1921 $20 MS66 PCGS....

"Some [1921] double eagles are being struck here at the mint. Do you wish one? Also some Two Colono gold pieces have been struck here for Costa Rica. They are about the size of a gold dollar. Have you secured specimens?"

"We [Senator Hall and Godard] both, too, desire to have specimens of the double eagles and of the two Colono gold pieces now being struck for Costa Rica."

"...up til now I have not been able to secure the Double eagles. I confidently expect to succeed, however, though it may not be until the last days of the year."

"By express I am sending you two Double Eagles, two Dos Colones gold pieces, and four Peace dollars."

"The standing of the 1921 in the overall hierarchy of Saint-Gaudens double eagle rarities has changed less over the last seven decades than any other regular issue in the series. During that time, some issues have dropped precipitously from their place at the top (1924-S and 1926-S for example) and others have risen substantially (1920-S, 1930-S and especially 1927-D) but the 1921 has always been recognized as being among the top four rarities of the series, both 70 years ago and today, at least with respect to value. The only thing that has changed is the other three coins with it at the top. The 1921 is now considered to be the second most valuable regular issue Saint-Gaudens double eagle, surpassed only by the 1927-D whose extreme rarity was not recognized fully until the 1950s, at least in comparison to other issues in the series. Judged solely on its population rarity, meaning the total number of specimens known in all grades, the 1921 is certainly rare, but not exceptionally so, comparable overall to the 1920-S, but actually less rare than the 1930-S and 1932. However, as a condition rarity it is the unrivaled "Queen" of the Saint-Gaudens series because the condition at which it becomes extremely rare and valuable is lower than for any other issue. Of course, every Saint is a condition rarity at a certain level. For example, any issue is (or would be if one existed) a great rarity in MS68 or 69. For some issues MS67 is the rarity point, for others it is MS65 or MS66. But no issue, not even the 1927-D, is as difficult to locate in MS64 or higher grades as the 1921. Only four or possibly five specimens are known in the MS65 and MS66 grades combined with nothing finer. Even in the MS63 and 64 grades, the 1921 is a major rarity with no more than 12-15 examples known of those two grades combined.

"The three best examples of this issue and probably the fourth one as well were always in collector hands in the U.S. in the 1940s and I would venture to say that all of the known MS63 and MS64 examples probably were as well. There are quite a few slightly circulated examples ("sliders") known as well as some heavily bagmarked, minimal uncirculated pieces, some of which have returned to the U.S. from European banks over the years. However, I am of the opinion that these were originally sent to Europe only in mixed date bags of circulated and uncirculated double eagles (same scenario for the 1920-S) between 1926 and 1933, and that no bags of uncirculated 1921 Saints were ever included in the European shipments. Paul Wittlin scoured European banks for more than 20 years and he had the best contacts in the Paris and Swiss banks of anyone. He uncovered numerous groups of rare dates over the years as well as some amazing individual rarities which were then shipped back to the U.S. to dealer James Kelly and later Max Humbert at Paramount. Shipments were still coming in regularly when I first started at Paramount in 1972. Undoubtedly Wittlin's greatest discovery was the second known example of the 1861 Philadelphia Paquet double eagle; he purchased it in Paris for $7,500 in the late 1960s. Although he did find the occasional 1921 and even a couple of small groups consisting of several pieces, he never found a single specimen that was as nice as choice uncirculated. They were all what Max Humbert, the co-founder of Paramount with James Kelly, called "lustrous EF," generally today's AU50-58 grades, or "lustrous AU" which were typically MS60-62 coins by current grading standards. I remember one shipment from Wittlin with four 1921 double eagles, all only "lustrous EF" to Max Humbert, as was the 1861 Paquet by the way! He only graded a gold coin "uncirculated" if it was very lustrous and minimally bagmarked as well as having no obvious friction or really severe marks. Who wouldn't like to buy from him today with that grading standard?

"As mentioned earlier there are only four 1921 double eagles that grade MS65 or MS66 combined. A fifth may exist if it isn't actually the fourth as I conjecture. The best two are the George Seymour Godard specimens which were probably obtained by Godard directly from the mint in the year of issue. Both came on the market in 1982, an extremely depressed coin market at the time, and were sold by Stack's in separate sales. The first, sold in March 1982, was purchased by a dealer and ended up a couple of years later in the William Crawford collection when he purchased it from a Superior sale in 1984; it is now owned by a prominent East Coast Saint-Gaudens specialist. The second Godard piece was sold in Auction '82 as Lot 447 where it was described by Norman Stack as "A twin to, or marginally better than the example we sold in our March sale." (It is important to note here that to every cataloger, including Norman Stack and myself, if you are describing two equal coins in separate catalogs, the second specimen you are describing is always "marginally better" than the one you just sold; it's our nature.) In my opinion, the two Godard pieces are so close in both overall quality and general appearance that it would be difficult, if not impossible, to choose one over the other as "the best". Both are absolutely fabulous coins. This second example is the one now offered here as part of the Dr. Steven Duckor Collection. The third notable 1921 is the Eliasberg specimen, sold with his incomparable collection in late 1982. (Obviously, 1982 was the greatest year ever for buying a gem 1921 Saint!) I purchased the Eliasberg specimen at the sale and subsequently sold it to Dr. Duckor, who later sold it in 1993. It is now in the Simpson Collection graded MS-65+. Many coins, especially the Saints, were ultra conservatively graded in the Eliasberg sale, but the 1921 takes first place in that regard by a comfortable margin. It was graded "AU55 obverse, MS60 reverse" and realized $28,600. The fourth great 1921 known to me is the only one graded MS65 by PCGS and I feel it could easily have been given the same (+) designation that the Eliasberg specimen received or even graded MS66. I had never seen this coin prior to its appearance in the Goldberg's Dr. Hesselgesser sale in 2007, but the million dollar price it realized confirms its high quality. Could this specimen be the Belden Roach (Feb. 1944)-J.F. Bell (Dec. 1944)-F.C.C. Boyd (WGC 1946) coin? That coin was described in succession by the three most prominent auction houses of the era, B. Max Mehl, Stack's and Numismatic Gallery, as: a) "Brilliant Uncirculated. Perfect in every way.", b) "Brilliant Uncirculated, absolutely flawless."; and c) "A brilliant uncirculated gem". This was the only 1921 Saint ever so described and since it is obviously not one of the Godard coins or the Eliasberg specimen, it may be the coin sold by the Goldberg's in 2007 or it could be a fifth gem quality specimen.

"After selling the Eliasberg coin in 1993 when he received an offer for it that was just too much to refuse, Dr. Duckor never really planned on ever purchasing another 1921. However, when he recently had a chance to buy one of the two MS66 Godard specimens, he couldn't resist and now he has actually managed to replace and upgrade both the 1920-S and 1921 from the Eliasberg Collection with the even finer specimens now offered here in his collection."