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Auction 392 | Lot 6522 » Double Eagles » High Relief Double Eagles
1907 Ultra High Relief, $20 Lettered Edge PR69 PCGS. While the sun never set on the British flag in the 19th century, the 20th century was definitely "The American Century." After the assassination of William McKinley in 1901, President Theodore Roosevelt typified the American spirit: young, vibrant, and energetic. Roosevelt's interest in the appearance of America's coinage is not coincidental, as he had written an essay some 20 years previously on the coinage of Gouverneur Morris. Nor was his interest merely that of a collector or enthusiast of coinage. It is not an overstatement to say that Roosevelt was prescient in his understanding of the role the United States would play in the 20th century. To that end, he sought a new appearance for American coinage, one that would project to all the nations of the world the vision and dynamism of the United States. Just as mint officials from the 1790s understood the importance of the exact weight of all silver and gold coins and how that exactness affected the acceptance of U.S. coins abroad, Theodore Roosevelt understood the importance of the appearance of American coins. To that end, he challenged America's foremost sculptor to alter the coinage then in circulation, coins Roosevelt considered to be artistically of "atrocious hideousness."

It seems particularly appropriate that exactly 100 years after Roosevelt and Augustus Saint-Gaudens first met and discussed making a try at the high relief coins of the ancient Greeks, the finest known example of the Ultra High Relief is being offered for sale as part of the finest collection of Saint-Gaudens coinage ever sold at public auction. Needless to say, this is a visually stunning coin. The surfaces are virtually perfect, as one would expect from a coin graded PR69; nevertheless, it is somewhat surprising to see that any coin has been so well cared for since striking 98 years ago.

As mentioned in the introductory page, Ultra High Reliefs were struck seven times on a medal press in o (PCGS# 9131)
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Auction 392 | Lot 6697 » Double Eagles » Saint-Gaudens Double Eagles
1927-D $20 MS67 PCGS. As we previously indicated in the introductory section to the 1927-D double eagle, this issue is considered to be the rarest U.S. gold coin of the 20th century, and is the rarest coin of any denomination or metal from this century. As we also wrote, fewer than 12 pieces are known in all grades, and PCGS and NGC have certified a total of ten examples, some of which may be resubmissions. Auction appearances of this issue are few--only six or seven coins having been in major sales over the past 20 years. Three specimens are in the Smithsonian National Collection.

We present below some of the sales in which the '27-D has appeared in the recent past. Superior offered a Brilliant Uncirculated example in its February 1973 sale, which was described as frosty with minimal abrasions (lot 1041). Bowers and Ruddy, in its October 1982 Eliasberg sale, sold a Choice Brilliant Uncirculated piece (lot 1067). The Auction '84 sale included a Gem Uncirculated 65 coin offered by Paramount (lot 999), which was described as "Fully struck and lustrous with superb orange and greenish-gold toning. Identifiable by a small bagmark on the 9th ray (from left) and a faint hairline in the left obverse field by the end of Liberty's flowing hair." In October 1985, Stack's included a Choice Brilliant Uncirculated piece in its Primary Bartle Collection sale, where it was described as having "frosty luster" and being "sharply struck" with "light coppery toning" (lot 868). This same coin appeared in Superior's August 1992 sale as lot 686. The coin was readily identifiable by a comparison of photos from the two catalogs that revealed a light contact mark located on the middle of the fourth ray down beneath Liberty's left arm, and another on the ray just above the D mintmark. In our June 1995 sale, we offered an NGC-graded MS66 specimen, which we described as heavily frosted with rich, variegated orange-gold coloration (lot 6026). The Paramount example in Auction '84 reappeared as lot 115 in Dav (PCGS# 9187)
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Auction 392 | Lot 6501 » Other Collectibles » Books
President Theodore Roosevelt Typed Letter Signed "Theodore Roosevelt" as President, three pages, on 8" x 10.5" White House letterhead, November 11, 1907, Washington. A spectacular and important letter written to the Rev. Roland C. Dryer of Nunda, New York defending his omission of the motto IN GOD WE TRUST from newly minted $10 and $20 gold coins designed by Augustus Saint-Gaudens. Dryer protested the omission of the motto, which had appeared on numerous U.S. coins since 1864. He was one of many who protested its absence and pressured Congress to mandate the motto be used on all gold and silver coins in 1908. Roosevelt's reasons for opposing the motto were varied and nuanced and had nothing to do with issues surrounding the separation of Church and State.

