1909 $20 MS66 PCGS Secure. CAC....
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Minimum Next BidBid increments determine the lowest amount you may bid on a particular lot. Normally, bids must be at least one bidding increment over the Current Bid. However, podium, fax, phone and mail bidders submit bids at various times without knowing the current bid and must be on-increment or at a half increment (called a Cut Bid). Any podium, fax, phone, or mail bids that do not conform to a full or half increment will be rounded up or down to the nearest full or half increment.
Internet bids are required only to bid the increment past the Current Bid, or more. Internet bids greater than one increment over the Current Bid can be any whole dollar amount.
It is possible under several circumstances for winning bids to be between increments. It is also possible for an existing bid to be outbid by less than a full increment, sometimes by only $1. This usually happens when two bidders feel that a lot is worth about the same amount, but one places an off-increment bid. Generally when this happens, the Current Bid was much lower than the high secret maximum bid when the off-increment bidder placed his bid.
For example: On Tuesday, you bid $1500 against Bidder A's Maximum Bid of $1000, raising Current Bid to $1100. Then on Thursday, Bidder B, seeing a Current Bid of $1100, guesses the final price and decides to bid $1501, outbidding your Maximum Bid by $1. You would now have to bid $1600 through Heritage Internet bidding or $1550 on Heritage Live (if available for the auction) to possibly win that lot. Next time, maybe you'll bid $1502 and outbid Bidder B by $1!
Number of BiddersThis number represents the number of individual bidders prior to the close of Internet bidding on each lot. An individual who bids more than once is still counted only once. During the live session, only the winning bidder is included in this number, although detailed records are kept of all forms of bids.
Reserve (If Any) Not Posted Yet:
Although many lots will not get reserves, this signifies that we have not yet posted any reserves to this entire auction. Reserves are usually posted approximately 3 days prior to the closing for Internet-only auctions, and approximately 7 days prior to the live session for Signature auctions. At that point, any unmet Reserve will become both the price shown (with an asterisk) and the Minimum Next Bid, regardless of any previous bids.
Consignor Has Not Yet Submitted a Reserve:
Although the consignor's agreement allows a reserve on this lot, the deadline for submitting such a reserve has elapsed. If consignor submits a reserve post-deadline and the item fails to meet that reserve, we may charge the consignor a higher reserve fee.
This lot is being sold without a consignor reserve. (Note: By law, consignors may still bid under certain conditions, but they are responsible for paying the full Buyer's Premium and Seller's Commission if they do.)
Reserve Not Met:
A reserve has been posted on this lot, but no bids have met the reserve. The current bid has been set to the reserve amount, and the next bid will meet the reserve.
Reserves have been posted for this auction, and there is a reserve on this lot that has already been met.
Lots bearing estimates and without Consignor Reserve shall open at Auctioneer's discretion (usually 25% to 60% of the low estimate).
What's This?The owner of this item has indicated that they would sell this item at the amount, although their acceptance of your offer is required before the item can be purchased.
BP - Buyer's Premium per LotA Buyer's Premium will be added to each successful bid. For this sale: 15% of the successful bid (minimum $14) per lot. Please see #2 in our Terms & Conditions.
Not SoldThis indicates an item that did not sell at auction because it did not receive bids equal to or greater than the reserve (minimum bid) amount set by the consignor, or the opening bid.
Opening Bid:Lots bearing estimates and without Consignor Reserve shall open at Auctioneer's discretion (usually 25% to 60% of the low estimate).
Extended Payment Plan
Available on select items as noted on the item page in the bidding area.
- Minimum invoice total is $2,500.
- You may take up to four (4) months to pay the balance (monthly payments of at least 1/4th of invoice total).
- Minimum down payment is 25% within two weeks of the sale date. All down payments made beyond this 2 week window will require a 35% down payment, and the term will be shortened to 3 months.
- Subject to a refundable 3% set-up fee, which will be paid as part of your 1st monthly installment. This fee will be refundable upon completion of the plan if the following conditions are satisfied:
- There is no penalty for paying off early.
- Non-dealers only
- With pre-approved credit application
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Note: This offer may not be available on some items.
Terms and Conditions
Extended Payment Plan for Heritage Owned Inventory Items(excludes Virtual Bourse, Comic Market and Virtual Sports Show)
- Minimum invoice total is $2,000.
- You may take up to 6 months to pay the balance (monthly payments of at least 1/6th of invoice total).
- Minimum down payment is 20%.
- Payments (including the down payment) must be made on-time per your specific EPP schedule (there will be a brief grace period).
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SMS Alerts- Receive a text message approximately 35 lots ahead of your item being up for bidding at auction, with a link to bid in Heritage Live in the text message. Haven't registered? Visit MyProfile to sign-up for free by entering your mobile number. The green icon indicates Live Bidding Text Alerts are on for that lot. Live Bidding Text Alerts are only available for lots in live sessions.
