LOT #3672 |
Current Bid: $125,000
1908-S $20 MS67 PCGS. CAC....
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Description
1908-S Double Eagle, MS67
CAC-Approved Satiny Gold Surfaces
Conditional Rarity; Just Two Finer at PCGS
Lowest Mintage Saint-Gaudens Issue
1908-S $20 MS67 PCGS. CAC. Satiny gold luster covers both
sides, and is complemented by considerable pale orange toning at
the borders and additional coppery highlights. Strike is splendid,
with full definition present in the face, drapery, and eagle's
feathers. The surfaces are virtually perfect with only the
slightest abrasions visible with magnification.All 1908-S double eagles represent the With Motto design type. Only 22,000 were minted, making this "the first truly low-mintage issue" in the words of Garrett and Guth in their 2008 Encyclopedia of U.S. Gold Coins. While the 1907 High Relief had a smaller output of 12,367 coins, this issue remains the lowest mintage date and mintmark combination of the Saint Gaudens series, with only the 1913-S coming close at 34,000 coins.
This minuscule production was accomplished with only two pairs of dies. The mintmark positioning is similar, though perhaps rotated slightly counterclockwise on the present example. However, the other die marriage exhibits significant recutting, especially on the top half, making the mintmark appear significantly more blobby overall, as confirmed by photographic overlays. Separate photographic overlays also suggest that the mintmark punch used for the 1908-S double eagle is the same as the 1909-S VDB cents, despite their much smaller diameter. However, the punches on these two issues are inverted relative to each other, and have slight recuttings unique to each.
Most 1908-S double eagles are known in circulated grades, an unusual occurrence among Saint-Gaudens issues. A primary reason for this was the longstanding "hard money" tradition of the Old West, which preferred gold as a medium of exchange to any other. This remained true even once the gold and silver parity was reestablished in 1878 after decades of imbalance. The result of this was, as Roger Burdette suggests in his 2018 reference Saint-Gaudens Double Eagles as Illustrated by the Phillip H. Morse and Steven Duckor Collections:
"The most reasonable explanation is that when the coins were released in September, they were sent to multiple west coast cities and from there were widely distributed in payments and exchanges. The western states were well known for their preference for gold coin, and the chance to see and hold a radically new double eagle design was not to be missed."
Coupled with this prevalence of circulated examples is a skew towards the lower end of the Mint State range for the few that did escape the trappings of commerce, a fact that has been noted by many past authors. David Akers' 1988 reference Handbook of 20th Century United States Gold Coins (1907-1933) comments that, "[t]he 1908-S is rare in lower Mint State grades and extremely so at or above the MS-65 level...There are no more than 40 coins extant that grade MS-65 or finer, and the 1908-S is equally as rare as the 1932 in high grades." The aforementioned 2008 Garrett and Guth reference reports, "the vast majority [are] in circulated or very low Mint State grades. Obtaining an example as high as MS-63 is quite a challenge for date collectors...The finest examples known are seven coins graded at the MS-67 level." Burdette, in his previously discussed 2018 reference, estimated that only five examples were still extant at the MS67 grade level.
This spectacular survivor is one of the rare exceptions to the overall lower average grade of this issue, and is one of the finest certified by PCGS. They list just six certifications in MS67, with two additional in 67+, and NGC only lists one each in MS67 and MS67★ . The Roster of Significant Examples below provides extensive pedigree and pricing information on the finest examples of this rare and important issue.
Updated Roster of Significant Examples Originally Provided by Ron Guth and the Numismatic Detective Agency
1. MS67+ PCGS. CAC. Bob R. Simpson Collection; FUN Signature (Heritage, 1/2023), lot 3924, realized $480,000.
2. MS67+ PCGS. Current ownership and prior provenance unknown, but definitely different from the Simpson example.
3. MS67 PCGS. CAC. Dallas Signature (Heritage, 11/2006), lot 2771; Charlotte ANA Money Show Auction (Presented by Robert Korver, 3/2007), lot 2357; Long Beach Signature (Heritage, 6/2024), lot 3208. This coin has been in the same PCGS holder since at least 2006. The present coin.
4. MS67 PCGS CAC. Norweb Collection, Part III (Bowers and Merena, 11/1988), lot 4090, $39,600; David Akers; Dr. & Mrs. Steven L. Duckor Collection (Heritage, 1/2012), lot 4607, $161,000.
5. MS67 PCGS. Auction '80 (Stack's, 8/1980), lot 1489, $46,000; Phillip Morse Collection (Heritage, 11/2005), lot 6559, $109,250.
6. MS67 PCGS. Louis E. Eliasberg, Sr. Collection (Bowers and Ruddy, 10/1982), lot 1029, $17,600; FUN Signature (Heritage, 1/2024), lot 4410, realized $312,000.
7. MS66+ PCGS. Bella Collection; A&A Saints Collection (Stack's Bowers, 8/2019), lot 5383, $111,000.
8. MS66+ PCGS. Half Dome Collection (PCGS Set Registry).
9. MS66 PCGS CAC. Dallas Signature (Heritage, 11/2005), lot 6560, $74,750; Palm Beach Signature Auction (Heritage, 3/2006), lot 2173, $76,000; Jackson Hole Collection (Heritage, 7/2006), lot 1932, $103,500; Jay Brahin Collection (Heritage, 4/2008), lot 2512, $97,750; Carter Family Collection (Heritage, 4/2010), lot 2341, $86,250; Rollo Fox Collection (Heritage, 1/2020), lot 4007, $87,000.
10. MS66 PCGS CAC. Dr. & Mrs. Steven L. Duckor Collection (American Numismatic Rarities, 8/2006), lot 1700, $94,875; ANA Signature (Heritage, 8/2010), lot 3614, $74,750; Warren Collection (Heritage, 5/2022), lot 4070, $156,000.
11. MS66 PCGS CAC. Regency Auction 27 (Legend Rare Coin Auctions, 7/2018), lot 498, $96,938.(Registry values: N1)
From The Alymaya Collection, Part III.
Coin Index Numbers: (NGC ID# 26FA, PCGS# 9149, Greysheet# 10161)
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 all of [The Alymaya Collection, Part III ]
Auction Info
2025 November 13 - 14 US Coins Signature® Auction #1387 (go to Auction Home page)
Proxy Bidding Ends
November
13th
Thursday
5:50 pm CT
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November
13th-14th
Thursday-Friday
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Heritage Auctions
2801 W. Airport Freeway
Dallas, TX 75261
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