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Auction 430 | Lot 2097 » Large Cents
1793 Chain 1C AMERICA XF45 PCGS. S-3, B-4, Low R.3. The S-3 die marriage is clearly the most common of all five Chain cent varieties, the ideal candidate for date or type collectors. This is a splendid example with smooth olive and dark brown surfaces, the reverse with additional tan, providing a pleasing and desirable woodgrain appearance. The surfaces are exceptionally smooth with only a few tiny rim bruises on the obverse and a single reverse rim bump over OF. Clearly above average quality for this issue, especially when consideration is given to the large number of lower quality pieces that are scratched, corroded, or otherwise imperfect.

All of the Chain cents, the first coins minted at the new Philadelphia Mint, were coined between February 27 and March 12, 1793, with Walter Breen assigning dates of March 2 through March 8 for this variety. The S-3 die combination was responsible for nearly half of the entire Chain cent mintage, about 15,000 to 18,000 coins. This example is a late die state of the variety with heavy clash marks along Liberty's lips, chin, neck, and bust line. The reverse field is flowlined with a slight bulge below STATES. This is Die State III in Breen's classification, representing the latest known die state of this variety. Breen suggested that the clash marks, as seen on this example, were responsible for the "Liberty in chains epithet" sometimes given to the Chain cents. EAC 20. (PCGS# 1341)
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Auction 430 | Lot 2357 » Small Cents » Lincoln Cents
1922 No D 1C Strong Reverse MS63 Brown PCGS. Die Pair Two. From 1793 through 2007, the Philadelphia Mint coined cents (either large or small) in every year except 1815 and 1922. However, certain pieces coined at the Denver Mint in 1922 lacked a mintmark. This example is one such coin. While varieties exist with partially visible mintmarks, few of the "Die Pair Two" coins survive with the mintmark entirely absent, and full Mint State representatives are extremely rare. Certain characteristics are required for any example to be attributed as a Die Pair Two coin. Most of the obverse design details are quite weak, due to extensive die use and repair, although TRUST is strong and the final digit 2 in the date is sharp. TY of LIBERTY are both sharper than the remaining letters. In contrast to this weak and worn obverse die, the reverse die is crisp with all details sharply defined.

At one time, PCGS would only certify these Die Pair Two pieces, although now they also certify examples from Die Pair One (which they call Weak D) and Die Pair Three (which are designated Weak Reverse).

This example is impressive with full satin luster on both sides. Although designated by PCGS as "Brown," considerable faded orange mint luster is still visible, especially on the reverse. In fact, enough orange luster remains on the reverse that a case could be made for a Red and Brown designation. A few tiny surface marks have taken this out of the Choice Mint State category, yet it is an exceptional quality example. (PCGS# 3285)
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Auction 430 | Lot 2838 » Half Dimes » Seated Half Dimes
1859 H10C Transitional PR63 PCGS. (PCGS# 11954)
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Auction 430 | Lot 3503 » Half Dollars » Seated Half Dollars
1874-CC 50C Arrows MS64 NGC. This lovely Mint State piece has reflective fields beneath exquisite gray-gold, pale blue, and iridescent toning. Both sides are sharply detailed with complete stars, head, and flowing gown details on the obverse and a finely feathered eagle on the reverse. Hints of lighter silver color are evident on the highest design points.

Unlike the dimes, the only other silver denomination of this issue, the 1874-CC half dollar is somewhat available across the grading spectrum, although Choice and Gem Mint State pieces are rarities, as indicated by the NGC census data. This piece represents the early die state and is known to specialists as WB-101. Later die state coins (WB-102) have reverse die damage at TE of STATES.

The Carson City Mint was still in its formative years when this piece was struck in the fifth year of operations. Production of all denominations was limited, based on the amount of gold and silver available at any given time. Just 59,000 half dollars were coined during the year, while most of the Mint's efforts were geared toward trade dollars and double eagles. The Carson City Mint produced 1,596,067 coins during the year, and 93% of the total output consisted of those two denominations. Half dollars included another 4% and the balance were dimes, half eagles, and eagles. This is an important opportunity for specialists. Census: 4 in 64, 1 finer (12/06). (PCGS# 6347)
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Auction 430 | Lot 3590 » Silver and Related Dollars » Early Dollars
1795 $1 Flowing Hair, Two Leaves AU58 PCGS. B-1, BB-21, R.2. All examples of this variety were struck from perfect dies with no apparent defects on either side, although this example does show faint clash marks near the upper hair curls. Liberty has flowing hair with six hair curls (points), but only five are easily visible. The middle curl, third from the bottom, is merely an isolated tip in the field.

