1925-S $20 MS65 PCGS. CAC....

Description

1925-S Saint-Gaudens Double Eagle, MS65
Akers 'Significant Example'
Very Rare in Gem

1925-S $20 MS65 PCGS. CAC. Ex: Brahin. Called a "sleeper" by Q. David Bowers, the 1925-S Saint-Gaudens double eagle is definitely an underrated coin today. The large mintage of nearly 3.8 million pieces influences the thinking of potential buyers, but in reality, the production total is meaningless when evaluating the coin's availability. Experts estimate a surviving Mint State population of 275-330 pieces, with a like number extant in circulated grades. Most examples seen are in the AU55 to AU58 range, and the issue is extremely rare at the Gem level. In A Handbook of 20th Century United States Gold Coins 1907-1933, David Akers comments:

"Scarce-to-rare in all grades, the 1925-S is one of the leading condition rarities in the Saint-Gaudens Double Eagle series. Even MS-64s are elusive, and the combined population of Gems and Superb Gems is fewer than 10 coins. The 1925-S is the only mintmarked Double Eagle from the 1920s that is easier to locate in circulated condition than Mint State."

Population data from the leading grading services supports Akers' evaluation of the 1925-S as a prime condition rarity. Currently, NGC has certified only two examples in MS65, with two higher; while PCGS has graded two specimens at the Gem level, with three higher (10/09).
As Akers mentioned, the 1925-S is the only branch-mint issue of the era that is frequently encountered in circulated grades. A significant effort must have been made to circulate the coins at their time of issue, in contrast to the other dates of the period, which were stored in Treasury vaults as backing for U.S. currency. In 1947, Dr. Charles Green conducted research in mint records which revealed that 454,700 double eagles were officially released by the San Francisco Mint in 1925. The unusually high number of circulated 1925-S double eagles are evidence of this release. A small number of coins was used in international trade, and preserved in European banks. These European holdings surfaced in later years to provide the bulk of the 1925-S population in lower Uncirculated grades we know today. The few Gem or finer specimens were doubtlessly purchased by collectors directly from the San Francisco Mint and carefully preserved over the following decades. The great majority of the Mintage, the third largest of the series, was destroyed after the Gold Recall of 1933.
A diligent search of auction records over the last 15 years reveals only eight occasions when a 1925-S was offered in MS65 or better condition by the major auction firms. Outstanding examples include the incredible PCGS graded MS68 Norweb/Price coin, which sold for $209,000 back in 1998, and the PCGS MS67 Morse example (Heritage, 11/2005), lot 6681, which realized $287,500. The finest known Norweb/Price example probably traces its origins back to King Farouk's collection. Included in lot 185 of The Palace Collections of Egypt (Sotheby's, 2/1954) were 17 Saint-Gaudens double eagles, probably the most valuable group of twenties ever offered in a single lot. The dates included the 1930-S, 1931, 1931-D, 1932, and 1933, as well as the 1925-S, and other dates from the 1920s. Of course, the 1933 was withdrawn before the sale, surfacing again in 2003 when it sold for the all-time record price of $7.5 million. The lot in the Farouk sale was knocked down to David Spink, who was acting as an agent of Mrs. Norweb at the sale.
This highly lustrous representative is a magnificent example of the issue. The present coin stands out among the extremely small number of Gem Mint State survivors, being especially well struck and without the often-seen peripheral die cracks. One curving die break is noted from the eagle's wing down through its head, and into the field below. Lovely, subtle colors accent the smooth surfaces. Pale reddish-gold centers are highlighted with a touch of lilac at the margins. Surface marks are minimal, and the overall eye appeal is simply outstanding. The coin offered here is listed as the number five specimen in David Akers' census of Significant Examples.
Ex: The Phillip H. Morse Collection of Saint-Gaudens Coinage (Heritage, 11/2005), lot 6682.
From The Jay Brahin Collection.(Registry values: N10218)

Coin Index Numbers: (NGC ID# 26GC, PCGS# 9182, Greysheet# 10181)

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.

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