1925-S $20 MS65 PCGS. CAC....

Description

1925-S Saint-Gaudens Double Eagle, MS65
Conditionally Rare as a Gem
The Morse-Brahin-Fox Specimen

1925-S $20 MS65 PCGS. CAC. Ex: Fox-Brahin. The 1925-S Saint-Gaudens double eagle is definitely an underrated coin today. The large mintage of nearly 3.8 million pieces influences the thinking of potential buyers, but in reality, the production total is meaningless when evaluating the coin's availability. Roger W. Burdette estimates a surviving population of approximately 1,500 pieces, with more than half of those coins in circulated grades. Most circulated examples seen are in the AU55 to AU58 range, and the issue is extremely rare at the Gem level. In A Handbook of 20th Century United States Gold Coins 1907-1933, David Akers comments:

"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."

As Akers mentioned, the 1925-S is the only branch-mint issue of the era that is frequently encountered in circulated grades. A significant effort must have been made to circulate the coins at their time of issue, in contrast to the other dates of the period, which were stored in Treasury vaults as backing for U.S. currency. In 1947, Dr. Charles Green conducted research in mint records which indicated that 454,700 double eagles were officially released by the San Francisco Mint in 1925. Recently, Roger Burdette found documentary evidence that the release might have only totaled 360,500 pieces. Whichever figure is correct, the unusually high number of circulated 1925-S double eagles is convincing evidence that part of the mintage circulated freely for a short time. 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 about today. The few Gem or finer specimens were doubtlessly purchased by collectors directly from the San Francisco Mint or the Philadelphia Mint Cashier (for returned assay coins) 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.

A diligent search of recent auction records reveals just 11 examples that grade MS65 or finer:

1. MS68 PCGS. Recorded but not illustrated on the PCGS CoinFacts Condition Census.
2. MS67+ PCGS. Bowers and Merena (11/1998), lot 4046; Phillip H. Morse Collection (Heritage, 11/2005), lot 6681; Bob R. Simpson Collection.
3. MS66 PCGS. Manfra, Tordella and Brooks; David W. Akers (privately, mid-1980s); Dr. and Mrs. Steven L. Duckor Collection / FUN Signature (Heritage, 1/2012), lot 4640; D.L. Hansen Collection.
4. MS66 PCGS. Jay Parrino; David W. Akers; Stack's (3/1991), lot 1214.
5. MS66 NGC. Washington, D.C. physician; Paramount International (11/1980), lot 1715; David W. Akers; Les Fox; Stack's (10/1988), lot 232; Bowers and Merena (1/2009), lot 1394; US Coins Signature (Heritage, 10/2009), lot 1937.
6. MS65+ PCGS. Mid-American (1/1987), lot 2132; Dr. William Crawford Collection; FUN Signature (Heritage, 1/2006), lot 3620; Kutasi Collection (FUN Signature, Heritage, 1/2007), lot 3298.
7. MS65 PCGS. Phillip H. Morse Collection (Heritage, 11/2005), lot 6682; Jay Brahin (FUN Signature, Heritage, 1/2010), lot 2325; Rollo Fox Collection (FUN Signature, Heritage, 1/2020), lot 4041. The present specimen.
8. MS65 NGC. Goldberg Auctions (2/2012), lot 2024; Fort Worth Signature (Heritage, 3/2010), lot 2826; Long Beach Signature (Heritage, 10/2021), lot 3626.
9. MS65 NGC. Long Beach Signature (Heritage, 7/2022), lot 3431.
10. Gem BU. Stack's (6/2006), lot 1676.
11. Gem Unc. Norweb Collection (Bowers and Merena, 1988), lot 4124; Dr. Thaine B. Price Collection (David Akers, 5/1998), lot 110.


This highly lustrous representative is a magnificent example of this elusive issue. The present coin stands out among the extremely small number of Gem Mint State survivors, being especially well-struck and without most of the often-seen peripheral die cracks. Curving die cracks are noted from the eagle's wing down through its head, and through the letters UN in UNITED into the field below. Lovely, subtle colors accent the well-preserved surfaces. Pale reddish-gold centers are highlighted with a touch of lilac at the margins. Surface marks are minimal, and the overall eye appeal is outstanding. Population: 2 in 65 (1 in 65+), 4 finer. CAC: 2 in 65, 2 finer (3/23).
From The Noel Thomas Patton Collection. (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.

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