1907 Saint $20 Small Edge Lettering PR68 PCGS. CAC. JD-1, R.8....

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1907 Arabic Numerals Double Eagle, PR68
Rare Small Edge Lettering Matte Proof
Possibly Unique
Ex: Trompeter-Morse-Simpson

1907 Saint $20 Small Edge Lettering PR68 PCGS. CAC. JD-1, R.8. Ex: Simpson. The matte proof 1907 Arabic Numerals Saint-Gaudens double eagle, with Small Edge Lettering, is a landmark rarity in this extremely popular series. This spectacular PR68 PCGS specimen, from the fabulous Bob R. Simpson Collection, is probably unique, and its origins are shrouded in mystery. It has been 17 years since this coin was last publicly offered and it may be that long before it becomes available again. Heritage Auctions is privileged to present this virtually unobtainable proof gold rarity in this important offering.

1907 Experimental Issues
Experimentation was rampant at the Philadelphia Mint in 1907, as Mint personnel struggled to adapt Augustus Saint-Gaudens' majestic new designs for the eagle and double eagle to the requirements of modern high-speed coinage. There is a rich pattern history that illuminates this process, including such famous patterns as the Ultra High Relief double eagles, classified as Judd-1907 through Judd-1910 in the standard pattern reference, and the unique Indian Head double eagle in gold, Judd-1905. Other high-relief patterns for the 1907 double eagle are well known to collectors of the series, as well.

Several low-relief experimental 1907 double eagles have been reported in proof format over the years, including two varieties of the matte proof 1907 Arabic Numerals double eagle, one with Large Edge Lettering (unique) and the other with Small Edge Lettering (probably unique). These two varieties employ the same obverse and reverse dies. There is also an Arabic Numerals proof with Gothic Edge Lettering reported in the literature. None of these experimental coins were listed in the official Mint Report for 1907. Roger W. Burdette notes:

"These were probably made to show the new designs to their best advantage, or to test changes in edge lettering on the double eagle, and are technically pattern or experimental pieces. These were not officially distributed to collectors, and several were supposed to have been melted."

Unfortunately, none of these experimental low-relief pieces have been officially recognized as patterns, and their origins remain mysterious.

The present coin represents the Small Edge Lettering variety. The edge lettering was impressed by a tripartite collar during the striking process and was similar to the edge lettering used on regular-issue 1907 Saint-Gaudens double eagles. The Large Edge Lettering variety employed the same collar used to strike High Relief double eagles. It seems logical that the Large Edge Lettering coin was struck first, with the already existing collar from the High Relief coinage. Then the Small Edge Lettering variety was struck with a new collar expressly designed for the lower relief design. The tripartite collar left vertical lines on the edge of the coin where one segment ended and the other began. The segments of the different collars divided the edge lettering differently. The Small Edge Lettering is distinguished by the motto on the edge reading: * * * * * * * E I P L U R I B U S * I U N U M * * * * * I, with seven stars on the segment with E, just one star on the segment with PLURIBUS, and five stars on the segment with UNUM. The Large Edge Letters collar read: | * * * * * * * E * | P L U R I B U S | * U N U M * * * *, with no stars on the segment with PLURIBUS.

Possible Early History of the 1907 Arabic Numerals Double Eagles
While the sale of patterns to collectors had been largely discontinued by this time, due to the abuses of that practice in the 19th century, President Theodore Roosevelt issued an order permitting the sale of experimental coins of the new designs in 1907, to stimulate interest in the coinage. Philadelphia Mint Chief Engraver Charles Barber took advantage this situation to compile an extensive collection of 1907 patterns, which he retained until his death in 1917. Roger Burdette examined his inventory notebook and other documents and found that his holdings included at least eight 1907 Ultra High Relief double eagles, one 1907 Rolled Rim Indian eagle, one 1907 Wire Rim Indian eagle, and the unique 1907 Indian Head double eagle pattern.

Barber's estate sold much of his collection after his death to collectors like Waldo Newcomer, who is known to have purchased the 1907 Indian Head double eagle. While there is no definitive link to Barber, many present day numismatists believe he was the most likely source of the matte proof 1907 Arabic Numerals double eagles.

Walter Breen noted the first public offering of a 1907 Arabic Numerals, Small Edge Lettering proof was in lot 629 of the Jerome Kern Collection (B. Max Mehl, 5/1950), which included a spectacular section of Saint-Gaudens double eagles:

"1907 The fourth variety. Date in Arabic Numerals and not in high relief. Sandblast proof. This particular coin, together with the rarest St. Gaudens $20.00 and the second type of the $20.00 were all in a specially made box. The sandblast proof is the first I have ever seen of this date $20.00. It is undoubtedly of extreme rarity."

