1925-D $20 MS65 PCGS....

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Elusive Gem 1925-D Saint-Gaudens Twenty
Popular Condition Rarity

1925-D $20 MS65 PCGS. The 1925-D Saint-Gaudens double eagle is an elusive issue in all grades today, in spite of its large original mintage of 2.9 million pieces. In A Guide Book of Double Eagle Gold Coins, Q. David Bowers estimates a surviving population of 500 to 800 examples in Mint State, with a group of 50 to 80 specimens in circulated grades. The contradiction between the sizeable production figure and the meager supply available today is a familiar story with later dates in the Saint-Gaudens series. During the 1930s and 1940s the contrast was even more dramatic. David Akers explains the situation in the Thaine B. Price Collection (Akers, 5/1998), lot 109:

"The 1925-D is another issue that, at one time, was widely regarded to be a major rarity in any condition. It was considered to be more rare than the 1922-S, 1924-D and 1925-S, not to mention such now famous rarities as 1920-S, 1929, 1931 and 1932. The 1950's, however, brought significant changes to the relative rarity rankings of Saint-Gaudens Double Eagles since many formerly rare issues were discovered in European banks. The 1925-D was one of those issues, and although large hoards of the 1925-D were never discovered, several small groups were uncovered over the years amounting to perhaps several hundred pieces total."

Bowers believes the bulk of the 1925-D mintage was stored in Treasury vaults as backing for paper money, or in U.S. banks as reserves, with only a few thousand specimens exported to foreign banks. The coins stored in domestic banks and Treasury depositories were eventually melted, after the Gold Recall of 1933. Most examples known today were exported, and returned to this country after a lengthy hiatus. Today, Jeff Garrett and Ron Guth consider the 1925-D the 12th rarest date in the 54-coin series.
While its relative rarity versus other issues in the Saint-Gaudens series has varied over the years, the status of the 1925-D as a prime condition rarity has never been in doubt. NGC has certified only seven examples at the Gem level, with a single coin finer, at MS66; PCGS has graded four specimens at the MS65 level, with two finer, at MS66 (10/09).
Collecting large denomination gold coins did not become popular in the United States until the late 1930s. The major motivation for collecting double eagles was the realization by collectors, such as Louis Eliasberg and Charles Green, that a collection of gold coins was a legal opportunity for American citizens to own gold. Unfortunately, few collectors were astute enough to take advantage of the loophole before the window of opportunity closed. In the Norweb Collection (Stack's, 11/2006), lot 1475, Bowers relates:

"In 1932 the Treasury Department put out a list of coins available for face value, including many older dates. There were 10 double eagles on the list. The lineup is significant as it likely indicates that they were being held as reserves in the Treasury Building, Washington, as backing for Gold Certificates. The 10 double eagles on the list: 25-D $20, 1925-S $20, 1926-D $20, 1926-S $20, 1927-D $20, 1927-S $20, 1930-S $20, 1931 $20, 1931-D $20, 1932 $20. Anyone caring to send $200 to the Treasury in 1932 for one of each would have received coins that today would be worth over $3,000,000, not bad as an investment!"

It is worth noting, all the dates on the Treasury list are seldom encountered today.
The present coin is a magnificent specimen, with richly frosted surfaces and a deep, even, reddish patina on both sides. The reverse surfaces are highlighted by pronounced shades of lilac on the eagle's wings. The strike is sharp, but not quite full, as slight softness is noted on Liberty's nose and toes. Handling marks are minimal, with only a short, horizontal mark on the bent (right facing) leg discernable to the naked eye. Overall eye appeal is outstanding. The combination of exquisite visual appeal and high technical grade make this coin a candidate for the finest Registry Set.
From The Ralph P. Muller Collection.(Registry values: N10218)

Coin Index Numbers: (NGC ID# 26GB, PCGS# 9181, GSID# 10180)

Metal: 90% Gold, 10% Copper
Weight: 33.44 grams
AGW: 0.9675oz
Mintage: 2,938,500

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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