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1925-S $20 MS65 NGC....
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Sold on Mar 26, 2010 for:
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Description
Remarkable Gem 1925-S Double Eagle
One of the Great Condition Rarities in the Series
1925-S $20 MS65 NGC. Mostly meaningless mintage figures,
memorable rarities.That is a theme with variations that plays over and over again as one listens to the history of the Saint-Gaudens double eagle series from conception through near-total destruction, in the case of many issues. While some of the midseries mintmarked double eagles--1911-D, 1915-S, and 1916-S come to mind--are available in considerable quantities, other mintmarked issues fairly close by are the proverbial "hen's teeth" today. Even then, the causes, influences, and reasons for the rarity of one issue compared to another are often unclear, appearing to be happenstance more than circumstance.
Updating his earlier work on U.S. gold series, David Akers wrote of the 1925-S double eagle in the recent Handbook of 20th Century United States Gold Coins 1907-1933:
"Scarce-to-rare in all grades, the 1925-S is one of the leading condition rarities in the Saint-Gaudens Double Eagle series. Even MS-64s are elusive, and the combined population of Gems and Superb Gems is fewer than 10 coins. The 1925-S is the only mintmarked Double Eagle from the 1920s that is easier to locate in circulated condition than Mint State."
A comparison between the certified populations at NGC of the 1925-S and 1926-S is useful in regards to Akers' assertion. For the 1925-S, NGC has certified eight XF45, nine AU50, 16 AU53, 26 AU55, and 99 AU58 examples. This produces a total of 158 circulated 1925-S pieces, along with 200-plus Mint State examples up through MS64. At the MS65 level, however, NGC has certified only two coins, and a single MS66 example tops the list.
For the 1926-S, NGC has certified only four AU55 and 12 AU58 specimens, with well over 600 Mint State examples ranging up through MS67. It appears that, unlike for the 1926-S, the Mint did make a conscious decision to try to circulate examples of the 1925-S--or, at least, a considerable number of 1925-S double eagles entered the channels of commerce in some way, with many of them remaining there through the gold recall of 1933.
When we were researching the MS65 PCGS 1925-S double eagle that appeared in our 2010 FUN Platinum Night sale (1/2010, lot 2325, which brought $218,500), we noted this about the issue:
"In 1947, Dr. Charles Green conducted research in mint records which revealed that 454,700 double eagles were officially released by the San Francisco Mint in 1925. The unusually high number of circulated 1925-S double eagles are evidence of this release. A small number of coins was used in international trade, and preserved in European banks. These European holdings surfaced in later years to provide the bulk of the 1925-S population in lower Uncirculated grades we know today. The few Gem or finer specimens were doubtlessly purchased by collectors directly from the San Francisco Mint and carefully preserved over the following decades. The great majority of the mintage, the third largest of the series, was destroyed after the Gold Recall of 1933."
Thus what we see in this issue in toto is not a bifurcation of the survivors, but rather a trifurcation: numerous circulated survivors; a considerable quantity of Mint State specimens that likely constitute mostly overseas recoveries; and a third, highest echelon, the finest few Mint State pieces such as this one that were likely obtained directly from the San Francisco Mint in the year of issue.
Of course, the only substantiation for this assertion is the gleaming surfaces of this Gem coin itself. The mint luster is bright and softly frosted, and there are no mentionable or noticeable contact marks. Yellow-gold color predominates, with a tinge of reddish patina complementing. Only a touch of high point softness appears on Liberty's nose and toes, and the panels of the Capitol building. Census: 2 in 65, 2 finer (2/10).(Registry values: N10218)
Coin Index Numbers: (NGC ID# 26GC, PCGS# 9182, GSID# 10181)
Metal: 90% Gold, 10% Copper
Weight: 33.44 grams
AGW: 0.9675oz
Mintage: 3,776,500
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.
Auction Info
2010 March Fort Worth, TX Signature ANA US Coin Auction #1138 (go to Auction Home page)
Auction Dates
March, 2010
25th-28th
Thursday-Sunday
Bids + Registered Phone Bidders: 12
Lot Tracking Activity: N/A
Page Views: 9,039
Buyer's Premium per Lot:
15% of the successful bid per lot.
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