Mehl's mention of the "rarest St. Gaudens $20.00" was a reference to the Ultra High Relief example offered in lot 626 of this sale, and the "second type" referred to the High Relief, Wire Rim example in lot 627. The description does not refer to the edge lettering, and could just as easily be a description of the Large Edge Lettering example, but most numismatists believe that coin was in the spectacular Captain North cased set of Saint-Gaudens coinage during this time frame, so this must be the Small Edge Lettering variety. The prices realized list for the sale reveals this coin was withdrawn.

The next appearance of a Small Edge Lettering example was a coin handled by Jim Kelly in 1957, described as "Mat or Sandblast Proof ... A choice item, possibly very rare, certainly hard to evaluate." While we cannot directly link this specimen to the coin in Mehl's Kern auction, both Walter Breen and John Dannreuther suggest it may be the same piece.

Another auction appearance of the Small Edge Lettering proof occurred in lot 2052 of the ANA Convention Auction (Abe Kosoff, 8/1958):

"$20.00 Gold 1907 Arabic Numerals, Matte Proof, out of the B. Max Mehl Estate. E PLURIBUS UNUM and 13 stars on edge. The edge is raised a bit on the obverse side and on the corresponding reverse edge. The Guide Book indicates that this is unique. The publishers do not recall the source of their information and it may have resulted from the discovery of this coin. Collectors of double eagles will vie for this one. Still in Mr. Mehl's envelope and marked, 'Do not sell. Proof.'"

We feel confident this coin is the same example Mehl withdrew from the Kern sale, eight years earlier.

The next appearance of a 1907 Arabic Numerals proof was lot 895 of the Bryan Collection (Paramount, 1/1982). The description read, in part:

"A magnificent coin, fully struck with lustrous, satiny surfaces and gorgeous original color. The surfaces of the coin are pristine and the coin is in virtually the same condition as it was the moment it left the dies 74 years ago. The edge of the coin is very brilliant and mirrorlike and the raised edge lettering is extremely sharp. There are numerous raised die scratches below the eagle and the coin has a sharp wire rim around the obverse and around much of the reverse. Quite unlike a normal business strike in overall appearance. The surface texture, quality of the strike and particularly the edge are all very different.

"This specimen was formerly Lot 629 of the famous Jerome Kern Collection sale conducted by B. Max Mehl in 1950. In the catalogue, Mehl indicated that this coin together with the MCMVII Extremely High Relief and the MCMVII High Relief also in the sale, 'were all in a specially made box.' Mehl further indicated that this was the first such specimen he had seen. In Walter Breen's book on U.S. proof coins, this coin is listed as number 3 in his delineation of known proofs of this date."

Recent History of the Present Coin
The later history of the present coin is better documented. We suspect prominent collector Ed Trompeter purchased this 1907 Arabic Numerals, Small Edge Lettering coin in the Bryan sale in 1982. It was certainly in his fabulous collection shortly after that time. Ed Trompeter specialized in proof gold and patterns and his collection of U.S. federal gold proof issues was nearly complete from 1858 through 1915. He also owned the unique 1907 Arabic Numerals, Large Edge Lettering coin. Heritage Auctions purchased the portion of his collection that included his proof half eagles, eagles and double eagles for more than $15 million in August 1998, reportedly the first eight-figure purchase in numismatic history. Heritage sold this coin privately to Saint-Gaudens double eagle specialist Phillip H. Morse shortly afterward.

Phillip Morse decided to sell his magnificent collection of double eagles through Heritage in November 2005. Heritage Executive Vice President Todd Imhoff, who was still working at his firm, Pinnacle Rarities, at that time, recalls:

"I was the underbidder for the coin in the 2005 Morse sale (representing a collector). Bob Simpson bought the coin out of the Morse sale and has owned it ever since."

Bob R. Simpson made his fortune in the oil business and is part owner of the Texas Rangers baseball team. He formed one of the most valuable coin collections of all time, which is currently being offered in a series of blockbuster auctions through Heritage. This coin realized $920,000 at the Morse sale and John Dannreuther notes it would "undoubtedly best that figure" if it was sold today.

