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Lot
5421

1892-S $20 MS66 NGC....

2012 August 2-5 US Coins Signature Auction- Philadelphia #1173

 
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Auction Ended On: Aug 3, 2012
Item Activity: 5 Internet/mail/phone bidders
772 page views
Location: Sheraton Philadelphia Downtown Hotel
201 North 17th Street
Philadelphia, PA 19103

Description:

1892-S Double Eagle, MS66
Monumental Condition Rarity
Two Certified, None Finer
1892-S $20 MS66 NGC. The San Francisco Mint produced nearly 1 million double eagles in 1892, with a large number of those pieces surviving today. The actual quantity of survivors is, of course, unknown, but certainly numbers in the thousands. NGC has certified more than 4,000 pieces and PCGS has examined over 3,000 coins.
From a population of more than 7,200 coins at those two services, only two submissions have received the MS66 grade, and just three others are certified MS65. Our auction archives, spanning 20 years since January 1993, include coins that grade VF through MS64. This Premium Gem is the first example we have offered above MS64. A review of our competitors shows a single earlier appearance of this identical coin, but no other auction offerings above MS64.
Although the NGC Census Report shows two pieces certified MS66, the lack of auction appearances leads us to believe that this one coin accounts for both certification events.
In A Guide Book of Double Eagle Gold Coins, Dave Bowers notes about this date that Gems are very rare, and that term as Bowers uses it includes coins that grade MS64. Several years earlier in their 1999 reference, Type Three Double Eagles 1877-1907, Mike Fuljenz and Doug Winter simply wrote: "An 1892-S Double Eagle which grades Mint State-64 qualifies as a Condition Census example."
The NGC Coin Explorer web page for the 1892-S double eagle provides a precise value of $62,780 for this issue in MS66, a price that remains unchanged since January 2008.. Given the incredible rarity at the MS66 grade, and the possibility that no others exist, it is our opinion that the quoted price is quite low. We feel strongly that, as the finest certified specimen, this beauty should be worth six figures.
An impressive Premium Gem, this 1892-S double eagle has bold design motifs with frosty yellow luster and delicate orange-gold overtones, showing only a few minuscule surface marks on each side. A stunning specimen for the connoisseur of fine numismatic properties.(Registry values: N1) (NGC ID# 26C7, PCGS# 9021)

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