1924-D $20 MS65 PCGS....

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Sold on Apr 29, 2010 for:

$69,000.00 Bid Source: Internet bidder

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Description

Glorious Gem 1924-D Double Eagle
Rare So Fine

1924-D $20 MS65 PCGS. Ex: Duckor. The 1924-D double eagle is an issue that today is not usually thought of in the first tier of rarity rankings within the Saint-Gaudens series. At the near-Gem level, PCGS has seen more than 150 coins, less duplications. But at the Gem level, the 1924-D presents another story entirely. In MS65 PCGS has seen a mere nine coins, with two finer (3/10). Put another way, the 1924-D is about 16 times rarer at the Gem level compared with the near-Gem grade, all else being equal.
This is a conditionally rare issue that the market certainly recognizes as such. The PCGS online Price Guide reports prices that are in inverse proportion to the certified populations, meaning that as the Gem population plummets, the Gem price soars. The current PCGS Price Guide indicates $16,000 for an MS64 1924-D--but an MS65 1924-D is listed there at $120,000, almost eight times as much.
Akers makes particular note of the issue's high-grade rarity in his recent Handbook:

"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 mintage of the 1924-D was a considerable 3.05 million coins, and the dies appear overused on the issue; while the centers are well struck, the rims show a lack of crisp detail. This piece is not entirely free of that softness, which appears both in the Capitol area and the olive wreath. However, the overall surface quality and excellent central details more than compensate. Frosty luster radiates throughout both sides, and glorious orange-gold color predominates. The surface preservation is outstanding, with few marks of any relevance, consistent with a Gem grade. Given that so few finer-certified pieces are known (two at PCGS, one at NGC), this example marks an important opportunity for the series specialist.
From The Carter Family 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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