Rarity of the Present Coin
Ever since Breen listed the early appearances of the 1907 Arabic Numerals, Small Edge Lettering double eagle as three different specimens there has been some controversy about the rarity of the issue. It is not possible to confirm that all four early appearances of the Small Edge Lettering variety represent the same example, and we cannot positively link them to the present coin. However, the alternative -- that several extremely rare and valuable coins simply disappeared over 40 years ago, never to be seen again, seems unlikely. John Dannreuther observes, "The timeline makes it possible that a single coin is extant."

Current population data shows there are two PR68 certification events at PCGS and a single PR68★ example at NGC (11/22). However, further analysis reveals that this small total is actually inflated by resubmissions and a crossover. Verifying the NGC cert number (3333314-018) reveals that coin is pedigreed to the BRS (Bob R. Simpson) Legacy Collection. Consulting with PCGS staff, we learned the two PCGS citations were assigned to the Morse coin and the Simpson specimen. Checking Heritage prices realized records, we confirmed Todd Imhoff's remembrance that Bob Simpson was the winning bidder at the 2005 Morse sale. In addition, a plate match between the PCGS True View image of the Simpson coin and the plate of the example in the Morse catalog confirms they are the same coin. Therefore, the three citations in the current population data all represent the same coin. We believe this 1907 Arabic Numerals, Small Edge Lettering double eagle from the Simpson Collection is unique, but we acknowledge there may be another one or two examples out there that have been moving outside of numismatic circles for more than 40 years.

Physical Description
In his standard reference, United States Proof Coins, Volume IV: Gold, John Dannreuther explains the unique appearance of the matte proof 1907 Arabic Numerals double eagles:

"These are the first regular issue Matte Proof double eagles with the sandblast finish applied to previously struck coins. The size and intensity of the sand stream determines the look and color of Matte Proof gold with fine particles creating a very sparkly finish and lighter golden green color. The heavier sand gives a deeper color and less sparkle. These two examples have extremely fine granular surfaces, unlike any other matte issues."

The impeccably preserved surfaces of this magnificent PR68 specimen are unusually bright, especially when compared to the finish seen on the matte proofs from 1908. The finish on this coin is a curious hybrid of brightness that resembles a "Roman Gold" coin from 1909 or 1910, with a fine-grain matte finish as seen on other 1908 and 1911-1915 proof twenties. Lovely satiny mint luster rolls around the surfaces and is unimpeded by even the tiniest imperfections. Close examination with a loupe failed to reveal any flaws on this magnificent coin. The basic yellow-gold coloration of the piece is overlaid by a subtle orange patina that gives the coin even more eye appeal. The design elements are sharply detailed in most areas, but a touch of softness is evident on the Capitol building and the eagle's belly. The high quality within the grade is confirmed by CAC. It may be many years before this possibly unique gold proof rarity becomes available again, once it passes the auction block in January. We expect intense competition from series specialists and Registry Set enthusiasts when this lot is called. This coin is pictured on PCGS CoinFacts and is the plate coin in John Dannreuther's United States Proof Coins, Volume IV: Gold. CAC: 1 in 68, 0 finer (11/22).

Roster of 1907 Arabic Numerals, Small Edge Lettering Matte Proof Double Eagles, JD-1
1. PR68 PCGS. Possibly Chief Engraver Charles Barber; unknown intermediaries; Ed Trompeter; Trompeter Estate; private treaty transaction to Heritage Auctions and Sal DiGenova in 8/1998; sold privately to a Heritage customer, possibly Phillip H. Morse; Morse Collection (Heritage, 11/2005), lot 6535, realized $920,00; Bob R. Simpson; Simpson Collection. The present coin.

Other Appearances
A. Proof. Auction Sale (Jim Kelly, 11/1957), lot 1233.
B. Proof. Jerome Kern Collection (B. Max Mehl, 5/1950), lot 629, withdrawn; ANA Convention Auction (Abe Kosoff, 8/1958), lot 2052, still in Mehl's envelope; Bryan Collection (Paramount, 1/1982), lot 895; possibly the same as A above.
Note: John Dannreuther notes the timeline makes it possible that all of these citations may represent the same coin. We believe the two PR68 specimens in the current (11/22) PCGS Population Report and the PR68★ example in the NGC Census are all the Morse-Simpson coin, in different certification events. The matte proof 1907 Arabic Numerals double eagle, with Small Edge Lettering, is probably unique.
Important Selections from The Bob R. Simpson Collection, Part X. (Registry values: P10)

Coin Index Numbers: (PCGS# 9198, Greysheet# 10200)

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 [Important Selections from The Bob R. Simpson Collection, Part X ]

View Certification Details from PCGS