1924-D $20 MS65 NGC....

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Conditionally Challenging 1924-D Twenty, MS65

1924-D $20 MS65 NGC. The 1924-D double eagle is among many Saint-Gaudens double eagle issues whose perception of rarity has gradually shifted over the decades. In this regard it has much in common with other former rarities, including 1924-S, 1926-D, 1926-S, and 1927-S.
The 1924-D double eagle at one time was considered a premier rarity. As often seen, the determining factor was not so much mintage as meltage, the latter determined by how many were actually shipped overseas and available for later repatriation. David Akers, in his useful 20th century gold coin Handbook, writes concerning the 1924-D:

"From an overall rarity standpoint, the 1924-D is nearly identical in all respects to the 1924-S and 1926-S, although it is much rarer than the 1926-S in high grades. Prior to the mid-1950s, the 1924-D was considered to be an extremely rare issue. The subsequent discovery of several small hoards, however, permanently altered the overall rarity ranking of this issue. Today, the 1924-D is only a median rarity in the Saint-Gaudens Double Eagle series. Since most of the hoard coins are of low quality, however, the 1924-D remains scarce in MS-64 and very rare at or above the MS-65 grade level."

The present Gem 1924-D, while thus a respectable but unremarkable rarity overall in the Saint-Gaudens series compared to several other issues, is conditionally much more elusive at the MS65 level than some of the aforementioned dates. We made a comparison of the combined population data from NGC and PCGS (10/09) for the 1924-D and 1926-S that bears out Akers' hypothesis:

1924-D Combined Totals. MS63-246, MS64-258, MS65-18, MS66-3.
1926-S Combined Totals. MS63-330, MS64-582, MS65-48, MS66-5.

We have italicized the relative totals in Gem or finer grades for easier reference, but it is clear that the 1924-D is more elusive than the 1926-S in Gem or higher by a factor of nearly 3 to 1, irrespective of duplicates.
More than a century after the introduction of the Saint-Gaudens series and with the current high prices for gold bullion and rare gold coins, it seems almost certain that the relative rarity rankings for the series, which were largely established (except for the 1933) by the 1950s-1960s, are likely to remain little changed as the series moves into a new century.
The striking details on 1924-D twenties is often weak. This piece shows some irregularity in that regard, with the Capitol building weak, as is the nose of Liberty. However, Liberty's toes and all the eagle's plumage is fully brought up. The surfaces display the usual frosted mint luster one expects for this issue, and each side has an even layer of reddish patina. Abrasions are slight, and none are worthy of individual mention.
From The Ralph P. Muller Collection.(Registry values: N10218)

Coin Index Numbers: (NGC ID# 26G8, PCGS# 9178, GSID# 10178)

Metal: 90% Gold, 10% Copper
Weight: 33.44 grams
AGW: 0.9675oz
Mintage: 3,049,500

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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