Roosevelt defended the removal of the phrase citing legal precedent: "When the question of the new coinage came up we lookt [sic] into the law and found there was no warrant therein for putting 'IN GOD WE TRUST' on the coins. As the custom, altho [sic] without legal warrant, had grown up, however, I might have felt at liberty to keep the inscription had I had approved of its being on the coinage. But as I did not approve of it, I did not direct that it should again be put on. Of course the matter of the law is absolutely in the hands of Congress, and any direction of Congress in the matter will be immediately obeyed. At present, as I have said, there is no warrant in law for the inscription."

Roosevelt continues on a personal note, citing his own reasons for disliking the motto on coinage. "My own feeling in the matter is due to my very firm conviction that to put such a motto on coins, or to use it in any kindred manner, not only does not good but does positive harm, and is in effect irreverence which comes dangerously close to sacrilege. A beautiful and solemn sentence such as the one in question should be treated and uttered only with that fine reverence which necessarily implies a certain exaltation of s (PCGS# 7946)
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Auction 392 | Lot 6505 » Eagles » Indian Eagles
1909-D $10 MS67 PCGS. Breen-7109. The 1909-D is a scarcer issue among early ten dollar Indians and much more challenging than its mintage of 121,540 pieces would indicate. David Akers (1988) contends that it is one of the most underrated issues in the series, and is actually one of the rarest in an absolute sense. Even in MS60 this date is somewhat scarce, and it can only be located with great difficulty in MS63 and MS64. In Gem and better condition this date is quite rare. PCGS and NGC combined have certified only 16 examples in MS65 and higher grades, and it is likely that some of these are resubmissions (9/05). Moreover, our records indicate that the '09-D in these higher Mint State grades has appeared in major auction sales only nine times within the past ten to fifteen years.

In his May 1998 catalog of the Thaine Price Collection, Akers writes that a number of 1909-D ten dollar coins that were not previously known to the numismatic community have come on to the market in recent years. He goes on to say that most of these are of minimal Uncirculated quality, with only a few even reaching the Choice level.

Walter Breen, in his 1988 Encyclopedia of U.S. and Colonial Coins, identifies two variants of the D mintmark on the 1909. The first variety has a broad D opposite the arrow points, and parallel with the upright of the T in TEN, as on the current specimen. The second variety has the mintmark below the arrow points. Breen says this was an intentional change in position to give a less cramped effect. According to Breen, the first variety is scarcer in Uncirculated grades than is the second variety.

We feel that it is worthwhile to list recent appearances of the 1909-D eagle in the finer grades of Mint State. Superior offered a PCGS graded MS66 specimen in its May 1992 sale of the Adams, et al collections (lot 2908). The cataloger described this as a "blindingly bright" coin, identified by a small nick on the eagle's left shoulder. Another PCGS graded
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Auction 392 | Lot 6506 » Eagles » Indian Eagles
1909-D $10 MS66 PCGS. Breen-7109. As indicated in the above lot on the MS67 '09-D eagle, Gem and better coins are a very scarce commodity. In MS66 grade, PCGS and NGC have certified a total of eight specimens, with a mere three pieces grading finer (9/05). Some of these coins are likely resubmissions. According to our records, Premium Gems have made only four appearances in major auction sales over the past 10 or so years, with one example grading higher.

We cannot help but notice the differences in the two '09-D ten dollar coins offered in this sale. Unlike the frosty surfaces on the previous MS67 example, the current coin has more of a satiny and matte-like appearance, indicating that this date was made in two different finishes. Also, the luster on the present specimen is just slightly more subdued than on the previous coin, and the honey-gold color is evenly distributed over each side instead of being variegated as on the MS67 example.

