1920-S $20 MS65 PCGS....

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1920-S Saint-Gaudens Double Eagle, MS65
Premier Series Rarity in High Grade
Condition Census Example

1920-S $20 MS65 PCGS. Ex: Simpson. The 1920-S Saint-Gaudens double eagle is one of the premier rarities of the series in high grade, the earliest of the classic rarities among the With Motto Saints. Gold specialist David Akers believed the 1920-S was the fifth rarest collectible issue of the 53-coin series, behind such famous rarities as the 1921, 1930-S, 1927-D, and the Ultra High Relief. In high grade, the 1920-S is even more elusive and probably only the 1921 is more difficult to locate in MS65, or better, condition. Heritage Auctions is excited to present this outstanding Condition Census Gem in just its second auction appearance.

Striking the Coins
Both the Philadelphia and San Francisco Mints produced double eagle coinage in 1920, after a four-year hiatus brought on by the suspension of most international trade during World War I. The San Francisco facility struck an adequate mintage of 558,000 pieces, with all the coins delivered in May and June. Special Assay testing reduced the total by 48 pieces and another 558 coins were sent to the Annual Assay Commission in Philadelphia. The Assay Commission only evaluated 15 of those pieces, and they turned 543 untested examples over to the Philadelphia Mint Cashier when their meeting was concluded in February 1921. The Cashier probably stored 500 of those coins in a bag in the vault and held the remaining 43 pieces for over the counter purchases at the Mint.

After assay activities, there were still 557,394 freshly minted double eagles left at the San Francisco Mint. Following usual procedures, 557,250 coins would have been stored in bags in the vault, and the remaining 144 pieces would have been kept by the Cashier for counter purposes. Thus, between the two cashiers, only 187 1920-S double eagles were available for purchase by collectors and the general public.

Thirty pairs of double eagle dies were shipped to the San Francisco Mint in 1920, but it is not certain that all of them were used for production. About 40% of survivors share a common obverse die (classified as HA-1 in Roger Burdette's standard series reference) that shows many small die scratches in the date and mintmark area. Coins from this die exhibit weak definition on the Capitol and the stars on the lower left. The present coin and the Eliasberg example were struck from a different obverse die, designated HA-2. Coins from this die show sharper detail in the area of the Capitol and display considerable manual recutting on the rays under the date. Many coins show evidence of die failure on the reverse, near the rim.

Distribution and Rarity of the 1920-S
The 1920-S double eagles were intended for use as currency reserves and only small numbers were ever released to banks for commercial distribution. In his landmark trilogy, Renaissance of American Coinage, Roger Burdette details some correspondence between Connecticut State Librarian George Godard, and Dr. Thomas Louis Comparette, curator of the Philadelphia Mint coin collection, which reveals much about the state of affairs in 1920. Godard was responsible for updating the collection of Joseph P. Mitchelson, which had been donated to the State Library in 1911. He had a close relationship with Comparette, who often helped him secure hard-to-find specimens. Apparently, none of the double eagles struck at Philadelphia or San Francisco in 1920 were intended for circulation. Comparette wrote to Godard about the Philadelphia double eagles in 1920: "Herewith I am sending you a [1920] Twenty Dollar gold piece, just struck. It is for the Reserve Funds and not to be issued for general circulation, and the securing of the specimens for others than the government collection is probably irregular, so please do not let the fact become public knowledge. For others will demand specimens as soon as they learn that a few are out."

Later, in March 1921, Comparette finally succeeded in acquiring some of the even more elusive 1920-S double eagles. He wrote to Godard: "Here are two double eagles struck at the San Francisco mint in 1920. With some difficulty I was able to secure four specimens from the pyx, of which I send you these, one for your collection, the other for [Connecticut State] Senator Hall ... ."

A small number of 1920-S double eagles was probably released at some point in the 1920s, as the issue is one of the few double eagles from this period that is seen in circulated grades with some regularity. In our catalog of the Dr. and Mrs. Steven Duckor Collection (Heritage, 1/2012), guest cataloger David Akers made these observations about the rarity of the 1920-S:

