1922-S $20 MS65+ PCGS. CAC....

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1922-S Saint-Gaudens Double Eagle, MS65+
Popular Branch Mint Issue
Rare in High Grade

1922-S $20 MS65+ PCGS. CAC. Ex: Fox. The 1922-S Saint-Gaudens double eagle claims a large mintage of more than 2.6 million pieces, with the coins delivered in 97 batches, mostly between March and September. Apparently, some of the dies were improperly heat treated, resulting in many die breaks and other defects on some coins. According to research by Dr. Charles W. Green in the 1940s, 21,250 double eagles were sent to banks or Federal Reserve Banks for distribution. The San Francisco Mint Cashier was given 147 residual coins for use in everyday commerce and most of the remaining mintage was stored in Mint or Treasury vaults as currency reserves. The coins held in government storage, more than 2.6 million examples, were all melted and stored as gold bars after the Gold Recall of 1933. Fortunately, many double eagles released into circulation were used in foreign trade and found a safe haven overseas. Roger W. Burdette estimates about 1,500 examples were repatriated in later years, to augment the small supply of coins that survived in this country. Perhaps no more than 2,100 specimens are extant today in all grades. In our catalog of the Dr. and Mrs. Steven Duckor Collection (Heritage, 1/2012), guest cataloger David Akers related:

"In the 1940s and early 1950s, the 1922-S was considered to be one of the most important and rarest issues in the Saint-Gaudens double eagle series. In his Dr. Charles W. Green and Jerome Kern sales of 1949 and 1950, B. Max Mehl estimated that only a dozen or so examples were known ... In the early 1950's, however, several substantial quantities of the 1922-S were found in Paris and Swiss banks with many more to follow in the next two decades. Few, if any, of these coins were particularly high quality, however, mostly unattractive, heavily bagmarked uncirculated pieces ... Then, with the discovery of the Central American hoard in 1983, for the first time ever, a substantial number of beautiful, original, choice, very choice, and even gem uncirculated examples became available to collectors."

Today, the 1922-S remains a scarce issue in absolute terms, but it is no longer a great rarity. It remains rare in high grade, however. PCGS and NGC have combined to certify 29 examples in MS65, three in MS65+, five in MS66, two in MS66+, and none finer, including an unknown number of resubmissions and crossovers (9/19).

This coin is a Plus-graded Gem with sharply detailed design elements throughout. A noticeable inner rim shows on the reverse, through the tops of the letters in the legend and across the sun. David Akers attributes this feature to die bulging. The well-preserved orange-gold surfaces are lustrous and attractive, with outstanding eye appeal. This coin will be a welcome addition to a fine collection or Registry Set. Pictured on PCGS CoinFacts. Population: 19 in 65 (3 in 65+), 4 finer. CAC: 4 in 65, 2 finer (9/19).

David Akers (2008) Comments:
At one time, the 1922-S was considered to be one of the premier rarities in the Saint-Gaudens Double Eagle series, even more so than such issues as the 1920-S, 1929, 1930-S, 1931 and 1932. In the early 1950s, however, a quantity was found in Europe, followed by several additional small hoards in the 1960s and 1970s. Even as recently as 1983, a hoard of more than 200 pieces turned up in Central America. Many of the examples in the Central America find grade MS63 to MS65. As a result of these discoveries, the 1922-S is now only a scarce issue in an absolute sense. In fact, it is the most Plentiful Mintmarked Double Eagle from the 1920s after the 1923-D, although it is much rarer than the 1923-D in terms of total number of coins known. The 1922-S is also rarer than the 1926-S in high grades. There are no Superb Gems known.
From The Rollo Fox Collection of $20 Saint-Gaudens Gold. (Registry values: N7079)

Coin Index Numbers: (NGC ID# 26G4, PCGS# 9174, Greysheet# 10176)

Weight: 33.44 grams

Metal: Gold

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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