1907 $20 High Relief, Wire Rim MS67 PCGS. CAC. Ex:...Click the image to load the highest resolution version.
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1907 Saint-Gaudens Double Eagle, MS67
1907 $20 High Relief, Wire Rim MS67 PCGS. CAC. Ex: Fox.
President Theodore Roosevelt was pleased with the privately
commissioned design by Augustus Saint-Gaudens for his inaugural
medal, and equally unimpressed with the official medal produced by
Chief Engraver Charles Barber. In a letter to the artist, he
thanked him by stating:
High Relief, Wire Rim Variant
Low-Mintage, One-Year Issue
"My dear fellow, I am very grateful to you, and I am very proud to have been able to associate you in some way with my administration. I like the medals immensely; that goes without saying, for the work is eminently characteristic of you. Thank Heaven, we have at last some artistic work of permanent worth done for the government!"
It was a small, logical step for Roosevelt to next commission Saint-Gaudens to redesign the nation's coinage, a subject he brought up over dinner at the White House in January 1905. Saint-Gaudens had a backlog of commissions at that time, but this request delivered by the president himself forced coinage designs onto the sculptor's calendar, even if some of work had to be given to assistants in his studio. While the designs were completed prior to the sculptor's death in early August 1907, it was not until the fall of that year that production actually began. Production began to move forward when the president sent a letter to Secretary of the Treasury George Cortelyou and stated: "I do not want to wait about those new coins." Chief Engraver Barber had his vacation at Oyster Bay, Long Island interrupted, and High Relief twenties began to be produced the following month.
The three-dimensional, sculptural high relief of Saint-Gaudens' iconic design caused many problems in production. To completely bring up the details of the design, each coin had to be struck three times on the medal press, with the planchet annealed between each strike. On average, it took about 12 minutes to strike each coin. By working overtime shifts and using up to three presses at a time to produce the coinage, the Philadelphia Mint succeeded in striking 12,367 acceptable High Relief double eagles by the end of the year, a large enough production total to satisfy President Roosevelt.
The coins produced from August through mid-December show a thin fin, or Wire Rim, around the circumference of the coin. This feature was the result of metal being extruded through the small gap between the dies and the collar during striking. The Wire Rim had two practical disadvantages for regular-issue coinage. First, the Wire Rim made the coins difficult to stack for counting purposes, an important disadvantage for clerks and bank tellers. Even worse, the thin fin would quickly wear down in normal use, causing the coins to be underweight after a short time in circulation. Mint Director Frank Leach was particularly concerned about these problems and Mint personnel worked hard to eliminate the fin by adjusting the diameter and upset angle of the planchets. By mid-December they were able to strike High Relief double eagles with a Flat Edge, which were struck for the remainder of the year. Accordingly, about 70% of High Relief double eagles are of the Wire Rim variety.
Because of the special nature of the coins, none were destroyed in assay testing. After selected specimens were sent to VIP's and Treasury officials, most of the coins were sent to Subtreasuries for distribution, but almost all examples were bought by clerks and managers there, who either saved them as souvenirs or resold them at a profit to coin dealers. Very few ever reached the general public, making the concerns about stacking and wear in circulation moot. Initially, the High Reliefs commanded significant premiums from collectors, but the novelty soon wore off and the supply of high-quality specimens was more than adequate to meet demand. Prices quickly returned to normal and only rose significantly after the Gold Recall of 1933, when collecting double eagles became widely popular as one of the few legal means of investing in gold in this country. Today, collectors prize High Relief double eagles of both types equally, for the undeniable beauty of the design.
The present coin is a spectacular Superb Gem, with basined fields and razor-sharp definition on the central design elements. The impeccably preserved reddish-gold surfaces are virtually flawless, with die polishing lines in the fields and vibrant mint luster on both sides. Overall eye appeal is terrific. This coin should find a home in the finest collection or Registry Set. Population: 21 in 67, 4 finer. CAC: 6 in 67, 3 finer (8/19). (NGC ID# 26F2, PCGS# 9135)
Weight: 33.44 grams
Metal: 90% Gold, 10% Copper
Learn more at the Newman Numismatic Portal at Washington University in St. Louis.
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Revised Edition by Roger Burdette, and edited by James L. Halperin and Mark Van Winkle
Saint-Gaudens Double Eagles is an issue-by-issue examination of this artistically inspired series of gold coins.
Each date and mintmark is reviewed with up-to-date information, much of which has never been previously published.
The book is based on two extraordinary collections: The Phillip H. Morse Collection and the Dr. and Mrs. Steven L. Duckor Collection.
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