With respect to other surface characteristics, the piece offered in the present lot is sharply impressed on the design elements, with excellent resultant definition in the feathers on the headdress and on the eagle. The mintmark is located opposite the arrow points and is broad, confirming the Breen-7109 variety. The surfaces on both sides are well preserved, and display just a couple of minute marks on the Indian's cheek, and another in the right (facing) reverse field. A small planchet void is located below and to the right of IN GOD WE TRUST, and will serve, along with the previously mentioned unobtrusive contact marks, as a pedigree identifier. Population: 5 in 66, 2 finer (9/05).
From The Phillip H. Morse Collection of Saint-Gaudens Coinage.
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Auction 392 | Lot 6512 » Eagles » Indian Eagles
1912-S $10 MS66 PCGS. The 1912-S, with a mintage of 300,000 pieces, is a scarce date in any condition, and is very scarce in Uncirculated grades. It becomes downright rare in MS65, where just 10 examples have been certified by PCGS and NGC combined (9/05). In MS66, the two grading services have seen a mere 3 coins, and none finer!

Not only is the '12-S an important condition rarity, it emerges as one of the absolute rarest issues of the series when overall appearance and eye appeal are factored into the rarity equation. Gold specialist David Akers goes as far as to say that "high grade and attractive" and "1912-S eagle" are almost mutually exclusive terms. Specifically, he indicates that the '12-S is one of the most poorly struck issues of the series, far weaker than the usual 1911-S or 1913-S. The hair around the face is almost always indistinct, and the feather detail on the eagle's shoulder is usually weak. Akers also notes that the luster is generally well below average for the series.

The 1912-S example that we offer in this lot is without a doubt superior to that typically found. It exudes considerable "flash," with bright surfaces that radiate vibrant luster. The color scheme consists of a mixture of peach-gold and faint grayish-green patina, and occasional orange-gold accents. The design elements are better struck than average, though some of the typical weakness in the hair around the Indian's ear is noted. The feathers in the headdress and on the eagle, on the other hand, display nice definition. Some unobtrusive and minute marks near the Indian's ear and on the eagle's head and neck serve as pedigree indicators. Population: 1 in 66, 0 finer (9/05).
From The Phillip H. Morse Collection of Saint-Gaudens Coinage.
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Auction 392 | Lot 6513 » Eagles » Indian Eagles
1912-S $10 MS65 PCGS. As we pointed out in the above lot on the MS66 '12-S ten dollar, coins that grade full Gem and better are quite rare. In MS65, PCGS and NGC have seen a total of 10 coins, with only three grading higher (9/05). Some of these specimens are undoubtedly resubmissions.

As we also indicated previously, the 1912-S is one of the most unattractive issues of the series, and one of the most poorly struck. Fortunately, the coin offered in this lot, like its MS66 predecessor, generates considerable overall eye appeal. While not as bright as the aforementioned Premium Gem, it still exudes nice luster, and possesses very attractive orange-gold color imbued with traces of lime-green and tan. The motifs are also well executed, including relatively clear definition in the hair around the Indian's hair and on the eagle's shoulder feathers, areas that are typically weak. A few small marks on the Indian's cheek and lower neck and in the lower left (facing) obverse field are mentioned for accuracy. Population: 7 in 65, 1 finer (9/05).
From The Phillip H. Morse Collection of Saint-Gaudens Coinage.
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Auction 392 | Lot 6520 » Eagles » Indian Eagles
1933 $10 MS65 PCGS. In an effort to help reverse the tide of the Depression, Franklin Roosevelt issued Presidential Order 6260 in March 1933 halting the release of gold coins from the Mint. This Order created several noteworthy rarities in the 20th century gold series. Most notable among these are the 1933 eagle and the 1933 double eagle. While the latter issue is not believed to have been released before the president's declaration and, as such, is prohibitively rare (and considered by the Government to be illegal to own), 1933 Indian eagles are obtainable, albeit very scarce, and always realize strong prices whenever a survivor appears on the market.

