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1921 Saint-Gaudens Twenty, MS60
One of the Great Rarities in the Series

1921 $20 MS60 NGC. Two significant economic shocks contributed to the famous "melt rarities" that appear late in the Saint-Gaudens double eagle series. While the Great Depression is the well-known culprit involved in the issues of the late 1920s and early 1930s, two less-known economic setbacks immediately following World War I were at work for a pair of low-availability issues, the 1920-S and the 1921. After the end of World War I, many combatant nations experienced a degree of economic recession as wartime production wound down and veterans returned to the labor pool. The United States had a brief recovery but experienced a depression for 18 months from January 1920 to July 1921.

The double eagle was functionally an international trade coin by 1914, when World War I broke out, and with submarine warfare threatening transatlantic shipping channels, it is little surprise that the double eagle went on hiatus. Philadelphia stopped making the denomination in 1915, with San Francisco following the next year. Double eagle production restarted in 1920 but ran right into the worsening economic conditions. While a number of Philadelphia double eagles from 1920 went into the stream of global commerce, the 1920-S and 1921 issues found little such usage, and when demand came again for twenties, the coins paid out were 1922 and 1922-S instead of their predecessors. As a result, the 1920-S and 1921 double eagles remained in government hands and were the earliest dates to suffer near-total destruction in the melting pots.

This piece displays even, although slightly subdued mint luster, and similarly even reddish-gold color. Relatively few marks account for the grade. The 1921 is a prize in any grade and this Uncirculated example will surely be the centerpiece of an advanced collection. Census: 2 in 60, 37 finer (2/14).
From the Collection of Donald E. Bently, sold for the benefit of the Bently Foundation.(Registry values: N7079) (NGC ID# 26G2, PCGS# 9172)

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Auction Dates
March, 2014
20th Thursday
Internet/Mail/Phone Bidders: 9
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The Coinage of Augustus Saint-Gaudens as Illustrated by the Morse and Duckor Collections
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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