Note: The extra increment won't be placed until the item is up for live bidding, so it is possible that you could be outbid by a bid placed prior to live bidding, such as another proxy bid, live proxy bid, mail bid, etc., which could result in your losing the lot by that one increment. For the same reason, it is also possible that a currently losing bid with bid protection placed could potentially win the lot once the lot is subject to live bidding and the Bid Protection increment(s) is placed.
Rarity Equal to the Overdate
Overabundant adverbs aside, if half the 1909 double eagles are overdates, then it stands to reason that the "perfect date" coins are of similar rarity. Writing from the perspective of 1982, David Akers noted in the double eagle volume of U.S. Gold Coins: An Analysis of Auction Records that "for years, the 1909 normal date was overshadowed by the popular 1909/8, but in the past decade or so the 1909 has come to be correctly recognized as the rarer of the two issues." A later Akers perspective comes from the 1998 catalog for the famous Dr. Thaine B. Price Collection, in which he writes:
"Prior to the appearance on the market recently of a substantial number of mint state specimens, the 1909 Saint-Gaudens Double Eagle was generally considered to be much more scarce than it is now known to be. Hundreds of specimens have come onto the market over the past few years from one large hoard, and many of these specimens are attractive and fairly high quality, although most of them grade Choice Uncirculated or lower."
The increased Mint State availability of the "perfect date" between the two periods is reflected in current-day pricing for the two issues: their prices parallel each other through circulated grades, but the overdate commands a heavy premium in MS63 condition. The disparity in population, if not in price, has all but faded away by the MS65 level, where both overdate and "perfect date" coins are rarities. Go one more step, into MS66, and the "perfect date" PCGS Population Report shows just seven examples in that condition, with none finer (10/11). Ownership of an MS66 1909 Saint-Gaudens twenty has been the mark of many fine modern-era collections of the series; the Dr. Thaine B. Price specimen was later certified as MS66 by PCGS, and the Morse, Brahin, and Kutasi collections all had examples at the same grade level from the same service.
As might be expected from the Premium Gem grade, this is the quintessential 1909 "perfect date" double eagle. The strike is razor-sharp, and the luster is satiny, a characteristic never seen on the overdates. The color is orange-gold at the interiors, one of the few unusual characteristics for the issue, but a more familiar mint-green hue is present near the rims. The obverse is incredibly well-preserved, and aside from a few tiny marks in the rays on the reverse, that side is also largely abrasion-free. CAC and this cataloger agree that this is a coin of great quality, sure to please its next owner.
Ex: David Akers.
David Akers Comments:
Prior to about two decades ago, when a fairly large hoard of uncirculated examples was discovered in Europe, the 1909 was considered to be a very scarce issue in any grade and a rare one in choice uncirculated condition or better. The hoard changed all that, however, and now the 1909 is strictly a condition rarity, that is, one whose rarity is almost entirely dependent on the grade rather than the total number of specimens known. There were hundreds of choice and even very choice uncirculated specimens in the hoard and so at those levels the 1909 is now considered scarce rather than rare. However, the addition of the hoard specimens to the total population didn't diminish the rarity of gems of this date. They are still considered very rare and probably no more than 20-25 MS65 quality examples are known to exist, if that many. The number of superb MS66 quality specimens is much smaller, probably less than half the MS65 population, and none have been graded above that level. Over the years, I have changed my opinion several times as to whether I thought the 1909 or 1909/8 is the more rare issue in gem condition. Today, I consider the overdate to be slightly rarer at both of the top two grade levels, MS65 and MS66, while it brings a considerably higher price in those grades. The two best 1909 double eagles I have ever handled are this Duckor coin and the Dr. Thaine Price example which was sold at auction in 1998.
From The Dr. and Mrs. Steven L. Duckor Collection.
Seller is donating a portion of their proceeds, and Heritage is donating the same portion of the Buyer's Premium, from the sale of this lot to the National Numismatic Collection at the Smithsonian Institution. See page 3 for details.(Registry values: N10218) (NGC ID# 26FB, PCGS# 9150)
Service and Handling Description: Coins & Currency (view shipping information)
Revised Edition by James L. Halperin, Mark R. Borckardt, Mark Van Winkle, Jon Amato, and Gregory J. Rohan, with special contributor David W. Akers
The Coinage of Augustus Saint-Gaudens is an issue-by-issue examination of these two artistically inspired series of gold coins.
Each date and mintmark is reviewed with up-to-date information, much of which has never been previously published. The book is based on
two extraordinary collections: The Phillip H. Morse collection and the Dr. and Mrs. Steven L. Duckor collection.
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