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1927-D $20 MS66 PCGS. The 1927-D double eagle is consi

Currency:USD Category:Coins & Paper Money / US Coins Start Price:1,450,000.00 USD Estimated At:1.00 - 2.00 USD
1927-D $20 MS66 PCGS. The 1927-D double eagle is consi
<B>1927-D $20 MS66 PCGS.</B></I> The 1927-D double eagle is considered to be the rarest United States gold coin of the 20th century. Its closest rival is the 1907 Ultra High Relief. However, more examples are known of the Ultra than of the 1927-D. Moreover, many consider the Ultra to be a pattern issue.<BR><BR> Jeff Garret and Ron Guth, in their <I>Encyclopedia of U.S. Gold Coins, 1795-1933,</B></I> present an interesting scenario on the potential elevation of the 1927-D's rarity status: "The 1927-D double eagle is legendary, and has earned its status as the rarest regular-issue gold coin of any denomination of the 20th century. Only the 1933 double eagle comes close in terms of the number known. However, if the current lawsuit over the ownership of another 10 examples of the 1933 double eagle resolves favorably for collectors, that date will fall into second place behind the 1927-D issue. After decades of contention, it appears that the 1927-D double is truly the king of all 20th century gold coins." Of course, only time will tell whether or not all of this will materialize.<BR><BR> The 1927-D twenty had a relatively low mintage of 180,000 pieces. This alone, however, does not account for its rarity, that is more a function of its very low survival rate. The 1927-D was extensively melted in the 1930s, virtually annihilating the entire production run. <I>Coin World</B></I> staff writer Eric von Klinger, in an article entitled "Collectors Learned Only Slowly of True Rarity of 1927-D Gold $20," writes: "The presumption has been that many 1927-D Saint-Gaudens double eagles had never been issued, or were disproportionately turned in, when President Franklin D. Roosevelt issued his gold surrender order of 1933. They were then melted with other gathered-up gold coins." von Klinger goes on to say: "It can be doubted whether any 1927-D Saint-Gaudens double eagles ever actually circulated. It appears that all known examples are Mint State and of 'choice' or 'gem' quality....Almost the entire mintage may have stayed in government vaults until the later meltings, and only examples requested by collectors or others have survived." Along this line, David Bowers, in his <I>Guide Book of Double Eagle Gold Coins: A Complete History and Price Guide,</B></I> remarks that: "Interestingly, double eagles of this date and mint were available for face value from the Treasury Department from 1927 to the early 1930s."<BR><BR> In his May 19, 1998 write-up of the Gem Uncirculated double eagle in the Dr. Thaine B. Price Collection (lot 115), David Akers commented on the rarity status of the 1927-D: "Today, the 1927-D double eagle is widely and correctly regarded as the rarest regular issue Saint-Gaudens double eagle from 1907-1932. However, when it (the Price specimen) was purchased in the 1940s by the Auction '84 consignor, 'Mr. Lima,' that was definitely not the case, and although the 1927-D was considered to be an important rarity in the series, it was generally thought to be in the second tier of Saint-Gaudens rarities below such dates as 1921, 1924-S, 1926-S, 1926-D, 1927-S, and 1931-D. However, in the intervening half century, at least small quantities of all of those other issues have been discovered, mostly overseas in European banks, but, to the best of my knowledge, there has not been a single additional 1927-D located that was not already known to collectors by 1950."<BR><BR> Relatively few specimens of the 1927-D are known. Again in the Price catalog, Akers wrote: "There have been occasions in the past where somewhat exaggerated claims of this issue's rarity have been made; some have even claimed that only 6-8 pieces are known. Actually, there are considerably more known than that, and I would place the number extant in the range of 12-15 pieces, making the 1927-D very similar in overall rarity to the 1907 Extremely High Relief, if not just slightly more rare. I have personally examined 12 different examples of the 1927-D double eagle, and since there are a few auction records for pieces that I cannot match with the specimens that I am familiar with, I feel that it is likely that a few more exist than just the 12 I have seen. I think it is conservative and accurate to say that any sale containing a 1927-D double eagle is a major numismatic event."<BR><BR> In one of his prior works,<I>A Handbook of 20th-Century United States Gold Coins, 1907-1933,</B></I> (1988), Akers referred to the grade levels of surviving 1927-D double eagles: "The majority are MS63 or better and several are solid Gems. The Eliasberg coin now owned by a prominent eastern collector is a high-end MS65, and the Dr. Steven Duckor example which he purchased from Auction '84 and the Browning Collection specimen are both full MS65. The three examples in the Smithsonian Institution are all MS63 to MS64 as is the coin from Stack's October 1985 sale that was purchased by MTB for a client. It is difficult to pick out one piece as the "finest" but that accolade most likely should go to the Eliasberg specimen."