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Sale 70
The September 2-5, 2012
| Lot |
Photo |
Description |
Realized |
Lot 2230 |
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1915-S. PCGS graded MS-65. Nice even gold toning. Another first-rate Gem "65". This boldly struck 1915-S with its gold-surfaced mint glow reveals high-end depth of detail in the strike; detail which complements the equally fresh mint bloom (PCGS # 9168) .
Estimated Value $2,100 - 2,200.
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| Realized
$2,243 |
Lot 2231 |
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1915-S. PCGS graded MS-65. Both sides are soaked in in fresh-gold iridescence that accents the ample luster. Clear-cut devices point to it having been giving a full strike by the dies, as well (PCGS # 9168) .
Estimated Value $2,100 - 2,200.
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| Realized
$2,243 |
Lot 2232 |
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1920-S. PCGS graded MS-64. In a new PCGS shield holder. Well struck and frosty with hues of golden-orange and olive. We are pleased as can be to have been awarded this extremely rare coin for auction. Throw away the mintage figures since, of the 558,000 struck, perhaps no more than a few score survive today in all grades. The rest were melted or otherwise lost. This date is so rare that Breen estimated the number to survive at 8-12 when he compiled the information for his Encyclopedia in the 1970s (the book was published in 1988). Today, with the advantage of the PCGS and NGC Population Reports a fair number (but not a large number) have been graded by PCGS and NGC services. The census no doubt includes some duplication between them, so the total might be adjusted downward. This attractive MS64 is one of the best, as PCGS reports only 13 this high, with four graded higher! Carefully struck for the date, with full details on the devices, and just a minor scattering of ticks limiting this from full gem status. Identifiable by a small above the 20 in the date and another, among several, below the lowermost leaves of the branch in Liberty's outstretched hand. Also a couple of parallel scuffs on the upper curve of one wing on the reverse. Booming luster and a wonderful example for the specialist to purchase for a date set. One of the centerpieces among the double eagle offerings in this sale, we feel it is destined for similar distinction in an advanced collection of this beautifully rendered gold series. Pop 10; 1 in 64+, 4 in 65, 2 in 66 (PCGS # 9171) .
The history of this 1920-S issue is sad but interesting. As is the case with other $20 gold pieces struck during the Roaring 'Twenties and early 'Thirties, mainly these were stored in bank vaults as backing for checking account deposits and Gold Certificates, the principal "hard money" back then. Gold $20s and gold bars were also the principal export medium in hard-money specie payments for imports. People have forgotten that under a gold standard (which ended in 1933), paper money and checking deposits weren't money at all but were commonly termed "money substitutes" or "promised money" payable on demand in the monetary metal. They were described as such in the college textbooks.
All went fairly well but with emerging distress in the system when, at the depths of the Great Depression, a February to March 1933 banking panic caused the Roosevelt administration to withdraw gold from circulation. The amount withdrawn is estimated at $2.8 billion (or approximately. $130 billion at today's gold price).
Whatever coins resided in the banks and at the various sub-Treasury buildings around the country were transferred to the government's account. In their place were issued Series of 1929 Federal Reserve Bank Notes. Numismatists may remember these from their brown seal and serial numbers. These had the backing of The Full Faith and Credit of the Government instead of hard assets.
(Most 1920-S twenties that weren't exported from this group now owned by the government were melted beginning in 1937, to be turned into heavy 400-oz. "Coin-Gold" .900 Fine bars that are today stored in such depositories as Fort Knox. Gold ownership was re-legalized in January 1975, through an act of congress.).
Estimated Value $120,000 - 130,000.
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| Unsold |
Lot 2233 |
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1922 PCGS graded Genuine Surface Damage (PCGS # 9173) .
Estimated Value $1,500 - 1,550.
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| Realized
$1,668 |
Lot 2234 |
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1924. NGC graded MS-67. Light even toning and quite choice. A nice radiant gold tint tantalizes the eye from this lustrous Saint, a coin whose mint glow goes round and round. Even this condition of the luster isn't enough. The supporting strike is just as strong, just as superb, with clear definition to the high points. Pop 164; 4 finer, 2 in 67 Star and 2 in 68 (PCGS # 9177) .
Estimated Value $6,000 - 6,500.
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| Realized
$7,763 |
Lot 2235 |
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1925-D. NGC graded MS-65. A nice frosty coin. Very scarce date. Like the 1924-D twenty, the 1925-D also had its rarity level lowered since the mid-20th century by the emergence of a few small hoards overseas. While both dates are similar in overall rarity, the edge in high grades such as this resplendent MS65 goes to the 1925-D. We have not offered a Gem for a year or so, yet we have no need to remind bidders that an MS65 example appearing at auction is an event worth remembering. Typically well impressed for the issue, the devices rise boldly above the fields with solid overall definition. The luster is frosty throughout, the surfaces bathed (dare we say "refreshed") by original reddish-gold color. A tiny set of marks occurs to the right of Liberty's hip; this is the only worthwhile pedigree marker to use.
Regarded coolly, without moving from the chair in which you are seated reading this, we can honestly say that to find another beautiful gem like this, especially at the incredible visual level this coin supplies the viewer, is an undertaking not to be ignored. We could make a big show of it, but will just say that bidders might as well hope to climb Mount Everest or book passage on the first Branson flight to the Moon! Liberty seemingly glides forth from a rich glowing orange rose aura into the bright golden dawn, while a whisper of the same lovely orange and warm gold hues spreads throughout the eagle's plumage on the reverse. Do not let the mintage figure of more than 2.9 million pieces dissuade you; it fails to take into account that most pieces were stored in bank vaults or at the various Treasury buildings and Federal Reserve Banks in the late 1920s and early 1930s. During the gold recall of 1933-34, nearly all the issue was put behind locked doors and later melted (1933-37). The gold bars that resulted were interred in Fort Knox (1937). Only a few individual pieces escaped the melting furnaces. Indeed, the 1925-D double eagle was once considered to be a major rarity. It was only after a few had been brought back from Europe that the price declined and now is within the reach of advanced collectors. Before this time, only an extremely wealthy individual on a par with Andrew Mellon or Edward Green could hope to obtain one. The present Gem gets our nod (and NGC's stamp of approval) for physical originality and attractiveness. It belongs in a world-class collection. Pop 7; 1 finer in 66 (PCGS # 9181) .
Estimated Value $65,000 - 70,000.
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| Unsold |
Lot 2236 |
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1926-S. NGC graded MS-62. Scarce date. Only a fraction of the coins from this issue are believed to remain, from an original mintage of more than 2 million pieces, and the Mint State population dwindles rapidly above the Choice level. This well made MS62 has a pleasing, nearly full strike, and also displays exceptionally appealing vivid gold color. The glowing satiny luster is lovely as well, if not flashy, and helps to accent the well preserved features. A few light contact marks are acceptable (PCGS # 9185) .
Estimated Value $3,000 - 3,200.
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| Realized
$3,565 |
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