher by any grading service) and undoubtedly represent fewer than 18 distinct pieces due to repeat submissions of the same coins. The total number of Gem quality 1924-S double eagles known is probably no more than 10-12 pieces, if indeed that many.<BR><BR>We would like to thank David Akers for writing this superlative description.<BR><BR><I>From The Stellar Collection.</B></I><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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