"This is the third most valuable collectible regular issue of the series in all grades, exceeded by only the 1927-D and 1921. Not surprisingly then, it is one of the most important coins by which the quality of any set of Saint-Gaudens double eagles is ultimately judged. The 1920-S is not the third rarest issue in the series in terms of total population rarity, however, since there are many more examples of this issue in existence than there are of the 1930-S and 1932 although most of them are EF, AU and the lowest uncirculated grades below MS63. While the half million plus mintage of the 1920-S is less than that of most of the other rarities of the 1920's, like the others this issue was not really intended for general circulation. However, the number of circulated examples around shows that at least some small quantities were released into public hands, and other modest quantities were also sent to Europe between 1926 and 1933, probably in mixed date, mostly circulated bags (same for the 1921). I doubt if any single date bags of uncirculated 1920-S double eagles were ever sent overseas since no large quantity or even small groups of uncirculated 1920-S Saints were ever returned to the U.S., just the occasional circulated or minimal uncirculated specimen. Paul Wittlin, the European buyer for James Kelly and later Paramount, searched more than 20 years for rare and scarce date U.S. gold coins in Paris and Swiss banks and acquired some amazing things yet managed to find only the occasional single AU or uncirculated 1920-S double eagle, never any quantities of uncirculated pieces and not a single one that was really nice, like MS63 or better. So, it is my opinion that the known population of the 1920-S has not materially changed in decades and nearly all of the specimens in the hands of collectors and dealers today, and certainly all of the better grade ones, were most likely the ones known in the 1940's. That is probably why the 1920-S was considered only rare at that time but not really one of the major rarities of the day. Since then the 1920-S has risen to the top of the rarity pyramid of Saint-Gaudens double eagles, not because it has been found to be more rare than originally thought but rather because all of the others ahead of it at that time (except the 1921) were subsequently found in sufficient quantities to prove them less rare.
It is in the grades of choice uncirculated and above that the 1920-S really makes its case as a major rarity today. Relatively few grade as high as MS63 and MS64, perhaps only 25-35 pieces between the two grades combined and, in gem MS65 condition, no more than 6-8 are known, if that many when strict grading is applied, including the Jeff Browning (Dallas Bank Collection) specimen as perhaps the finest of that grade group. Only two MS66 examples have been graded and both have been owned by Dr. Steven Duckor."

PCGS CoinFacts estimates 100-150 examples of the 1920-S double eagle are extant in all grades today. We have listed the high-grade specimens known to us in the roster below.

The Present Coin

This delightful Gem from the fabulous Bob R. Simpson Collection fits comfortably in the Condition Census for this rare issue and few survivors can match its outstanding eye appeal and technical quality. It has not been publicly offered in the last 15 years and it may be some time before a comparable specimen becomes available.

Specimens of this issue are known for minor strike weakness on the lower obverse, and this piece does show the most trifling weakness on Liberty's right (facing) foot and the lower columns of the Capitol building. Her left foot, however, is nearly full, and the other lower-obverse details are well articulated. Her head, torso, the olive branch, and torch are all bold and sculpted, and the reverse is sharp throughout. Bounteous luster coats both sides, which reveal deep orange-gold color that adds to the allure. This is only the seventh time that we have offered an MS65 coin for sale. It is a simply extraordinary and memorable coin, and undoubtedly one of the most important Saint-Gaudens issues in this sale. Population: 5 in 65 (1 in 65+), 2 finer (7/22).

1920-S Double Eagle Roster, MS65 and Finer Specimens.
1. MS66 PCGS. CAC. A coin from an old-time collection, sold by Todd Imhof of Heritage Auctions to Dr. Steven Duckor in early 2006. Dr. and Mrs. Steven Duckor Collection (Heritage, 1/2012), lot 4629, realized $575,000.
2. MS66 PCGS. Louis Eliasberg; The United States Gold Coin Collection (Bowers and Ruddy, 10/1982), lot 1051, not certified at the time, graded Select Brilliant Uncirculated by the cataloger; Dr. Steven Duckor; Phillip H. Morse; The Phillip H. Morse Collection (Heritage, 11/2005), lot 6641, realized $517,500.
3. MS65+ PCGS. H. Jeff Browning; The "Dallas Bank" Collection (Sotheby's/Stack's, 10/2001), lot 185, not certified at the time, graded Gem Brilliant Uncirculated by the cataloger; Pittsburgh ANA (Heritage, 8/2004), lot 7782; "Dr. EJC" PCGS Registry Set Collection; Cherny Collection; New York Signature (Heritage, 10/2016), lot 5628, realized $517,000, the Akers and Bowers plate coin.
4. MS65 PCGS. Milwaukee ANA (Heritage, 8/2007), lot 2074, realized $264,500; Bob R. Simpson Collection. The present coin.
5. MS65 PCGS. FUN Signature Auction (Heritage, 1/2011), lot 5314, realized $212,750; Central States Signature (Heritage, 5/2022), lot 4086, realized $600,000.
6. MS65 NGC. Collection of a Distinguished WW2 Veteran / August Signature (Heritage, 8/2020), lot 4085, where it realized $91,200.

Note: There are three other MS65-graded coins in the current population data, two at PCGS and another at NGC (7/22). These citations may be duplicate submissions of the coins on the roster above that have not been removed from the data or they may be different coins that have not appeared at auction since they were certified at this level.(Registry values: N14284)

Coin Index Numbers: (NGC ID# 26FZ, PCGS# 9171, Greysheet# 10175)

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 all of [Important Selections from The Bob R. Simpson Collection, Part IX ]

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