<BR><BR> Population data from the grading services may shed some light on the number of extant 1927-D double eagles. To date (11/06), PCGS and NGC have graded a total of 12 examples (some of these, of course, may be resubmissions). PCGS-graded coins include an MS63, an MS65, four MS66 pieces, and an MS67. NGC has seen an AU58, an MS65, and three MS66 specimens. And Bowers, in his <I>Guide Book,</B></I> suggests that one or two 1927-D examples exist in the "circulated field population," along with 12 to 15 pieces in the "Mint State field population" (Bowers defines circulated field population as the "Author's estimate of the number of existing double eagles in all circulated grades from Fine or less, to AU58," and Mint State field population as the "Author's estimate of the total number of double eagle's in Mint State, all grades combined from MS60 upward, existing in the hands of collectors and investors. No account is made for undiscovered hoards, if any exist."<BR><BR> Auction records and private treaty sales may also help to elucidate the number of surviving 1927-D double eagle specimens. Listings of these have been presented in rosters developed by various numismatists over the years. We have attempted to update the roster of '27-D's by comparing photographs of the appearances of these coins in catalogs that were readily accessible to us. This updated roster is presented below:<BR><BR> 1. Smithsonian specimen, acquired from Denver Mint in 1927.<BR><BR> 2. Smithsonian specimen, acquired from Denver Mint in 1927.<BR><BR> 3. J.F. Bell specimen sold by Stack's, lot 1004, December 1944 for $500; this was apparently the earliest auction appearance of a 1927-D double eagle.<BR><BR> Dr. Charles Green Sale, B. Max Mehl, lot 917, April 1949 for $630 (we were not able to examine a photo of the Green coin).<BR><BR> This coin is identified by a series of marks in the left obverse field.<BR><BR> 4. The F.C.C. Boyd specimen in "World's Greatest Collection," Numismatic Gallery, lot 1045, January 1946.<BR><BR> U.S. Gold Collection (Eliasberg) sold by Bowers and Ruddy, lot 1067, October 1982 for $170,000.<BR><BR> Sold by North American Certified Trading, January 2006 for "more than $1.9 million" to an anonymous East Coast dealer.<BR><BR> This coin is identified by marks on the lower fourth and fifth rays left from Liberty.<BR><BR> 5. Lester Merkin Sale, lot 526, October 1969 for $32,000.<BR><BR> Gilhousen Collection Sale, Superior, lot 1041, February 1973 for $60,000.<BR><BR> This example is identified by "two marginally noticeable field marks, one below forearm, the other midway branch and end border" (Merkin catalog, p. 39, and Superior catalog, p. 53).<BR><BR> 6. Western Collection of U.S. Gold Coins, Stack's, lot 1252, December 1981 for $220,000.<BR><BR> King of Siam Collection, Bowers and Merena, lot 2201, October 1987 for $242,000.<BR><BR> Charles Kramer Collection of United States Gold Coins, Stack's/Superior, lot 913, November 1988 for $187,000.<BR><BR> Century Collection Sale, Superior, lot 3339, February 1982, did not sell.<BR><BR> January-February Sale, Superior, lot 1595, January-February 1993 for $137,500.<BR><BR> This specimen is identified by a field mark located midway between the end of Liberty's flowing hair and above rays 5-6 from left of her body, and by marks in the upper middle part of the eagle's left wing.<BR><BR> 7. Auction '84 Sale, Paramount, lot 999, July 1984 for $198,000.<BR><BR> Dr. Thaine B. Price Collection, David Akers, lot 115, May 1998 for $577,500.<BR><BR> This piece is identified by marks on the upper middle part of ray 5 left from Liberty's body, by field marks between the upper middle parts of rays 6-9, and field marks between the upper parts of rays 2-5 on the lower right obverse.<BR><BR> 8. Museum of Connecticut History specimen, Heritage, lot 6026, June 1995 for $390,500. Purchased by Jay Parrino.<BR><BR> This example is identified by marks above each of Liberty's knees, two marks on the upper middle ray left (facing) of her body, a mark on the lower third and fourth rays above the Capitol dome, and a series of marks above OD and W in GOD WE.<BR><BR> In our cataloging of the MCH piece, we stated: "To our knowledge this is the first unrecorded 1927-D twenty to appear at public auction in many years. The circumstances surrounding the appearance of this coin are quite curious, and unfortunately do not shed much light on why this piece was unknown to the numismatic community. It was purchased at the time of issue with another piece by the numismatic curator of the Museum of Connecticut History. Both pieces have been there since 1927. The mystery is why no one knew of their existence until now and why they were not included on the roster of known specimens that has been endlessly repeated each time a specimen has appeared over the past twenty years. Walter Breen did research in the MCH...but the '27-D twenties somehow escaped his attention."