Like most known examples of this variety, this piece has sharp design definition, including full central star details on the obverse. It is fully lustrous with only a trace of wear on the high points of the design. Light silver-gray surfaces have wispy golden-brown toning on both sides. While a common variety, most examples that have survived through the years grade in the VF to XF range, with AU or finer coins seen only occasionally. About 10 or 12 Mint State coins still exist. This attractive coin is nicely centered with full obverse and reverse borders, and the surfaces are exceptional for the grade. There are no apparent blemishes on either side, and no evidence of any adjustment marks.

Over many years, quite a few AU examples of this variety have appeared for sale in public auctions. While it should not be difficult to match this piece to a past auction catalog photograph, we are not aware of any pedigree information that is currently available. Population: 14 in 58, 12 finer (12/06). (PCGS# 6853)
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Auction 430 | Lot 5661 » Silver and Related Dollars » Morgan Dollars
1892-S $1 MS61 NGC. When numismatic discussions center around key-date Morgan silver dollars, two dates are universally mentioned: the 1892-S and 1893-S issues. Both of these dates are major rarities in Mint State grades, and are often among the last pieces obtained by collectors. For reasons that escape us, most collectors who decide to assemble sets of a given series start by acquiring all of the common date issues, followed by the scarce dates, putting the rarities off until last. The result is a want list or wish list that is filled with nothing but the rarest and most expensive pieces. Such a list can be discouraging and ultimately be the reason that these collectors end up selling their partially completed collections. This piece will certainly capture the attention of many collectors who have just such a want list of rare dates.

A better approach would be for collectors to start off with coins such as this piece and other rare dates. Cross a few of these pieces off the list as they become available, and eventually have a want list that is filled with only the most common dates in the set. Such a want list could easily be completed at any time. We recommend that the aspiring Morgan dollar collector consider this piece. It is fully lustrous with brilliant silver surfaces on both sides. A few faint hairlines on the obverse prevent a higher grade, although the overall eye appeal is excellent. Both sides have frosty luster on the devices with satiny and reflective fields. Although not a full strike, the design motifs on both sides are nicely detailed. Census: 10 in 61, 29 finer (12/06). (PCGS# 7218)
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Auction 430 | Lot 5820 » Silver and Related Dollars » Morgan Dollars
1895 $1 PR64 PCGS. The "King of Morgan Dollars" is the name often given to this proof-only issue, the single date that is missing from more collections than any other. While some collectors solve the problem by only collecting business strike Morgans, it is absolutely necessary to include this date in a complete collection of the series. Just 880 proofs were coined during the year for each silver denomination. While it is hard to estimate the number of survivors, it seems likely that 500 to 600 examples still exist. In A Guide Book of Morgan Silver Dollars, Dave Bowers gave "field populations" for each issue in various grades. For the 1895 proof Morgan dollar, the total of his field population was in the range of 751 to 1,075 coins, the higher figure substantially greater than the original mintage. Bowers population figures clearly seem too high, in our opinion.

This piece, a remarkable Choice proof example, has light silver-gray color over much of the obverse and reverse surfaces, with lovely blue, russet, and amber toning along the obverse and reverse borders. It is sharply struck with deeply mirrored fields and light frosted devices. Although not a Cameo proof, it exhibits pleasing contrast between the fields and devices. As always for this issue, all of the obverse and reverse design details are boldly rendered. It is an exceptional example for the grade, a coin that will please almost any collector.
From The Twin Hollows Collection, Part Two. (PCGS# 7330)
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Auction 430 | Lot 4279 » Quarter Eagles » Early Quarter Eagles
1802/1 $2 1/2 MS65 NGC. Ex: Freedom Collection. Breen-4, Breen-6118, Bass-3009, BD-3, R.5. There exist three known die combinations for the quarter eagles of 1802, and all share a common obverse die that is routinely called an overdate. However, its status as an overdated die is highly questionable. As John Dannreuther notes in Early U.S. Gold Coin Varieties: "The fact that there were no quarter eagles dated 1799, 1800, or 1801 should lend credence to the overdate status of the 1802, but most researchers have come to the conclusion that whatever is under the 2 is not the vestiges of a 1." Dannreuther continues: "Some have suggested the calling of this quarter eagle an overdate is due to the obvious 1802/1 half eagle--an analogy easily seen. A defective 2 punch or break is now considered the likely culprit for the '1' below the 2 in the date."

