1911 $20 MS67 PCGS. CAC....

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1911 Double Eagle, MS67
Tied for Finest at PCGS
Ex: Akers-Duckor-Simpson

1911 $20 MS67 PCGS. CAC. Ex: Duckor-Simpson. The Philadelphia Mint double eagles put out from 1911 through 1915 are each low-mintage issues that are scarce in top grades. The 1911 saw a production of 197,350 coins, which was actually the highest mintage during those years. The diminished coinage was related to the stock of gold held in the Treasury and perceived useless. In the previous Annual Report for 1910, Mint Director Roberts observed:

"In the report of this bureau for the fiscal year 1902, the director called attention to the uselessness of coining all the gold bullion and foreign coins received at the mints, and again in the report for 1904 the embarrassment occasioned by the statutory requirement that so much of the reserve fund must be kept in coin was pointed out. ...

"Practically the entire gold production of this continent is going into the vaults of the Treasury. This gold will never be wanted in the form of coin. It will be held as the basis of our monetary system but the habits of our people are fixed, and it is certain that they will always prefer paper money for actual use. The only important demands upon the Treasury for gold have always been for bullion for export. With $1,000,000,000 [1 billion] of coined gold in the Treasury it is perfectly safe to permit the issuance of gold certificates against bullion, allowing the Secretary of the Treasury to determine in his discretion when and how much shall be converted into coin. Such action will result in important economies in the mint service."

The low mintage explains the overall rarity of the date, especially considering the likelihood that most of those coins, like others of the period, ended up in Treasury storage where they were eventually melted. Indeed, Roger Burdette speculates that only 5,500 coins survive. There was little or no actual circulation of 1911 double eagles, and today less than 4% of the total certified population at PCGS grades less than AU58. Most surviving examples are in lower Mint State grades, with an average PCGS grade of MS62. When found, the typical piece will probably have little eye appeal. Jeff Ambio writes in his revision of the Akers Handbook that "the 1911 has below-average eye appeal. The luster is inferior, and most examples have not been well preserved. The 1911 is one of the most challenging P-Mint issues in this series to locate with aesthetically pleasing, Gem-quality surfaces." Dave Bowers describes the typical 1911 double eagle as well struck but lackluster, while Roger Burdette comments: "A typical 1911 double eagle is well struck although luster varies greatly from coin to coin."

The Simpson Collection Superb Gem is atypical; the fine-grained matte surfaces exhibit natural greenish-gold color that yields to copper-gold around the devices on the obverse, with the colors intermingling a bit more on the reverse. Minor strike softness appears at the lower obverse on the Capitol dome and the leaves at the right. Of the few mentionable marks, the most reliable pedigree marker is a short scrape in the left obverse field. The Duckor-Simpson specimen has incredible eye appeal and is clearly finer than any other example known example of the 1911 Saint-Gaudens double eagle. Although there are three submissions reported in MS67 at PCGS, two of them are for this same coin. We last had the pleasure of handling this piece 11 years ago, when the late David Akers, a former owner of this coin, provided readers with his comments. They are just as spot-on today as they were then, and so we leave you with the words of Mr. Akers:

"The 1911 is decidedly more rare than the 1910, especially in gem uncirculated condition. Until a substantial hoard of uncirculated examples was discovered in Europe about twenty years ago, the 1911 was thought to be scarce in MS63 condition, and MS64 quality examples were considered moderately rare at the very least. Today, though, there are many hundreds of choice and very choice mint state 1911 double eagles available to collectors. Gems remain rare, however, certainly considerably more so than equal quality examples of the 1908 With Motto and 1910. At the superb MS66 grade level, the 1911 is very rare with perhaps 15-18 known. This specimen, however, is one of only four certified in the superb MS67 grade and is the only one so graded by PCGS. It has exceptional eye appeal with respect to color and luster and is the finest I have ever seen or handled."

Ex: David Akers; Dr. and Mrs. Steven L. Duckor Collection / FUN Signature (Heritage, 1/2012), lot 4615, realized $184,000.
Important Selections from The Bob R. Simpson Collection, Part X. (Registry values: N1)

Coin Index Numbers: (NGC ID# 26FJ, PCGS# 9157, Greysheet# 10138)

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 X ]

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