1907 $20 High Relief Wire Rim PR68 ★ NGC....

Click the image to load the highest resolution version.

Sold on Sep 4, 2014 for:

Sign-in or Join (free & quick)

Get one of these:

Share this lot

Track Item Printable Auction Results

Sell One of These

Description

Auction Info

Guides & Info

Description

MCMVII High Relief Saint-Gaudens Double Eagle, PR68 ★
One of the Finest-Known Proof Strikings
From the Legendary Captain North and Bass Collections

1907 $20 High Relief Wire Rim PR68 ★ NGC. The earliest die impressions of Augustus Saint-Gaudens' majestic double eagle designs were in the form of about 16 to 22 proofs that were produced with an extremely high, medallic relief. These were struck primarily for presentation to Theodore Roosevelt, and while the President readily approved the commencement of their coinage, efficient large-scale production was not mechanically possible. The Ultra High Relief proofs, as they have been called, required nine to 10 impressions from the dies with 172 tons of force on a large medal press to fully bring up the designs (per Breen), and the coins had to be annealed between successive blows to relieve stress that would cause cracking; this procedure encompassed generous amounts of time and significantly slowed production.

When regular coinage finally commenced for business strikes, the coins were given a flat border (the earlier pieces had been coined with no border), and the relief was lowered just a trifle. These changes allowed the designs to be more-or-less brought up with just three die impressions, per the research of Roger Burdette, essentially cutting production time in half. This variant was produced to the extent of 12,367 pieces, but it too was then deemed too inefficient for mass-production, and the high relief idea was scrapped completely.

The Ultra High Relief coins are all considered to be proof or presentation strikes, but no records are known confirming the production of "regular" High Relief proofs, and therefore their existence is highly controversial. Akers writes in A Handbook of 20th Century United States Gold Coins, second edition (2008):

"All High Relief Double Eagles were struck in the same manner, and there are no distinguishing characteristics that positively identify certain examples as proofs. Nevertheless, NGC has certified some High Relief Double Eagles as proofs. PCGS, on the other hand, will not grade any High Relief Double Eagle as a proof."

NGC's criteria for discerning proofs from business strikes consists of five key diagnostics, which are laid out in detail in Dr. Robert Loewinger's Proof Gold Coinage of the United States:

"1) Extreme sharpness in all details, both at the centers and toward the peripheries.
2) The complete absence of die erosion or distortion.
3) Numerous, raised, die-polishing lines on both sides. These appear in a random, swirling pattern. While also evident on currency strikes, these are particularly bold on Proofs.
4) Uniformly satiny surfaces, without any of the radial flowlines that produce conventional Mint luster.
5) A build-up of metal just inside both borders, though especially evident on the reverse. This appears as a slightly raised ridge forming a concentric circle with the coin's border. It probably resulted from the extreme compression to which the Proofs were subjected by additional strikes."

These diagnostics, when viewed collectively, are characteristic of a coin that received more die impressions than did normal business strikes. This is consistent with Breen's statement that the proofs "... appear to have received 6 or 7 blows from the dies rather than the normal [3 to] 5." By definition, a proof is a coin that was struck multiple times with specially prepared dies on a carefully selected planchet. The dies used for the High Relief proofs were apparently unfinished, but this was more than likely intentional, as such manufacture produced a proof with a distinctly satiny finish, just like the one that was later utilized for proof coins in 1909 and 1910. The similarity of this finish to the surfaces of normal business strikes, however, ultimately led to its discontinuance in 1910, and this similarity is also likely the cause of much of the confusion surrounding the proof High Reliefs.

Produced on several occasions for presentation purposes, according to Breen, the proof High Reliefs were coined in unknown, but small numbers. NGC has encapsulated 239 specimens, per the Census Report, though it is likely that a number of these are the result of resubmissions. Furthermore, in his Handbook, Akers notes:

"Most examples have at least a few scattered contact marks or other light blemishes. NGC has certified several examples in the Proof-65 to Proof-69 grade range, however, so it is possible to obtain a virtually pristine coin with patience."

The present offering is just such a piece, as it is one of just two certified at the PR68 grade level, and is the only one of those to receive a Star designation. The only numerically finer example is none other than the legendary PR69 Flat Rim proof (7/14), offered in Heritage Auctions' November 2005, sale of The Phillip H. Morse Collection, lot 6529, where it brought an impressive $534,750.

The design elements of this piece exhibit a degree of sharpness that is, in a word, incredible; the fingers on Liberty's torch hand are bold and fully rounded, the toes are produced in bold relief, the stars around the border and the capitol building are sharply defined, and the finer gown lines are brought up to an extent not seen on normal business strikes. On the reverse, the eagle is struck to a full bas-relief appearance, and the tailfeathers are well-delineated. As is diagnostic, the satiny yellow-gold surfaces exhibit fine, swirling die-polishing lines, and the metal build up around the reverse border, while not overly pronounced, is present. The edge lettering is sharply defined, and parallel, horizontal striations from the collar (another diagnostic of proofs, per Breen) are seen around the circumference.

This coin's proof pedigree traces back to the legendary Captain Andrew North Saint-Gaudens gold set, which, according to the research of Burdette, possibly originated from the personal collection of Chief Engraver, Charles Edward Barber. The set has been heralded as "the rarest set of gold coins in the world," and won the blue ribbon for "Excellency of Exhibit" when it was displayed by Stack's at the 1956 ANA convention in Chicago. It consisted of seven double eagles, including two Ultra High Reliefs, and four eagles, all in simply remarkable condition and encased in a custom-made leather box. The set remained intact, housed in private collections, until NERCG purchased it in April 1980 for $1 million and distributed the pieces to various collectors. The High Relief Wire Edge proof, as well as its proof Flat Edge counterpart, was purchased from NERCG by Harry W. Bass, Jr. at the New York Metropolitan coin show that same month, and remained in that famous collection until Bowers and Merena auctioned it in November 2000.

Here, this legendary specimen is finally offered once more to numismatic historians and collectors. Tracing its origin to one of the greatest gold collections of all time, this piece is undoubtedly a proof presentation striking, and one of the finest Saint-Gaudens double eagles we have ever offered.
Ex: Possibly from Chief Engraver Charles Barber; Captain Andrew North cased set; Stack's exhibited the case at the 1956 ANA convention; private collection; Stack's again offered the set in April 1980; purchased by NERCG for $1,000,000; purchased by Harry W. Bass, Jr. (4/1980); Harry W. Bass, Jr. Collection (Bowers and Merena, 11/2000), lot 954.
From The Pannonia Collection.

Coin Index Numbers: (NGC ID# 28HM, PCGS# 9132, Greysheet# 194806)

Weight: 33.44 grams

Metal: 90% Gold, 10% Copper

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.

View Certification Details from NGC