Among the three varieties of 1802 quarter eagles, the BD-3 variety is seen less often than BD-1, but much more often than BD-2. The reverse is easily recognized by two constant features, a vertical spike from the left corner of the shield to the ribbon above, intersecting the ribbon below the space between B and U in PLURIBUS, and also by clear recutting of star 1 in the constellation that shows nine distinct points, rather than the usual six points.

Like many of the Draped Bust quarter eagles, the reverse die used for this variety was also used to coin Draped Bust dimes, in this case both 1802 and 1803 dimes. This interdenominational use of reverse dies was a situation unique to the dimes and quarter eagles. There are no documented instances of eagles and half dollars sharing reverse dies, and of course, quarter dollars had the denomination incorporated as part of the design, thus could not be used for production of half eagles. In addition to its use for the BD-3 quarter eagles of 1802, this reverse was also used to produce 1802 JR-1 dimes and 1803 JR-1 dimes.

This example represents the usually seen die state w (PCGS# 7650)
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Auction 430 | Lot 4325 » Quarter Eagles » Liberty Quarter Eagles
1854-S $2 1/2 XF45 PCGS. For collectors of the Liberty quarter eagles, the 1854-S is considered the ultimate issue. This series presents several challenges, including the 1841 "Little Princess" and other rarities, but just 12 examples of the '54-S are known from the original mintage of 246 coins in April 1854. This issue was entirely unknown in numismatic circles until discovery of the first specimen less than a century ago in 1910.

This issue is a landmark rarity in the field of United States numismatics, a classic piece with few peers. With just a dozen pieces known, it has a rarity similar to coins such as the 1804 silver dollar, the 1907 Ultra High Relief double eagle, the 1927-D double eagle, and the 1894-S Barber dime, all coins that have broken the million-dollar barrier. The record price for an 1854-S quarter eagle is just $254,000.

The roster shows that surviving specimens can be divided into three groups by condition. A single coin is clearly the finest known, followed by this piece and two others that grade XF45, and the remaining eight coins, all in lower grades.

Historical Overview

During the first few years of the California gold rush, commerce was unorganized. Available coinage included those few coins that might have been carried from the East by miners seeking their fortune. Spanish colonial silver coins, including eight reales and fractional pieces provided the majority of small change in the region, while private firms began making various gold pieces from the material that was mined. Private firms produced pieces mostly ranging from five dollars to 50 dollars, while some firms also produced small fractional gold pieces of 25 cents, 50 cents, and one dollar. In addition, individuals carried sacks of gold to exchange for necessities. Paper money did not exist in the region, and in fact was prohibited.

The San Francisco Mint began operations in 1854, after its establishment by Congressional Legislation per the Act of July (PCGS# 7773)
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Auction 430 | Lot 4375 » Quarter Eagles » Liberty Quarter Eagles
1841 $2 1/2 PR53 PCGS. The existence and rarity of the proof-only 1841 quarter eagle was known almost since the day it was made. The first illustration of such a coin appeared in A Manual of Gold and Silver Coins of All Nations by Jacob Reese Eckfeldt and William E. Dubois, published the following year. While illustrations in a numismatic reference from 1842 have a much different appearance than they do today, being created in this case by a medal-ruling machine and appearing as a line engraving, the point is that the piece was actually illustrated. The medal-ruling machine was an innovation that made a two-dimensional engraving from a three-dimensional object.

An existing unanswered question regarding this issue surrounds the possible existence of business strikes. There is no Mint record of any pieces struck, as proofs of the time were not including in Mint accounts. However, the number of existing pieces is substantially greater than proofs of nearby years. Perhaps as many as 20 quarter eagles of 1841 are known today, while only about 20 proof quarter eagles are known for all other years from 1840 to 1849 combined. It is possibly the case that many additional proofs were struck for the other years, but eventually found their way into circulation, with wear or attrition being the reason they are not know identified. For the proof-only 1841, every piece that exists, regardless of grade, is considered a proof.