Following its sizeable mintage of 4,463,000 pieces in 1932, the Philadelphia Mint opened 1933 with a respectable delivery of 312,500 eagles in January and February. A few of these coins, perhaps 30 to 40 pieces, were legally released through regular channels at that time. The aforementioned presidential order of March not only halted gold coin production, but prompted the Philadelphia Mint to melt all remaining 1933 eagles. Walter Breen, in his 1988 A Complete Encyclopedia of U.S. and Colonial Coins, wrote that a small number of possibly 20 to 30 survivors, probably the majority of the coins issued, came to light in an east coast hoard circa 1952. Breen states: "I studied eight of them on a single tray in 1953: gem mint state beauties." A few more individual coins later turned up in French and Swiss banks. All known pieces are in Uncirculated grades.

We present below some of the recent auction appearances of the elusive 1933 eagle. The Eliasberg specimen was sold by Bowers and Ruddy in October 1982 (lot 873), where it was described as "Lustrous and frosty. One of the finest known examples of this issue." A specimen described as having "full frosty luster with a satiny surface" appeared in the Stack's October 1984 sale (lot 1377). The cataloger stated that this coin is "Unquestionably finer than the Eliasberg spe
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Auction 392 | Lot 6523 » Double Eagles » High Relief Double Eagles
1907 $20 High Relief, Wire Rim MS69 PCGS. As we wrote in the introductory section to the 1907 High Relief, this issue was a revision of Saint-Gaudens' Ultra High Relief double eagle, as the latter proved impractical for circulation strikes because it required seven blows from a 150-ton medal press to fully articulate the design. The "High Relief" could be struck after just three blows of the medal press. Over 12,000 High Relief twenties were struck by the end of December, 1907.

As we also pointed out earlier, a so-called "Wire Rim" protruded around the outer extremity in the coins, which resulted from excessive metal flow between the die face and collar during the striking process. Unlike today's collectors who consider the Wire Rim to be a highly collectible variety, Mint officials considered it to be a striking deficiency. This "flaw" in the striking process was corrected around mid-December, and subsequent High Relief double eagles possessed what became known as a "Flat Rim."

The High Relief Wire Rim example we offer in the present lot is a supremely preserved, satiny gem of this highly regarded Saint-Gaudens issue. The execution of this design in high relief has, to date, been the ultimate achievement of the coiner's art--a fact widely recognized and reflected in the price of these coins. The design elements on this coin are very well defined, indeed better that what might be expected for the issue. Despite multiple blows, the typical High Relief Wire Rim specimen may display weakness on the stars, on the Liberty and eagle motifs, and the on the tops of the letters. The present Morse coin reveals strong definition in most of these areas. Only small portions of the Capitol building and the eagle's wing feathers exhibit minor softness. A pleasing yellow-gold patina bathes each side, both of which have managed to escape any signs of post-striking impairments, and the radiant, satiny luster has a gleam that is unique to High Reliefs. The overall effect is one of origina (PCGS# 9135)
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Auction 392 | Lot 6524 » Double Eagles » High Relief Double Eagles
1907 $20 High Relief, Wire Rim MS67 NGC. The 1907 High Relief Wire Rim twenty dollar, according to the Census reports, is readily available in Mint State grades through MS64. It becomes considerably scarcer in Gem and Premium Gem, and very challenging in MS67 and higher grades. Indeed, a total of just 22 MS67 specimens, the grade of the piece in the current lot, have been seen by both NGC and PCGS, along with 5 coins grading higher (9/05). Moreover, according to our auction records, only five Superb Gems have made appearances over the past 25 or so years. We present a review of four of these sales below.

In its August 1978 sale of the Kaufman Sale, RARCOA offered a piece described as having "magnificent deep golden toning" (lot 1907). The specimen appearing in Superior's October 1989 of the Heifetz Collection (lot 5200) is described as follows: "the strike is spectacular, crisp and bold, with no signs of weakness." The 1907 High Relief in Superior's May 1990 sale is called "Perfect-sleek, elegant, pleasing to the eye and impeccable" (lot 5790). Finally, a Superb Gem we sold in our August 1997 ANA Sale is described thus: "the radiant, satiny luster has a gleam that is unique to High Reliefs" (lot 7873).

