Press Release - February 17, 2004

Heritage to sell newly discovered Gem 1927-S Saint in their March 2004 Portland ANA Signature Sale

Dallas Texas: One of the highest graded 1927-S Double Eagles, designed by Augustus Saint-Gaudens, is being auctioned by Heritage at the Portland ANA, March 24-27. Heritage is the official auctioneer of the American Numismatic Association’s National Money Show.

“This amazing coin,” noted Heritage Co-Chairman Steve Ivy, “certified by NGC as an MS66, recently surfaced at the Long Beach show after being off of the market in a West Coast collection for more than fifty years. The only comparable coin I’ve seen is the MS67 out of the Museum of Connecticut History holdings that Heritage sold for $181,500 at our June 1995 Long Beach Signature Sale (Lot 6027). Since then, we have handled more than a dozen of the limited surviving examples, but none graded higher than MS63. We expect this lovely Gem example to bring an amazing figure as well.”

“Current Population Reports from NGC,” continued Ivy, “show four examples certified as MS66, with two finer, while PCGS reports one example in MS66, with one finer. Another measure of the absolute rarity of top-grade examples can be discerned by the lack of Gems in major collections recently offered. The NGC MS63 example from the Davis Collection that we sold in our Sept. 2003 Long Beach Signature Sale realized $28,750. The “Magnificent Collection of Double Eagles” that we sold in our January 2004 Long Beach Signature Sale contained an attractive PCGS MS62 that realized $33,350, and the North Shore example, a PCGS MS61, sold for $21,850. Images and descriptions of all of these coins are available in the Permanent Auction Archives at the website.”

“The 1927-S,” added Heritage President Greg Rohan, “was at one time considered the fourth scarcest issue in the Saint-Gaudens series of twenties. In the 1940s it was thought to be even more elusive than the 1927-D, but during the 1950s that perception began to change as pieces began to show up in European gold holdings. Over the past five decades, the population of survivors has risen to the present level of perhaps sixty known specimens. It remains one of the key issues in the Saint-Gaudens series, with Akers rating the '27-S as tenth among the 54 issues in the set, and in such high-grade is extremely elusive. Many of the survivors show copper-staining from poor alloy mixing, and are often weakly struck; this coin shows every nuance of definition that was engraved into the dies. This is a singular opportunity for the advanced collector of this series to acquire one of the finest known 1927-S Saint-Gaudens Double Eagles.”

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