<BR><BR> Eric von Klinger, in the above-referenced <I>Coin World</B></I> article, elaborates further on the two 1927-D's in the Museum of Connecticut History Collection in a January 16, 2006 <I>Coin World</B></I> article: "David Nelson, administrator of the museum division, explained that State Librarian George Goddard had bought coins directly from the Mint each year of the 36 years (1900-1936) he was in that position. Goddard had gained favored access to Mint officials through Joseph C. Mitchelson, who bequeathed his coin holdings to the museum upon his death in 1911."<BR><BR> 9. The second Museum of Connecticut History specimen, presently in the museum's collection.<BR><BR> 10. Dallas Bank Collection (Jeff Browning), Sotheby's/Stack's, lot 206, October 2001 for $402,500.<BR><BR> Sold by Rare Coin Wholesalers to Legend Numismatics, June 2005 for $1.65 million.<BR><BR> This piece is identified by a mark on Liberty's left (right facing) ankle, and by marks on the middle part of rays 6 and 7 above the 19 in the date.<BR><BR> 11. From the Charlotte et al. collections, Stack's, lot 1217, March 1991 for $479,750.<BR><BR> Philip Morse Collection, Heritage, lot 6697, November 2005 for $1,897,500.<BR><BR> This specimen is identified by a mark on Liberty's right (left facing) knee, and by a mark on each of the top portions of the 5th and 6th rays to the right (left facing) of her body.<BR><BR> 12. Primary Bartle Collection of U.S. Gold Coins, Stack's, lot 868, October 1985 for $275,000.<BR><BR> Orlando Sale, Superior, lot 686, August 1992, did not sell.<BR><BR> Florida United Numismatists Sale, Heritage, lot 3624, January 2006 for $1,322,500. The coin was in an "old" NGC holder, conservatively graded over 10 years ago as MS65.<BR><BR> The specimen offered in this sale.<BR><BR> This coin is identified by a mark on the lower middle part of ray 4 on the left (right facing) side of Liberty, by a mark on the middle of ray 3 and another in the middle of ray 4 of the lower left obverse, and by marks on the middle of the left wing, and a mark on the tip of the feather above the tail feathers.<BR><BR> Most of the 1927-D double eagle appearances listed below have been included in previous rosters of extant specimens. Some of these coins may be duplicates of those listed above, while others may be separate examples. We list these apart from the above, as we did not have ready access to the catalogs that contained photos of the appearances, thus precluding a comparative analysis, or, the photos may have been of such quality that a definitive assessment could not be conducted.<BR><BR> A. The third Smithsonian specimen. According to the roster presented by Sotheby's/Stack's in their catalog of the Dallas Bank Collection Sale, October 2001, this specimen pedigrees to: "Lilly Estate (1968); Josiah K. Lilly Collection; Stack's; Robert Schermerhorn Collection; Dr. Charles Green Collection, Max Mehl, April 1949, lot 917; J.F. Bell Collection, Stack's, December 1944, lot 1004 (also see entry B next).<BR><BR> B. The Schermerhorn specimen, sold by Stack's in a private treaty transaction to Josiah K. Lilly in 1953. In his January 2006 <I>Coin World</B></I> article, von Klinger wrote that this specimen is "now in the Smithsonian Institution."<BR><BR> C. The Schmandt Collection, Stack's, lot 1072, February 1957.<BR><BR> D. A specimen submitted to NGC for grading by an anonymous West Coast dealer at the New York Invitational Show. The July 13, 2005 posting on the NGC web site states of the MS66-graded piece: "This particular specimen has long-resided in private collection and had never before been seen by a professional grading service."<BR><BR> All known 1927-D twenties display great luster and color. The surfaces are typically frosty with rich orange-gold or green-gold coloration. Striking details are usually complete, save for the usual softness on the stars in the lower left obverse quadrant. Mint records indicate that four pairs of dies and two edge collars were used to coin 1927-D double eagles. Apparently most, but not all of the remaining examples were struck from the same die pairing that includes the following characteristics:<BR><BR> 1. a barely visible hairline die break from star to star through the top of L in LIBERTY;<BR><BR> 2. a thin die break extends from the tip of the base of the L through the I to the torch; and<BR><BR> 3. a thin, almost vertical, slightly offset die break bisects the eagle's beak on the reverse.<BR><BR> Blazing luster enlivens both sides of the Premium Gem offered in this lot. The surfaces display the typical frosty finish and rich orange-gold color imbued with traces of light green. A powerful strike manifests itself in bold definition on Liberty's facial features, fingers, and toes, on the panes of the Capitol dome, and on the eagle's plumage. The few light marks scattered about are well within the parameters of the MS66 grade designation. As with most known 1927-D double eagles, this piece shows the typical cracks at the base of the L in LIBERTY through the I to the top part of the torch, a barely visible hairline-thin crack from star 13 through the next few stars to the top of the L in LIBERTY, and a thin crack that bisects the eagle's beak. This could be a once-in-a-lifetime opportunity to acquire what is one of the finest known examples of the legendary 1927-D double eagle. Population: 4 in 66, 1 finer (11/06).<BR><BR><b>Shipping:</b> Coin/Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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