While this issue maintained a regular appearance in numismatic literature and also in established collections throughout the 19th century and well into the 20th century. Most discussions surrounding this issue have taken place in the last 40 years, a time of substantial numismatic scholarship. This discussion usually surrounds the status of these coins as proofs or business strikes.

In his 1975 Analysis of Auction Records, David Akers wrote: "The 1841 is generally considered to be the most desirable of all Liberty Head quarter eagles. T (PCGS# 7867)
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Auction 430 | Lot 4494 » Three and Four Dollar Gold » Three Dollar Gold Pieces
1876 $3 PR65 Deep Cameo PCGS. With the exception of the unique 1870-S, the 1875 and 1876 are perhaps the most widely recognized rarities in the three dollar gold series. This is because both of the latter dates were produced solely in proof format. The 1876 has a paltry original mintage of 45 pieces, with just 25-30 coins believed extant (per Breen in his 1988 Complete Encyclopedia, who also states that at least seven examples are impaired). Today, we closely agree with Breen's estimate. There are no existing pedigree or census records for this issue, mostly due to the extreme difficulty of plate matching proof gold pieces. Such a record is the only certain way to know just how many pieces actually do survive. Interestingly, the 1876 three dollar proof is not as rare as the proof 1861, 1874, or 1878 issues, but the lack of a business strike 1876 three dollar explains the higher profile of the present issue. Tied for second finest of only six Deep Cameo survivors certified by PCGS (1/07), this orange-gold coin is deeply mirrored in the fields. The fully struck devices are richly frosted with no distracting blemishes, save for a tiny nick on Liberty's neck. The fields have faint hairlines, and a few striations are seen at the center of the reverse, but the only worthwhile pedigree marker is an area of obverse planchet discoloration at the U in UNITED. Population: 4 in 65 Deep Cameo, 1 finer (1/07). (PCGS# 98040)
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Auction 430 | Lot 4508 » Half Eagles » Early Half Eagles
1830 $5 AU58 NGC. Large 5D, Breen-6491, BD-1, R.6. The 1830 is a rare date regardless of grade or variety, and demand is likely to increase in the future as more advanced specialists seek to obtain both a Small and Large 5D example. The Large 5D is considered slightly rarer than the Small 5D, although either variety is a find compared with the more available 1813, 1818, and 1820 dates of the immensely challenging Capped Head Left series.

Although the Guide Book states that the 1830 has a mintage of 126,351 pieces, this figure is misleadingly high, since more than 99% of the production was melted. Gold coins of the pre-1834 higher weight rarely circulated in the United States. These pieces were valued above face, even as they were being struck, and speculators promptly removed any that appeared in circulation. They were coined for export payments, and were valued by their bullion weight instead of their denomination. Once overseas, the unfamiliar pieces were melted, and recoined into local gold currency. This practice devastated the number of remaining 1830 half eagles, although enough survived to prevent the date from becoming prohibitively rare, unlike the 1822 which has just three known survivors.

The present example is evenly struck, and shows only a hint of wear on Liberty's cheek and jaw. Pockets of luster brighten the legends and individual stars, and fill the crevices of the Liberty's hair and the eagle's plumage. The fields display subtle orange patina, which helps conceal a series of thin marks on the field near the eagle's head. The obverse is refreshingly unabraded, and the overall eye appeal is attractive for the Borderline Uncirculated level. Heritage auctions more early gold coins than any other firm, yet the 1830 averages only one appearance every two years within a Heritage Signature. The opportunity to secure a collectible yet unimpaired example may not emerge again for a considerable length of time. (PCGS# 8152)
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Auction 430 | Lot 4705 » Eagles » Early Eagles
1795 $10 13 Leaves MS64 NGC. Ex: Freedom Collection. Breen 1-A, Breen-6830, Taraszka-1, Bass-3169, BD-1, High R.3. The ten dollar gold pieces, given the name "eagle," were the largest gold coins produced by the first U.S. Mint from 1795 through 1804. Like all early gold coins, these pieces did not carry an actual denomination as part of the design. John Dannreuther explains: "The eagle was the second gold denomination struck by the United States Mint. Calling it a denomination is actually a misnomer. Even though a gold eagle was denominated as a ten-dollar coin, our forefathers traded gold by the tale. [Tale, in this instance, means count or tally, a number of things taken together (i.e., the weight and purity of an individual coin).] The weight and purity were the only things important to merchants and individuals--money was gold, and gold was money. In most cases, transactions of even a nominal sum had to be settled in gold, especially whenever governments were involved. There really was no need at first for a stated denomination on either gold or silver coins, because it was known that our coins would be under extreme scrutiny and would likely be assayed by foreign mints and others as to their weight and purity."

