1912 $20 PR68★ NGC. JD-1, R.5....

Description

1912 Saint-Gaudens Twenty, PR68★
Virtually Flawless Sandblast Surfaces
The Sole Finest Example Certified

1912 $20 PR68★ NGC. JD-1, R.5. Ex: Simpson. Sandblast proof Saint-Gaudens double eagles were struck for gold proof sets from 1908 through 1915, with mintages ranging from a high of 167 coins in 1910 to a low of just 50 pieces in 1915. Of these, the 1908 is the most plentiful, with a survivorship estimated as high as 70 pieces -- the issue is more available than the higher-mintage 1910, mainly because some 1910 coins are believed to have been melted.

The 1912, with 74 coins struck, is of median scarcity in the context of matte proof Saints, although it was not always comparable in rarity to other issues in the series. In an early auction appearance of a 1912 sandblast proof, in the June 1941 sale of the William Forrester Dunham Collection, B. Max Mehl wrote:

"1912 Sandblast proof. Rare. For some reason this date seems to be more scarce and difficult to obtain than any of the other dates of this series."

Decades later, in his Analysis of Auction Records (1982), David Akers called this issue "very rare," and estimated that only 20 to 25 pieces were known. Breen later noted, in his proof Encyclopedia: "Very few of these are in dealers' stocks now."

It was not until the advent of third party grading that the 1912 proof became moderately more available, and today, it is believed that 40 to 50 pieces are known. This figure is derived from examination of auction records, population figures, and knowledge of specimens residing in prominent collections. Certification tallies from the major grading services should be examined with skepticism, as the number reported by NGC and PCGS combined -- 77 coins -- exceeds the number of pieces struck. Of particular notice is the large number of coins reported in PR66 and PR67 at NGC, which is undoubtedly inflated by resubmissions and upgrade attempts. Coins graded PR67 also dominate auction listings for the 1912 proof in recent years, reflecting an active trading market for coins near the Condition Census.

The Simpson specimen, however, resides above all of the resubmissions, inflated population figures, and condition speculation. Graded PR68★ by NGC, it is the sole finest example of the date known. Its appearance here also marks the first time a 1912 proof in this numeric grade has ever been offered at public auction. Luminous sandblast surfaces yield pristine, untouched frost that complements an immaculate strike. In addition to the incredible sharpness of the devices, the rims are broad and squared, leaving no mark of quality unrepresented. The sharp eye and a loupe have difficulty finding any surface characteristics that might serve as pedigree markers. The color is a mellow olive-gold hue, as is the natural appearance 1912 proofs. In United States Proof Coins, Volume IV: Gold, John Dannreuther writes:

"1912 Proofs have a lighter color than 1908 but are sometimes darker than those seen for 1911. The intensity of the blasting combined with the grain size create the color and look of Sandblast Proofs."

In our opinion, this coin embodies one of the most attractive displays of the sandblast finish, on any date in any grade. A truly magnificent coin and a worthy acquisition for the most advanced matte proof gold collector. Census: 1 in 68 (1 in 68★ ), 0 finer (11/22).
Important Selections from The Bob R. Simpson Collection, Part X. (Registry values: N14284)

Coin Index Numbers: (NGC ID# 26GZ, PCGS# 9209, Greysheet# 10195)

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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