1920-S $20 MS64 PCGS....

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Seldom-Seen 1920-S Twenty, MS64
First Absolute and Condition Rarity in the Saint-Gaudens Series

1920-S $20 MS64 PCGS. The 1920-S is the first regular issue in the Saint-Gaudens series that is a major rarity. As with many issues in this challenging series mintage has little to do with availability, or in this case non-availability, of the 1920-S. The mintage was 558,000 pieces, but after the Gold Recall Act of 1933 almost the entire production was melted during the 1930s. Unlike most other mintmarked dates from the 1920s, the 1920-S has never returned to this country from the usual sources in Europe or Central America. Only a few circulated pieces have returned over the past 50 years, most likely coins that were released into circulation at the time of issue. From the scant documentary evidence uncovered, almost the entire mintage was bagged and held in government vaults immediately after striking. Roger Burdette recently uncovered letters between T. Louis Comparette, curator of the Philadelphia Mint's coin collection from 1905 to 1922, and George Godard, Connecticut State Librarian. Comparette made "special arrangements" to acquire two examples of each coin issued by the mints (for obverse and reverse display purposes). He acknowledged in a letter dated May 5, 1920 to Godard that his actions were "irregular." Burdette continues the story, quoting Comparette:

" 'Herewith I am sending you a [1920] Twenty Dollar gold piece, just struck. It is for the Reserve Funds and not to be issued for general circulation, and the securing of the specimens for others than the government collection is probably irregular, so please do not let the fact become public knowledge. For others will demand specimens as soon as they learn that a few have them are out.' "

"Six months later Comparette reminded Godard that the Mitchelson Collection had gotten a good 'deal' on the double eagle transaction:

" 'By the way, you and the Senator [Connecticut Senator Hall] were lucky in re the 1920 Double-eagles. But very few of them got out. All the rest are under seal along with the reserve funds, and the repeated efforts of scores to secure specimens have so far proved unavailing. I have been trying to get a specimen for the American Society in New York, but in vain. ... Sometime, undoubtedly, they will be obtainable, but nobody now can surmise when. Perhaps the next Secretary of the Treasury will find a way to be accommodating and release a bag of them for the hungry collectors.' "

Apparently that day never came for the "hungry collectors." From the estimated number of survivors, it appears that the 1920-S twenties that exist today are limited to those acquired by the few collectors who had connections with Mint personnel.
Estimates of the number known have varied widely over the years. Twenty years ago Walter Breen estimated that only eight to 12 pieces survived, a number that is clearly on the low side. We estimate that 80-100 coins exist today in all grades. NGC and PCGS have seen a total of 169 submissions, with a large number clustering in the AU58-MS63 range. An MS64 coin is usually the highest grade obtainable, and there is a precipitous drop off above that level. Probably only 15-20 coins survive in MS64, with five or six pieces in MS65 or MS66. These numbers underscore the condition rarity of the 1920-S, as well as its absolute rarity. In fact, it is ranked third in the 53-coin series in high grade rarity, trailing only the 1921 and the uncollectible 1933. In high grade rarity it outranks the legendary 1927-D, almost all of the dozen or so known examples are in mint condition.
This piece shows the typical strike softness on the Capitol building on the lower left obverse. Liberty's nose is only slightly soft, and the toes are fully brought up. The reverse design is fully struck. Few abrasions appear on this lustrous near-Gem, the most prominent a horizontal nick above Liberty's left (facing) leg and a couple of marks above and below the eagle's beak. The surfaces are nicely frosted, as often seen on 1920-S twenties, with a complement of rich reddish patina is seen over each side.
From The Ralph P. Muller Collection.(Registry values: N10218)

Coin Index Numbers: (NGC ID# 26FZ, PCGS# 9171, GSID# 10175)

Metal: 90% Gold, 10% Copper
Weight: 33.44 grams
AGW: 0.9675oz
Mintage: 558,000

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.

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