A similar problem exists for both the half eagles and the eagles. For both denominations there were multiple varieties dated 1795 and only a single variety dated 1796, despite mintages that suggest this is illogical. During the course of 1795, just 2,795 eagles were minted from September 22 through November 27. In 1796, the Mint produced 6,934 eagles from January 9 through December 22. If we take these annual production totals at face value, an average of 560 coins per die marriage were struck in 1795 while a single die marriage produced all 6,934 coins in 1796. Clearly there is something wrong, unless many of the coins produced in 1796 were from dies dated 1795, and we can be certain that this was the case. According to the Guide Book, the 179 (PCGS# 8551)
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Auction 430 | Lot 4806 » Eagles » Liberty Eagles
1904 $10 PR66 Cameo NGC. This is an amazing Cameo proof, unusual for the amount of contrast between the fields and devices. While many, in fact most, earlier dates prior to 1901 are seen with exceptional contrast, the years from 1902 through 1904 are seldom found with any contrast. During this period, authorities within the Mint felt that such an appearance, so desirable today, was unacceptable. They searched for ways to diminish or entirely eliminate any contrasting appearance. Current population reports for the various proof coins from this period clearly indicate the rarity of such pieces. Among proof eagles, for example, NGC has not certified a single Ultra Cameo example from 1902 through 1904. During this same period, only 30% of proof eagles certified by NGC have been assigned the Cameo designation.

The original proof mintage for this issue was 108 coins, although currently it seems that only about 30 to 40 examples still exist. Most proof gold issues still exist to the extent of about half the original mintage, although an exact census has not been attempted, to the best of our knowledge. This Premium Gem is sharply struck and displays exceptional yellow-gold color with deeply mirrored fields. A tiny planchet flake right of the final S in STATES should serve as a pedigree marker. The only other blemish of note is a tiny hairline in the right reverse field, near the upper arrow point. Otherwise, both sides of this piece are essentially flawless, as they should be at this grade level. Currently, only this one example has been graded PR66 Cameo by NGC, with one other certified as PR66★ Cameo (1/07).
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Auction 430 | Lot 4808 » Eagles » Indian Eagles
1907 $10 Wire Rim MS64 PCGS. This impressive near-Gem specimen provides a glimpse of the artistic genius of Augustus Saint-Gaudens. Like the amazing Ultra High Relief double eagles, this design clearly shows the exact appearance of the Indian eagles as the sculptor intended. Unlike later issues with their reduced design depth, the Indian on the obverse and the eagle on the reverse are masterfully treated. Total production of this issue is now believed to be 542 coins, including 500 that were struck during the summer and another 42 coins in December. Five years later, 129 pieces remained in Treasury vaults, with 59 of those sold for $15 each and the remaining 70 coins melted, resulting in a net mintage of 472 coins.

This piece has highly lustrous and brilliant satin surfaces with rich green-gold color. The lower obverse has a planchet imperfection through the date with faint file marks along the lower left obverse border. We believe that these file marks were created in an attempt to reduce the appearance of additional planchet streaks, probably within the Mint before this example was released. The fields, especially on the reverse, show extremely heavy die polishing lines, at first glance resembling hairlines, but actually the result of fine lines in the surface of the die. Many examples of this issue were poorly treated over many years by non-collectors, with a large number of impaired pieces still existing. Those with excellent surfaces such as this coin are highly desired today.
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Auction 430 | Lot 4820 » Eagles » Indian Eagles
1909-D $10 MS66 PCGS. Duckor Collection. The 1909-D ten dollar gold piece is a lower mintage (121,540) date and a rarity in the series. Jeff Garrett and Ron Guth alluded to the importance of this issue in their Encyclopedia of U.S. Gold Coins: "The coins of this date are quite rare and not appreciated in Gem grades. They exhibit average to below-average strikes and lack the explosive luster seen on earlier dates. Few Gem coins survive, and this date currently ranks as the eighth most difficult issue to obtain in MS-65 or finer grades."

