1876-S $20 MS65 PCGS. CAC....

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Sold on Jan 7, 2010 for:

$207,000.00 Bid Source: Internet bidder

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Astounding Gem 1876-S Twenty
Sole Finest Certified by PCGS

1876-S $20 MS65 PCGS. CAC. A Gem 1876-S double eagle is a rare treat, indeed; in fact, this is the first time Heritage has had the privilege of offering one at public auction! Garrett and Guth, in their Encyclopedia of U.S. Gold Coins, note that while the issue was heavily repatriated from both Europe and South America, "Choice and gem examples are very rare. Three [pieces] have been certified at the MS-65 level, but none have traded at auction in recent years."
The statement was true at the time of publication, but in its March 2009 Baltimore auction, Bowers and Merena offered one of the two NGC-certified MS65 pieces as part of the Southerly Collection. The description of the Southerly Collection piece begins with the following intriguing assessment:

"... the Type II Double Eagle series is one of the most conditionally challenging in all of U.S. numismatics. There is perhaps no better indication of the veracity of this statement than the combined PCGS and NGC population for the entire type [italics theirs] in grades at and above MS-65. Just eight (!) examples of all issues have been so graded by the major certification services, and most of those coins are off the market in tightly held collections."

The statement remains accurate as of (11/09). To elaborate, there are four certification events each for NGC and PCGS. The NGC pieces are spread across three dates and three grade levels: an 1875 is graded MS66, an 1875-S is certified as MS67, and two 1876-S examples rate an MS65. The PCGS coins include an 1869 graded MS65, an 1873 Open 3 also assessed as an MS65, an 1875-S in MS67, and a single 1876-S graded as MS65 (the present specimen). The exceedingly slow pace of public transactions involving Gem and better Type Two double eagles has frustrated attempts to build a full roster.
That said, it seems a virtual certainty that while there are eight certification events listed, these eight events likely translate to only six or seven actual coins. The 1875-S issue is represented in both the NGC Census Report and PCGS Population Report as MS67, with the next highest grade MS64, which hardly seems coincidental. The population of three total 1876-S twenties in MS65 also presents the possibility of a resubmission. There are at least two distinct 1876-S Gems, however; the NGC-certified coin offered in March 2009 could not possibly be the same as this PCGS-graded piece, which is housed in an old green label holder.
As one of just a handful of Gems among all Type Two double eagle issues, this coin is of high importance to the top-shelf type collector, and as the sole finest PCGS-certified example of its issue, it is also a singular trump for the Registry enthusiast. Beyond those appeals, it is a simply beautiful example, offering both strong cartwheel luster in the yellow-gold fields on each side and subtle frostiness on the portrait. The obverse definition, while not absolute, is more than adequate, and the reverse offers greater sharpness. Small color nuances appear as a line along Liberty's jaw and a small spot within the shield. Most notably, the surfaces are remarkably well-preserved, with only a few small ticks present on the peripheral parts of the portrait and a handful of marks scattered in the fields. A coin of immense quality that has been recognized by both PCGS and CAC.(Registry values: N10218)

Coin Index Numbers: (NGC ID# 26AX, PCGS# 8978, Greysheet# 9925)

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 Certification Details from PCGS