1911 $20 PR66+ PCGS. JD-1, R.5....

Description

1911 Saint-Gaudens Double Eagle, PR66+
Return of the Sandblast Finish
Only 100 Pieces Distributed

1911 $20 PR66+ PCGS. JD-1, R.5. Ex: Simpson. In his impressive series reference on Saint-Gaudens double eagles, Roger W. Burdette notes that 200 proof double eagles were struck at the Philadelphia Mint in 1911, but only 100 were actually sold. The coins were struck on two occasions, with 150 examples produced on January 16 and another 50 pieces struck on May 20. In an unusual procedure, the coins were held back by the coiner until enough orders came in to justify a delivery, and the number of coins in each delivery matched the number of coins ordered. The proofs were delivered in three batches, one of 34 coins on March 28, another of 28 examples on May 20, and a final delivery of 38 pieces on December 9. Presumably, the remaining proofs were melted for recoinage after the end of the year. John Dannreuther estimates the surviving population at 65-75 examples in all grades today.

A single pair of dies was used to strike all the proofs. Interestingly, some examples, including the present coin, show evidence of doubling on the lower left stars. Roger Burdette believes this doubling was the result of the coins being struck twice, rather than simple mechanical doubling.

Return of the Sandblast Finish
The basined fields and sculptural relief of the devices made Saint-Gaudens' iconic design unsuitable for the old mirror finish that had been used on proofs in previous years. The Philadelphia Mint tried a matte proof, or sandblast, finish on the proofs in 1908, but that proved unpopular with collectors. Accordingly, they switched to a Satin, or Roman. finish for proofs in 1909 and 1910. Although many present day collectors consider the Satin finish superior, contemporary collectors were still unhappy. In 1910, influential collector William H. Woodin wrote Assistant Secretary of the Treasury Abram Piatt Andrew his opinion of the "Roman" finish gold coins made in 1909 and 1910, and advocated for a return to the dull sandblast finish of 1908:

"If any collectors objected to this finish [the sandblast finish from 1908] it was because they did not understand that the St. Gaudens designs are not adapted to the production of polished proofs. The present proofs of the St. Gaudens designs and of the Pratt designs are simply rotten. I know of no other way to express it ... "

Woodin was one of the foremost collectors in the early 20th century, he co-authored the first reference on patterns, and 23 years later was appointed Secretary of the Treasury by Franklin Roosevelt. His influence was extensive in both Mint affairs and numismatic circles. Once he expressed his dissatisfaction with the "Roman" finish of 1909-1910, Andrew asked Woodin to become the point man to see if the ANA would pass a resolution in favor of reverting to the sandblast finish of 1908. Woodin took on the task, but first warned the newly appointed Mint Director that "I can get quite a number of letters favoring dull proof coins from collectors, but I could not get all collectors to agree on anything. They are a very peculiar class of people as a rule, and you would be amused if you could hear some of their ideas."

The resolution recommending a switch back to sandblast proofs passed at the ANA convention on September 7, 1910. Andrew wrote to Woodin later that month: "I have referred your correspondence with regard to the matter to the Director, and I have little doubt that he will agree with the desires of the American Numismatic Association." The Mint returned to the sandblast finish in 1911 and continued using it until commercial gold proof offerings were discontinued in 1915.

The 1911 Proofs on the Numismatic Scene
The 1911 gold proof sets began appearing at auction almost immediately, but the sets were soon broken up by dealers seeking to supply customer requests for specific coins. A partial set (missing the quarter eagle) was offered in lot 21 of the Charles H. Conover Sale (B. Max Mehl, 5/1914), "1911 $20, $10, $5. Dull sandblast finish. Three pieces. Very rare." The lot realized $40, a fairly strong price for the time. Of course, prices for gold proofs have risen exponentially over the years. Recent sales of the proof 1911 double eagle include the PR67+ NGC example in the FUN Signature (Heritage, 1/2021), that realized $186,000. Curiously, few high-grade examples appeared in the years between 2010 and 2020, but a couple of sales with record prices have taken place since then.

The Present Coin
We can find only one auction appearance of the coin offered here, in lot 956 of the United States Coins and Paper Money Auction (Stack's, 5/1997), where it realized a strong price of $42,900 (thanks to Ron Guth and the Numismatic Detective Agency for this information). It has apparently been off the market for the last 25 years.

This Plus-graded Premium Gem exhibits sharply detailed design elements throughout. The impeccably preserved surfaces display a light orange color, with the myriad tiny sparkles typical of this finish. Overall eye appeal is terrific for this Condition Census example. This coin will be a welcome addition to the finest collection or Registry Set. Population: 5 in 66 (3 in 66+), 2 finer (7/22).
Ex: United States Coins and Paper Money Auction (Stack's, 5/1997), lot 956, as PR65 NGC, realized $42,900; Bob R. Simpson Collection.(Registry values: N10218)

Coin Index Numbers: (NGC ID# 26GY, PCGS# 9208, Greysheet# 10194)

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.

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