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    Description

    1907 Saint-Gaudens Double Eagle, MS66
    High Relief, Scarcer Flat Rim Variant
    Always Popular Low-Mintage Issue

    1907 $20 High Relief, Flat Rim MS66 PCGS. CAC. The production of 12,367 High Relief double eagles in the last few weeks of 1907 occurred at the very same moment the American economy was experiencing a significant contraction known as the Panic of 1907. The San Francisco earthquake of 1906 forced London banks to pay out sizeable insurance claims, leading to a significant influx of gold to the United States and large outflows from British and other foreign banks. The Bank of England subsequently increased interest rates in an attempt to secure deposits and prevent further depletion of its gold reserves. The interest rate hike had disastrous consequences for New York financial markets. Trust companies found themselves overextended, the Knickerbocker Trust Company failed, and a series of bank runs ensued. J.P. Morgan stepped in to help by offering his financial services, as he did in 1893. Morgan personally loaned the Treasury $25 million to bail out the banks.

    Theodore Roosevelt fell under heavy criticism for the crisis, which some referred to as the "Roosevelt Panic." By allowing Morgan to personally inject millions of dollars into the New York banks via the Treasury, Roosevelt appeared to be controlled by one of the very same industrialists against whom he had frequently railed. This coincided with the issuance of the new High Relief twenties that Roosevelt vigorously worked to create, producing a somewhat paradoxical situation: Roosevelt was simultaneously disparaged for being too easily manipulated while physical manifestations of his hands-on approach, the double eagles, entered circulation.

    About four fifths of the coins we know about today have a wire rim, or fin, around the edges of the coin, caused by metal that was extruded through the narrow gap between the dies and collar during the striking process. This feature was viewed as a defect because it made the coins difficult to stack. Mint technicians worked hard to eliminate this rim by adjusting the milling and modifying the rims of the planchet. As a result, the coins struck later in the production run have the desired flat rim.

    The present coin is a marvelous Premium Gem example of the scarcer Flat Rim variety, with razor-sharp definition on the design elements and impeccably preserved yellow and reddish-gold surfaces that radiate vibrant mint luster. This piece possesses the incredible eye appeal that has earned the High Relief double eagle its title of "America's most beautiful regular-issue coin." Census: 64 in 66 (3 in 66+, 1 in 66+ ), 27 finer (3/15).
    From The Big Sky Collection.(Registry values: N10218)

    Coin Index Numbers: (NGC ID# 26F2, PCGS# 9136)

    Weight: 33.44 grams

    Metal: 90% Gold, 10% Copper


    Learn more at the Newman Numismatic Portal at Washington University in St. Louis.

    View all of [The Big Sky Collection ]

    Auction Info

    Auction Dates
    April, 2015
    22nd-26th Wednesday-Sunday
    Bids + Registered Phone Bidders: 14
    Lot Tracking Activity: N/A
    Page Views: 1,995

    Buyer's Premium per Lot:
    17.5% of the successful bid (minimum $14) per lot.

    Saint-Gaudens Double Eagles as Illustrated by the Phillip H. Morse and Steven Duckor Collections
    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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