It is important to understand that this example breaks all the rules concerning the typical appearance of the date. This Premium Gem specimen is stunning in appearance with frosty yellow-gold surfaces that are fully brilliant. Each side is accented by gorgeous rose-gold and pale olive color. It is among the finest known of this scarce issue. In the past 15 years, we have only handled two similarly graded pieces along with three higher grade offerings. Although one of the other similar pieces was offered last month in our Kutasi Collection sale, it is typically every two or three years that a single high quality piece such as this coin is offered. A review of the PCGS Set Registry for Indian Eagles shows that this beauty would improve each and every one of the current top ten sets! Population: 5 in 66, 2 finer (12/06).
From the Dr. and Mrs. Steven Duckor Collection.
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Auction 430 | Lot 4916 » Double Eagles » Liberty Double Eagles
1861-O $20 AU55 PCGS. The Mint in New Orleans operated continuously from 1838 through 1861, then again from 1879 through 1909. Prior to the Civil War, double eagles were coined in every year from the beginning of the denomination in 1860 until the Mint was captured by the South in 1861. Those pieces dated 1861 represent an extraordinary time in history. Jeff Garrett and Ron Guth comment in their Encyclopedia of U.S. Gold Coins: "The 1861-O double eagle is very rare and one of the more historically interesting Type 1 double eagles. The issue was struck by three different governmental authorities. It has been estimated that the federal government struck 5,000 coins, the state of Louisiana 9,750 coins, and the Confederacy 2,991 coins. Unfortunately, it cannot be determined with certainty which mint [sic] struck which coins. There are probably fewer than 200 coins known in all grades, most of which are Very Fine or Extremely Fine. High-grade examples are very rare and desirable. Most display partially prooflike surfaces."

As noted by Garrett and Guth, we cannot be certain about identification of coins struck under each of the three authorities, although Walter Breen speculated: "possibly the rebel strikings are those with greatest weakness at base of date." If Breen's speculation is correct, then this example with the bottom of the 8 and 6 each nearly invisible, could be such a "rebel striking." It is certainly one of the finer examples known with nearly full greenish yellow-gold luster, hints of prooflike surface on each side, and sharp design features. The surfaces have a few light abrasions, yet it is far finer than usually encountered. This is an exceptional example that will certainly please the highest bidder. Population: 13 in 55, 5 finer (1/07). (PCGS# 8934)
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Auction 430 | Lot 4920 » Double Eagles » Liberty Double Eagles
1861-S $20 Paquet AU50 NGC. If the telegraph lines had been completed to San Francisco, the 1861-S Paquet double eagle would probably not exist. New dies utilizing the design of Anthony Paquet were prepared in Philadelphia and shipped to San Francisco. The new reverse dies were actually produced late in 1860 and shipped West so that they would be available for use at the San Francisco Mint soon after the new year. Similar dies were placed into service in Philadelphia, where a problem was immediately detected. The Paquet reverse dies were not serviceable to produce an adequate coinage. Mint Director James Ross Snowden immediately sent word by telegraph to the San Francisco Mint instructing that facility to use the old dies left over from 1860. The message quickly reached Missouri, but then took another month to reach the San Francisco Mint by pony express. By the time this happened, production of 19,250 of these Paquet double eagles had taken place, and the coins released into circulation.

This piece is a delightful representative of this special coinage issue with light yellow-gold color. The surfaces are lightly marked as usual, including a few noticeable bagmarks on each side, but the quality is finer than most. Adequate portions of mint luster remain visible, especially near the devices. While a few finer pieces exist, this example is far nicer than most survivors. (PCGS# 8936)
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Auction 430 | Lot 4956 » Double Eagles » Liberty Double Eagles
1871-CC $20 AU53 NGC. The initial production of gold coinage at Carson City took place in the opening year of 1870, and all such coins are rarities, especially the double eagles. Production continued through the following year at markedly increased levels, with 17,387 double eagles coined in 1871. Even this mintage is minuscule compared to later years. In their Encyclopedia of U.S. Gold Coinage, Jeff Garrett and Ron Guth remark: "By a large margin, the 1871-CC double eagle is the second rarest Carson City issue. The mintage is small, and most of the production was destined for circulation in Nevada and the surrounding areas. Circulation is the key word, as most of the coins found of this issue are well worn and heavily bagmarked. There are also a number of heavily cleaned examples known for the date."