The descriptors applied to the foregoing MS67 High Reliefs can be applied to the present coin from the Phillip Morse Collection. It has deep yellow-gold toning over a satiny finish with radiant luster. The strike is exquisite, with all of the design elements displaying excellent definition, and the surfaces are impeccably preserved, exhibiting not even a few minor abrasions that might serve as pedigree markers. Indeed, the only identifiers on this coin are a couple of light alloy spots, one in the middle of the eagle's lowest tail feather, and another on a feathertip over the eagle's leg. A faint wire rim is noted along the right (facing) obverse.
From The Phillip H. Morse Collection of Saint-Gaudens Coinage. (PCGS# 9135)
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Auction 392 | Lot 6525 » Double Eagles » High Relief Double Eagles
1907 $20 High Relief, Wire Rim MS66 PCGS. Fewer than 90 1907 High Relief Wire Rim specimens have been certified at the Premium Gem level by PCGS and NGC combined, with less than 30 pieces graded higher (9/05). Moreover, a total of 16 coins grading MS66 have made auction appearances over the past 10 to 15 years.

One of the premier coins ever conceived for circulation, the High Relief double eagle is simply a delight to own. The devices are deeply engraved into the dies, so the coins struck have a definite three-dimensional appearance. Liberty appears to be walking right off the coin, and the eagle looks as though it's just flying by. Evidence of more than one blow from the dies is especially prominent on Liberty's hair and on the branch held in her left hand. The surfaces display yellow-gold color, and are well preserved. A minute mark below the T in LIBERTY might be used to identify the piece. Population: 61 in 66, 19 finer (9/05).
From The Phillip H. Morse Collection of Saint-Gaudens Coinage. (PCGS# 9135)
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Auction 392 | Lot 6527 » Double Eagles » High Relief Double Eagles
1907 $20 High Relief, Flat Rim MS68 PCGS. The Flat Rim variant of the 1907 High Relief was produced to solve the problem of a wire rim. This "problem" was created by an extruded rim of metal caused by a tiny bit of gold that squeezed between the die and segmented collar from repeated blows from the press.

Flat Rim coins are several times scarcer than their Wire Rim counterparts, but they remain an underrated and largely under-appreciated variant of the High Relief. Even though much of the original mintage was saved by collectors, after nearly 100 years most are in the lower to middle Mint State grades, or they show signs of circulation. Some were doubtless carried as pocket pieces.

This piece has the usual satiny luster common to all High Relief twenties, and the striking details are exceptionally bold. The Capitol building, stars, olive branch, and the Liberty and eagle motifs display excellent definition. The surfaces are immaculately preserved over both sides, exhibiting no signs of mishandling. A barely discernible luster graze on the top rear of the eagle's left wing is mentioned for accuracy. As we noted in the introductory writeup of the 1907 High Relief, some Flat Rim pieces show traces of a localized Wire Rim. Such is the case with the present coin, where some wire-like remnants are seen along portions of the right obverse rim. Population: 1 in 68, 0 finer (9/05).
From The Phillip H. Morse Collection of Saint-Gaudens Coinage. (PCGS# 9136)
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Auction 392 | Lot 6528 » Double Eagles » High Relief Double Eagles
1907 $20 High Relief, Flat Rim MS65 PCGS. An extraordinary coin whose fame and remarkable beauty precedes it, the 1907 High Relief double eagle is one of the most coveted 20th century gold issues. This carefully preserved example is free of individually bothersome abrasions. The captivating surfaces are typically matte-like for the issue and the bright, yellow-gold color is also characteristic. Close examination reveals a trace of a localized wire rim at the right side of the obverse, this being characteristic of the newly modified design. The only noticeable break in the silky-smooth texture of the surfaces is a tiny diagonal contact mark in the right obverse field at the end of the fourth ray above the date. The Flat Rim variety is several times scarcer than its Wire Rim counterpart and, in Gem (and finer) conditions, we have seen surprisingly few over the years.
From The Phillip H. Morse Collection of Saint-Gaudens Coinage. (PCGS# 9136)
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Auction 392 | Lot 6529 » Double Eagles » High Relief Double Eagles
1907 $20 High Relief, Flat Rim, PR69 NGC. (PCGS# 908549)
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Auction 392 | Lot 6542 » Double Eagles » Saint-Gaudens Double Eagles
1908 $20 No Motto, Wells Fargo MS69 PCGS. The insert on this coin also states "The Best One!" after "Wells Fargo." Actually, this is one of 10 pieces certified MS69 by PCGS, but apparently it was the finest coin graded by PCGS at the time when PCGS examined it. It is truly a phenomenal coin, and at the MS69 level one of the finest Saints certified of any date. Of course, it is also a one-year type and of added importance as such, especially in this superior grade. The surfaces are, as expected, nearly flawless. The overall texture has the usually-seen fine granularity this date is known for with a thick overlay of mint frost. Sharply, but not quite completely struck up, the mint frost is even thicker around the outer margin of the obverse than in the center, while the reverse has thick, coruscating luster. Overall the coin shows orange-gold coloration with very little variation in hue on either side. Simply outstanding quality in this issue that is necessary for a type set of Saint-Gaudens twenties.
From The Phillip H. Morse Collection of Saint-Gaudens Coinage. (PCGS# 99142)
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Auction 392 | Lot 6559 » Double Eagles » Saint-Gaudens Double Eagles
1908-S $20 MS67 PCGS. The 1908-S is a much scarcer issue among early Saints, with an impressively low mintage of only 22,000 pieces. It becomes increasingly difficult to locate in grades of MS65 and higher. In the lofty condition of MS67, the grade of the specimen presented in the current lot, it is virtually unobtainable. Indeed, only four examples have been certified at this level, all by PCGS. No '08-S's have been graded finer (9/05). Likewise, according to our records, only one Superb Gem has appeared at public auction over the past 15 years or so.

