1924-S $20 MS65 PCGS....

Description

1924-S Double Eagle, MS65
Scarce Issue With Terrific Numismatic History
Conditional Rarity in Gem
Ex: The Rollo Fox Collection

1924-S $20 MS65 PCGS. Ex: Fox. Well-preserved orange-gold surfaces radiate vibrant mint luster and outstanding eye appeal. The design elements are sharply detailed in most areas, with just a trace of softness on the Capitol building. A die crack travels through the letters ERTY and the upper olive branch.

While the mintage of the 1924-S double eagle is quite large at more than 2.9 million pieces, mintage figures have never been a reliable guide to the rarity of Saint-Gaudens issues. Research by Dr. Charles W. Green in the 1940s and Roger W. Burdette in more recent times suggests that only about 250,000 coins were ever used in commerce, with the rest held in government storage as currency reserves until the Gold Recall of 1933 was enacted. Afterward, all were melted into gold bars and stored in the Fort Knox Bullion Depository.

Fortunately, many of the coins released into circulation were used in foreign trade and preserved in European holdings, primarily French and Swiss banks, out of reach of President Roosevelt's recall order. However, these coins were not known to numismatists at the time, and in the 1940s, the 1924-S was believed to be not only the rarest coin of the Saint-Gaudens series, but also the rarest issue of the entire denomination. Only three or four examples were known, surpassing the 1856-O, 1870-CC, 1907 Ultra High Relief, 1927-D, and 1933. The C. David Pierce specimen in the 1947 Buffalo ANA sale sold for a remarkable $2,200, a result with few equals in an era where four-figure auction prices for coins were quite rare. Similarly, when selling the example in the Dr. Charles W. Green Collection in April, 1949 (lot 879), B. Max Mehl wrote the following: "I sold [a] 1924-S at private sale for $1,600.00. I understand that as much as $3,000 was asked for a single specimen. To the best of my knowledge only three specimens are known to exist."

While these two auction results likely accurately reflected the availability of the 1924-S in collector's hands in the 1940s, the coins in European banks began to trickle back into this country in the 1950s, and quickly found their way to U.S. dealers, and, ultimately, collectors. By 1956, Mint State 1924-S double eagles had plummeted in price to around $300-$350, and the declines continued over the next 10-15 years. The coin in Dr. Green's collection sounds typical of the repatriated pieces, which were usually in the AU55 to MS62 range with bagmarks from coin-to-coin contact during storage and transport. The Green specimen might be one of the earliest recoveries from European sources. More coins continued to surface over the years, never in great quantity, but enough to move the 1924-S from the "great rarity" category to the "scarce" category.

While the 1924-S is no longer a great rarity overall, the lower grades typical of the repatriated coins means that this issue remains a conditional rarity at the Gem level. PCGS has only awarded the Gem grade only eight times, with one in 65+ and 1 finer. NGC's numbers are 20 in 65, 1 in 65+, and 1 finer (9/25). Given the great story behind this issue, and the unusually high quality of the present offering, series specialists should seize this opportunity to obtain an piece that fits nicely in the lower Condition Census for the issue.
Ex: The Rollo Fox Collection of $20 Saint-Gaudens Gold / FUN Signature (Heritage, 1/2020), lot 4038.(Registry values: N7079)
From The Alymaya Collection, Part III.

Coin Index Numbers: (NGC ID# 26G9, PCGS# 9179, Greysheet# 10179)

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.

View all of [The Alymaya Collection, Part III ]

View Certification Details from PCGS