1920-S $20 MS65 PCGS....

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1920-S Saint-Gaudens Twenty, MS65
Tied for Third in the Condition Census
Sharply Struck, Two-Toned Example

1920-S $20 MS65 PCGS. Q. David Bowers calls the 1920-S double eagle, quite simply, a "classic rarity" and a "formidable rarity," the first among the With Motto coins. The present Gem specimen certified by PCGS is far rarer still, one of the handful of MS65 or finer coins that have ever surfaced on the market, as the roster below emphasizes. Only two MS66 PCGS coins are certified at PCGS, with the present piece one of only four Gems at that service. Modern-day thinking places the rarity of the 1920-S (among collectible issues, excluding the 1933) in fourth place, behind the MCMVII Extremely High Relief, the 1927-D, and the 1921.

Apparently the 558,000 examples minted of the 1920-S were virtually all melted later and consequently, unlike some other issues, no European hoards ever surfaced to augment the paltry count of known survivors. David Akers pointed out in the Thaine Price catalog that for many years, the 1920-S, while acknowledged as rare, was overshadowed by other, later mintmarked dates in the 1920s and 1930s.

Fort Worth coin dealer B. Max Mehl was an early proponent of the issue, offering the Dr. Charles Green example in as lot 877 of his sale of April 26, 1949. Mehl wrote:

"1920 S. (None minted in 1917, '18 and '19.) Extremely fine with considerable luster. Dr. Green purchased this coin at the Bell sale in 1944 for $160.00. Since then a specimen sold at auction for $250.00. It now catalogs for $200.00, but it is worth much more in my humble opinion. In 1944 this coin only cataloged for $60.00, yet its rarity was recognized and it brought $160.00. One of the most difficult dates and mints of the Double Eagles to obtain."

The Green example, cataloged as Extremely Fine, brought $210, an early recognition of the importance of the issue.

Today we have a more modern rarity rating system, the PCGS Set Registry. It is noteworthy that the 1920-S is awarded a value of nine points in the PCGS Saint-Gaudens $20 Gold With Major Varieties, Circulation Strikes set (1907-1932). That is an equal point value to the 1921, and higher than every other issue in the set, with the sole exception of the 10-point 1927-D. (The Extremely High Relief proofs are excluded, for obvious reasons.)
Although the 1920-S double eagle has a reputation as an issue that often appears softly struck, the present Gem is a marvelous exception. All of the peripheral stars on the obverse, the pillars of the Capitol building, the olive sprigs, Liberty's head and hair, and the central details are sharply defined, with the only noticeable bluntness on the toes. On the reverse, only the highest point of the eagle's breast lacks a bit of strike definition. However, it is the glowing, radiant luster and gorgeous two-tone surfaces that are the piece's strong suit. Orange-gold and greenish-gold areas alternate, with subtle copper-rose overtones and hints of pale blue appearing under a lamp. The most minor signs of contact -- chiefly a few straight ticks in the upper obverse fields above the rays and away from the prime focal areas -- define the grade. A typical comment among the several Heritage catalogers who admired the coin was, "This is a coin that has a lot going for it." Definitely among the few finest likely to ever appear at auction.

1920-S Double Eagle Roster, MS65 and Finer Specimens.
1. MS66 PCGS. CAC. A coin from an old-time collection, sold by Todd Imhof of Heritage Auctions to Dr. Steven Duckor in early 2006. Dr. and Mrs. Steven Duckor Collection (Heritage, 1/2012), lot 4629, realized $575,000.
2. MS66 PCGS. Louis Eliasberg; The United States Gold Coin Collection (Bowers and Ruddy, 10/1982), lot 1051, not certified at the time, graded Select Brilliant Uncirculated by the cataloger; Dr. Steven Duckor; Phillip H. Morse; The Phillip H. Morse Collection (Heritage, 11/2005), lot 6641, realized $517,500.
3. MS65+ PCGS. Jeff Browning; The "Dallas Bank" Collection (Sotheby's/Stack's, 10/2001), lot 185, not certified at the time, graded Gem Brilliant Uncirculated by the cataloger; Pittsburgh ANA (Heritage, 8/2004), lot 7782; "Dr. EJC" PCGS Registry Set Collection; Cherny Collection; New York Signature (Heritage, 10/2016), lot 5628, realized $517,000, the Akers and Bowers plate coin.
4. MS65 NGC. Collection of a Distinguished WW2 Veteran / August Signature (Heritage, 8/2020), lot 4085, where it realized $91,200.
5. MS65 PCGS. FUN Signature Auction (Heritage, 1/2011), lot 5314, realized $212,750. The present piece.
6. MS65 PCGS. Milwaukee ANA (Heritage, 8/2007), lot 2074, realized $264,500.

Note: There are two other MS65-graded coins in the current population data, one at PCGS and another at NGC (2/22). These citations may be duplicate submissions of the coins on the roster above that have not been removed from the data or they may be different coins that have not appeared at auction since they were certified at this level.
From The Warren Collection. (Registry values: N14284)

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

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.

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