The present example displays the thick mint frost typical of this issue, and both sides are enveloped in variegated peach-gold and light mint-green patina. The design elements are sharply defined, which is also characteristic of the issue. The Capitol building and adjacent stars, along with the leaves beneath the rock and the eagle's feathers, all reveal excellent detail. The surfaces are remarkable for their level of preservation and radiant luster. Just a few minute marks on the Liberty and eagle motifs are mentioned for accuracy. Overall, a memorable second-year Saint in a condition that is unlikely to be improved upon.
From The Phillip H. Morse Collection of Saint-Gaudens Coinage. (PCGS# 9149)
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Auction 392 | Lot 6560 » Double Eagles » Saint-Gaudens Double Eagles
1908-S $20 MS66 PCGS. The 1908-S in Premium Gem condition, the grade of the piece offered in this lot, appears infrequently in public auction sales. Indeed, our records indicate that only five MS66 examples have been offered within the last 40 years, and one graded finer (MS67). Likewise, PCGS and NGC have certified a total of 12 Premium Gems, and four coins grading finer (9/05); some of these are undoubtedly resubmissions.

The present example displays variegated peach and orange-gold with subtle greenish-gray accents on the obverse, while the reverse is dominated by peach-gold patina. The design elements are sharply defined throughout. The surfaces on both sides are very well preserved, exhibiting just a few minor marks hidden within the eagle's upper wings. A trivial mark just to the left of the bottom of the torch serves to pedigree the coin. Population: 9 in 66, 4 finer (9/05).
From The Phillip H. Morse Collection of Saint-Gaudens Coinage. (PCGS# 9149)
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Auction 392 | Lot 6565 » Double Eagles » Saint-Gaudens Double Eagles
1909/8 $20 MS66 PCGS. The 1909/8 is the only Saint-Gaudens overdate in the series, and it is generally seen through the lower Mint State grades. The situation changes quite drastically in the better Uncirculated grades. In MS66, the level of preservation of the example offered in this lot, only five examples have been seen by PCGS and NGC combined, and none are finer. Moreover, just one Premium Gem has appeared at auction within the past five or so years, with no better specimens crossing the auction block.

The example presented in this lot yields the characteristic greenish-gold patina intermixed with orange-gold over both obverse and reverse. The frosty surfaces display vibrant luster, imparting a good deal of "flash" to the coin, something that is not typical of this issue. The design elements exhibit a better-than-average strike, further enhancing the coin's fantastic eye appeal. As we pointed out in the earlier general writeup of the '09/8, weakness is often seen on the upper part of Liberty, along with general flatness on the obverse. On this specimen, sharp definition is apparent throughout. For accuracy we mention a few very trivial contact marks on Liberty's legs that are virtually invisible to the unaided eye. The piece is identifiable by a minute mark on Liberty's left breast and on the left forearm.

