1924-D $20 MS65 PCGS. CAC....

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Sold on Jan 7, 2010 for:

$138,000.00 Bid Source: Live: Floor bidder

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1924-D Saint-Gaudens Double Eagle Rarity, MS65
Blazing Mint Luster

1924-D $20 MS65 PCGS. CAC. Ex: Brahin. One keen market participant calls this amazing Gem "a real monster" and stated that "it is better than 90% of the common dates I see in MS66." Our Permanent Auction Archives record three MS66 PCGS coins, seven MS65 PCGS examples, and six MS65 NGC pieces. Those 16 auction appearances include just 10 different coins. All three MS66 appearances are for a single coin, the exceptional piece from the Amon Carter Collection. The Brahin specimen that is offered here is nearly the equal of that MS66 coin, and it is clearly finer than the nine different MS65 pieces that have made 13 appearances in our past auctions. The typical 1924-D twenty has heavily abraded surfaces, and the appearance of an MS64 with smooth surfaces would be enough to coin the collector's attention. But what if the coin was a Gem MS65? Such a coin would go far beyond the typical collector's experience, and it would become a landmark event when it crosses the auction block. That is what we expect for the present piece.
Like most branch mint issues from the 1920s, the 1924-D Saint-Gaudens double eagle was a rare coin in the 1940s, when collecting double eagles first became popular in this country. Most of the copious mintage of over 3 million pieces was held in Treasury vaults and subsequently melted in the late 1930s. Shortly thereafter, the date began to turn up in auction catalogs, such as the piece in J.C. Morgenthau's May 1939 sale, lot 552, "1924 D Uncirculated and very scarce." The coin realized $73, a strong price in the 1930s for a coin that could have been purchased from the Treasury Department at face value until 1933. Fortunately, a few bags escaped the Gold Recall and later surfaced in foreign banks. In the second edition of A Handbook of 20th Century United States Gold Coins 1907-1933, David Akers explains further developments in the 1924-D story:

"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 MS64 and very rare at or above the MS65 grade level."

Akers estimates a surviving population of 12-15 examples at the Gem level, with two or three specimens in higher grades. Population data from third party grading services corresponds closely with this estimate. To date, NGC has certified nine examples in MS65, with a single finer coin; while PCGS has graded nine specimens at the Gem level, with two finer (10/09). Of course, that population data undoubtedly includes resubmissions.
In the mid-twenties, the Denver and San Francisco Mints followed a policy of poor production resulting from extended die life, coupled with low quality control. The majority of survivors show extreme die wear near the borders. Jeff Garrett and Ron Guth write in their Encyclopedia of U.S. Gold Coins 1795-1833 that "a coin grading MS-64 is about as nice as a collector can hope to secure."
The outstanding characteristic of the present coin is its blazing mint luster. The vibrant surfaces are a bright yellow-gold at the centers, with a subtle reddish patina at the margins. Coupled with a sharp strike, the overwhelming luster gives this coin the visual appeal of a Premium Gem. A small mark on Liberty's face is all that prevents a higher grade. Unlike most examples, this piece has crisp peripheral definition. This piece is a bold exception to that rule. We believe that this stunning Gem is the fourth or fifth finest 1924-D Saint-Gaudens double eagle in the Census listing of the best coins of the issue that survive today.
From The Jay Brahin Collection.(Registry values: N10218)

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

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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