At the time they were issued, few of these coins were saved as there were few collectors to save them. Perhaps some were held as "souvenirs," although twenty dollars would have been an expensive souvenir. Considering the value and purchasing power of these pieces at the time they made their way through commerce, it is surprising that even a single piece remains today. While this example is noticeably abraded, it is not "heavily bagmarked." A few minor bagmarks can be seen in the obverse field. It is finer than the typical example with traces of deep orange-gold luster still visible on each side. (PCGS# 8961)
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Auction 430 | Lot 5101 » Double Eagles » High Relief Double Eagles
1907 $20 High Relief, Wire Rim MS65 PCGS. Although the plastic holder makes such a determination quite difficult, there is little actual evidence of the wire rim on this example, although it does exist. The surfaces on both sides of this Gem have a satiny yellow sheen that is characteristic of these coins. The devices are fully defined, a result of the effort that went into production with multiple, carefully aligned strikes of the coining press. A few tiny surface marks are expected at this grade level.

The Wire Rim pieces were struck first, and were considered undesirable at the time they were produced. In The Coinage of Augustus Saint-Gaudens, Jim Halperin and Mark Van Winkle explain: "Most of the first two-thirds of High Relief double eagle production suffered from a production defect called a 'fin.' This was a thin blade of gold raised above the rim of the coin. The Mint considered it both an aesthetic defect and a legal one, as the fin was quickly abraded off the coin, leaving an underweight gold piece. It was certainly not considered an aesthetic element, as commonly regarded by collectors today. The milling procedure and planchet size for the double eagle blanks was slightly modified to correct this small flaw about December 16th, according to [numismatic researcher] Roger Burdette." This new reference was published by Ivy Press in 2006, and is illustrated with coins from the remarkable Phillip H. Morse Collection. (PCGS# 9135)
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Auction 430 | Lot 5105 » Double Eagles » High Relief Double Eagles
1907 $20 High Relief, Flat Rim MS65 PCGS. After production was halted for adjustments to fix the problem of "fins" on these High Relief pieces, the Flat Rim coins were produced. It is believed that approximately one-third of all High Relief double eagles are the Flat Rim variety, as explained in The Coinage of Augustus Saint-Gaudens, by James L. Halperin, Mark Van Winkle, Jon Amato, and Greg Rohan: "After examining hundreds of High Relief twenties, we have observed that Wire Rim pieces don't necessarily have a complete wire rim, and conversely, Flat Rim pieces might show traces of a localized wire rim. It is generally accepted that about 33 percent (the final 4,000 pieces or so) of the High Reliefs minted were of the Flat Rim variety; however, their survival ratio is much lower with probably no more than 20 to 25% of the Flat Rims known today. Another possibility for the lower survival rate of Flat Rim twenties is perhaps the conventional wisdom's estimate is a bit off. It might possibly be that the Flat Rim High Reliefs were simply released later and thus they were less of a novelty."

This example does exhibit traces of a wire rim, particularly on the reverse. The surfaces on both sides are exceptional with satiny yellow-gold brilliance and exceptional strength of strike throughout. A splash of deeper gold color appears along the lower right reverse border of this specimen. (PCGS# 9136)
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Auction 430 | Lot 5106 » Double Eagles » High Relief Double Eagles
1907 $20 High Relief, Flat Rim MS66 PCGS. It seems that everyone of our auctions have multiple High Relief double eagles, and yet MS66 or finer examples are seldom offered. Our archives, active since January 1993, indicate that we have offered 456 High Relief double eagles in the past 15 years, yet only two dozen of those pieces equal or exceed this coin for quality. It seems that these pieces are divided equally between Wire Rim and Flat Rim coins.

This particular specimen has highly lustrous yellow-gold color with subtle hints of green on each side. It is sharply struck and exhibits satiny luster. Many of the characteristics associated with those few examples certified as proofs can also be seen on this piece. Of the two major grading services, NGC will certify special pieces as proof while PCGS will not. The student of this coinage may want to examine the present example for the possibility that it is actually one of those that are considered proof or specimen strikes by NGC.

For reference, we provide a summary of the criteria used by NGC when making such a determination, adapted from Dr. Robert Loewinger's reference on proof gold coinage: 1. Extremely sharp details in all areas. 2. Absence of any die distortion. 3. Random swirling die polishing lines on both sides. 4. Uniform satin surfaces without radial flowlines of business strike pieces. 5. A build-up of metal inside the borders on both sides. (PCGS# 9136)
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Auction 430 | Lot 5135 » Double Eagles » Saint-Gaudens Double Eagles
1908-S $20 MS64 PCGS. This low-mintage issue is one of the true rarities in the Saint-Gaudens series of double eagles. Just 22,000 examples were coined in San Francisco during the year, and this mintage is the lowest of any date in the series other than the High Relief pieces. Unlike many other issues that were struck and stored, or struck and exported, it appears that many of the '08-S twenties were actually used in circulation as a large number of circulated coins are known.