This coin will please even the most particular collector of Saint-Gaudens twenties. One does not often encounter a coin of this caliber; it will make an outstanding addition to a high grade Saint-Gaudens collection. Population: 2 in 66, 0 finer (9/05).
From The Phillip H. Morse Collection of Saint-Gaudens Coinage. (PCGS# 9151)
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Auction 392 | Lot 6561 » Double Eagles » Saint-Gaudens Double Eagles
1909 $20 MS66 PCGS. The 1909 is a perennially underrated issue in the Saint-Gaudens series. It is also extremely rare to locate in Gem and finer grades. Only three other pieces have been certified as MS66 by PCGS, and NGC has only graded two pieces (none are finer at either service). This magnificent coin has softly frosted mint luster and each side (but more so the reverse) shows a lively interplay of orange-gold and pale green patina. Sharply defined throughout, there are a few small, insignificant marks on the sun and eagle's feathers on the reverse, but the only mark on the obverse that could be used as an identifier is a shallow scrape on the rock below Liberty's foot. It may be a long time before a pair of high grade 1909 twenties such as those seen in the Morse Collection are again offered for sale at public auction.
From The Phillip H. Morse Collection of Saint-Gaudens Coinage. (PCGS# 9150)
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Auction 392 | Lot 6562 » Double Eagles » Saint-Gaudens Double Eagles
1909 $20 MS65 PCGS. A magnificent Gem example of this date, and certainly one of the finer specimens to survive. The devices are sharply struck throughout, and the variegated peach and yellow-gold surfaces that are imbued with tinges of light green are a delight to study. Each side is awash in luster, and exude magnificent eye appeal. This Gem would be a perfect choice for an advanced collection. Rarely are these double eagles found with such pristine surfaces, and any specialist would do well to put this one away. Identifiable by a small abrasion on Liberty's right leg above the knee and two miniscule ticks on the right breast. The combined PCGS and NGC population figures show a total of 27 pieces graded this high, and importantly, a mere six coins are graded finer; some of these coins are likely resubmissions. Over the past 10 years, only 10 MS66 specimens have appeared in major auctions, with two examples grading higher. Population: 18 in 65, 4 finer (9/05).
From The Phillip H. Morse Collection of Saint-Gaudens Coinage. (PCGS# 9150)
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Auction 392 | Lot 6569 » Double Eagles » Saint-Gaudens Double Eagles
1909-D $20 MS67 PCGS. Ex: Eliasberg/Duckor. The 1909-D double eagle, with a scant mintage of 52,500 pieces, is considered scarce through the MS64 grade level, and becomes quite rare in higher grades. In Superb Gem, the grade of the specimen offered in this lot, the '09-D is virtually unobtainable. PCGS has graded only two coins MS67, and NGC has seen one such example. Neither service has certified coins of this date any finer (9/05).

