1908-S $20 MS65 PCGS. CAC....

Description

Supremely Lustrous and Colorful
1908-S Double Eagle, MS65

1908-S $20 MS65 PCGS. CAC. Ex: Brahin. With regard to third-party certification, most coins are either accurately graded or conservatively graded; the latter observation applies to the current offering. Sumptuous, satiny luster swirls atop both sides of this well struck Gem. The apricot-gold coloration is even throughout, save for a small area of light copper toning at the 3 o'clock obverse rim.
At 22,000 pieces, the 1908-S double eagle has the lowest recorded mintage of all Arabic Numeral issues from 1907 through 1933. However, the 1908-S twenties are not the rarest in the series, since several 1920s and 1930s issues were subsequently melted in mass quantities. Nonetheless, the paltry mintage of 1908-S coins, combined with the fact that most of the coins struck entered circulation, make this issue legitimately rare in Gem or better condition. As of (6/09), PCGS has certified 14 examples at the MS65 level with only 14 finer.
Several theories have been put forth to explain why the San Francisco Mint managed to strike over 4 million Liberty double eagles from 1906 to 1907, yet struggled to produce just 22,000 1908-dated coins with the new Saint-Gaudens design. Some suggest that the Great Earthquake and Fire of 1906 was the cause, while others feel that the large production of double eagles in the previous two years created an excessively large supply, so the demand for new 1908 twenties was low. Another explanation is that the San Francisco Mint was awaiting new With Motto dies, resulting in a late production start.
Roger Burdette's Renaissance of American Coinage, 1905-1908 sheds light on what could be the true reason for the small mintage of 1908-S double eagles. In his 2006 reference on the subject, Burdette explains the complications experienced by the Philadelphia Mint with regard to the new lettered edge mechanism:

"It was not until September 1907 that the new mechanism was completely successful on the $10 gold coins, and it was December before the double eagle version was operating reliably at Philadelphia. Denver and San Francisco mints had additional problems with the mechanism and it was August 1908 before the San Francisco Mint could strike the new coins without damaging the presses."

While four months left plenty of time to strike more than 22,000 coins, it may have been that mint officials decided to wait until January 1909 to ramp up production of the new double eagle design. In the end, all theories likely share a role in the low mintage of 1908-S twenties.(Registry values: N7079)

Coin Index Numbers: (NGC ID# 26FA, PCGS# 9149, GSID# 10161)

Metal: 90% Gold, 10% Copper
Weight: 33.44 grams
AGW: 1.06oz
Mintage: 22,000

Note for clients in the European Union: This lot is considered by the European Union to be “investment gold”. We believe that it meets the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC and thus should be exempt from import VAT regardless of the selling price. Any questions or concerns about VAT should be addressed to your accountant or local tax authority.

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