Rumors of hoards of this date persist, as with many dates in the Saint-Gaudens series. Past experience with pieces imported from Europe or South and Central America indicates that the vast majority of coins that might be discovered in future hoards will almost certainly be at the low end of the Mint State grading range. However, this commentary assumes that such hoards may be found, yet this is highly unlikely with the present date. The current population of known specimens seems consistent with the original mintage, thus we believe that discovery of further hoards of this date is unlikely.

This piece has a sharp strike as usual for the date. With the change to the new With Motto design in 1908, new hubs were prepared with crisp design details imparted to newly made dies, and in turn to the coins struck from them. Also like most known examples, this piece has brilliant satin luster with desirable yellow-gold color and excellent eye appeal. A few faint hairlines on each side limit the grade, but the overall appearance and desirability of this example are exceptional. Population: 28 in 64, 24 finer (12/06).
From The Matt & Susan Brown Family Collection of Saint-Gaudens Double Eagles. (PCGS# 9149)
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Auction 430 | Lot 5228 » Double Eagles » Saint-Gaudens Double Eagles
1920-S $20 MS62 PCGS. The 1920-S double eagle is one of the important rarities in the Saint-Gaudens series, although mintage figures suggest otherwise. A total of 558,000 of these coins were struck during the year. Although some pieces entered circulation, it can be surmised that the vast majority were stored in Mint or Treasury vaults, only to be melted in the 1930s. This date is the first important rarity of the With Motto design type. Over the years, this date has not been represented among hoards of coins that have been imported from Europe and Central America. It appears that survivors exist primarily through the efforts of a few contemporary collectors. Typical of those that are known today are circulated pieces or examples at the lowest Mint State grade levels.

It is difficult to say exactly how many pieces are known today. In 1982, David Akers suggested that 40 to 50 pieces are known. Just a few years later in 1988, Walter Breen claimed that only eight to 12 examples still existed, clearly inaccurate. Dave Bowers suggested a "field population" that totaled 85 to 120 coins in his Double Eagle Guide Book. Today, we believe that a reasonable estimate places the total number known in the range of 80 to 100 coins. Perhaps someone might care to attempt a complete auction census of known pieces, based on auction appearances over many years.

Like most known pieces, this specimen has some slight central weakness, although the peripheral details are boldly defined. The surfaces are fully brilliant with only the usual light abrasions that accumulate over many years. Luster is satiny and the color is a pleasing orange-gold. Population: 11 in 62, 30 finer (12/06).
From The Matt & Susan Brown Family Collection of Saint-Gaudens Double Eagles. (PCGS# 9171)
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Auction 430 | Lot 5229 » Double Eagles » Saint-Gaudens Double Eagles
1920-S $20 MS63 PCGS. This is a sharply struck and highly lustrous piece with rich orange and yellow-gold color on both sides. The obverse and reverse each exhibit frosty surfaces. A few scattered marks on each side are consistent with the grade. This is an important rarity in the double eagle series, seldom offered for sale in any grade, and an object of desire in Select Mint State quality. Several months can often pass between offerings of this date, although we have had the pleasure of offering a small number of attractive pieces in our recent sales. Although today it is believed that as many as 55 or 60 examples of this date still exist, such a quantity is wholly inadequate when the number of active Saint-Gaudens double eagle collectors are considered. For example, the PCGS Set Registry alone shows nearly 90 different collectors actively pursuing their goal, and almost every one of these collectors lacks an example of this rarity.

This example possesses excellent eye appeal, an unusual characteristic according to Dave Bowers in his Double Eagle Guide Book: "The 1920-S is a formidable rarity, the earliest among Type 6 [With Motto] double eagles. Most examples are in circulated grades or low level Mint State and have fairly low eye appeal. Unlike some of the rarities of later years in the decade, the supply of 1920-S has not been augmented by hundreds or thousands of recent imports." Population: 10 in 63, 20 finer (12/06). (PCGS# 9171)
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