The 1909-D MS67 double eagle presented in this lot displays the usual sharp strike typically found on this issue. Even the often-weak Capitol dome and olive branch show nice definition, as do the eagle's feathers. Each side is awash in variegated peach-gold and mint-green patina and radiant luster. Impeccably preserved surfaces display just a few trivial marks, of which those in the upper left (facing) obverse field and on Liberty's right breast may serve as pedigree markers. The nest of curly lines to the right of the mintmark, and what appears to be faint traces of a small D beneath the large, wide D mintmark, lead us to wonder if this might be the Large D over Small D variant discovered by David Bowers that we described in the introductory page to the 1909-D.
From The Phillip H. Morse Collection of Saint-Gaudens Coinage. (PCGS# 9152)
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Auction 392 | Lot 6585 » Double Eagles » Saint-Gaudens Double Eagles
1910-S $20 MS67 PCGS. The 1910-S is very rare above the Gem level. Four such pieces are included in the holdings of Phillip Morse, but this is indicative of the high grades Mr. Morse sought in every issue of the Saint-Gaudens series, rather than the availability of the 1910-S in high grades. This is a fabulous coin whose surfaces are certainly of the frosted variant rather than the more frequently seen satin-like finish. The striking details are strongly brought up in all areas, and each side displays rich reddish patina. There is only the slightest bit of granularity present; in fact, if one covered the date it would be easy to mistake this for an S-mint from the 1920s. There are no obvious or detracting marks on either side. The only identifying surface "blemishes" are a pair of dark specks. One is located in the field below NT in TWENTY, and the other is beneath the first L in DOLLARS. Population: 7 in 67, 1 finer (9/05).
From The Phillip H. Morse Collection of Saint-Gaudens Coinage. (PCGS# 9156)
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Auction 392 | Lot 6591 » Double Eagles » Saint-Gaudens Double Eagles
1911 $20 MS67 NGC. A remarkably preserved specimen, and one of only two thus certified as Superb MS67 by NGC, (9/05). We also sold the other MS67 example last summer in our July ANA Signature Sale. None have been certified this high by PCGS. A bold strike enhances the exceptionally smooth, matte-like surfaces. The details on the Capitol building, the olive branch, Liberty's fingers on both hands, and the eagle's tailfeathers are all sharply struck up. A pronounced green-gold finish overlays each side, as is typical for the 1911 double eagle. This pleasant coloration adds immense eye appeal.

Even close examination under a loupe reveals an exceptionally mark-free obverse. However, a pedigree identifier on that side is a small toning spot above the 1 and 9 of the date. A couple of microscopic marks are neatly obscured in the eagle's feathers, and a couple are just under its lower breast feathers.
From The Phillip H. Morse Collection of Saint-Gaudens Coinage. (PCGS# 9157)
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Auction 392 | Lot 6616 » Double Eagles » Saint-Gaudens Double Eagles
1913-S $20 MS66 PCGS. Ex: Browning Collection. This coin was previously offered in the Sotheby's / Stack's Dallas Bank Collection where it was described in part: "Cited in Akers. Perhaps the Finest Known. A glorious light yellow gold in color. Shimmering mint lustre creates perfectly unbroken cartwheels on both sides. With virtually no detracting marks, this coin exhibits a splendid sheen, frosty surfaces and exceptional eye appeal. It is fully struck, with a wealth of detail visible on both sides." We would certainly agree with that assessment, however, some subtle reddish highlights are now seen on each side, presumably from the additional years of storage. These are only mentioned as they further enhance the beauty of this exceptional piece. For pedigree purposes, a single tiny toning spot is noted in the right obverse field to the lower right of the base of the olive branch. A "must-see" specimen for the most discriminating collector of these beautiful coins. Population: 1 in 66, none are equal or finer at either service(9/05).
From The Phillip H. Morse Collection of Saint-Gaudens Coinage. (PCGS# 9163)
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Auction 392 | Lot 6641 » Double Eagles » Saint-Gaudens Double Eagles
1920-S $20 MS66 PCGS. Eliasberg/Duckor. Because of the unparalleled quality of this extremely rare Saint-Gaudens twenty, we have to wonder if this piece was obtained directly from the mint and was one of the coins used by members of the Assay Commission. There is no direct evidence to indicate this, but Roger Burdette uncovered a series of letters from Dr. Thomas Louis Comparette to George Godard, Librarian of Connecticut and the person responsible for updating the Joseph P. Mitchelson Collection that had been donated to the state in 1911. Comparette actually admitted his actions were "irregular" and today we would probably say they amounted to insider trading. In a letter to Godard dated March 1, 1921, Comparette wrote: "Here are two 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 year earlier Comparette wrote to Godard about double eagles: "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."

We do not know and cannot know 85 years after the fact if this coin was a part of Comparette's "irregular" dealings with Godard, and possibly others. However, it seems a reasonable speculation given the extraordinary condition of the coin and its presence in the Eliasberg Collection, who purchased John Clapp's collection intact in 1942, and Clapp obtained many turn-of-the-century coins directly from the mint. Did Clapp also have access to Comparette and Assay Commission coins?

The 1920-S is a rarely-seen double eagle. When found, most examples are in the AU58-MS62 grade range with very fe (PCGS# 9171)
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