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Sale 1
Lot 885
Double Eagle. 1907. Premium Quality. Roman Numerals Date (MCMVII). Augustus Saint-Gaudens' original design for the Double Eagle in Ultra High Relief. Regular Edge Lettering (not inverted). The Norweb Coin, acquired from Albert Fairchild Holder, who obtained this coin directly from the Saint-Gaudens family in 1907. PCGS graded Proof 67. A superb specimen of one of the most famous of all American coin rarities and arguably the most beautiful coin that exists today.
Augustus Saint-Gaudens' original design for the Double Eagle in Ultra High Relief. Normal Edge Lettering (not inverted). Extremely concave fields, double the normal thickness at edge; no border at all, only a knife-rim. MCMVII distant from drapery; Capitol building very small; star well to left of E; star above extreme left corner of T; star above end of left arm of Y; only 2, rather than 3, narrow folds in skirt just past Liberty's right leg (at observer's left), and the oval section of underside of skirt beyond those is very large.
A pristine, flawless example of this most beautiful of all coins. The color, strike, and surfaces are all of extraordinary quality and the coin definitely is as nice as the day it was struck. A more superb Ultra High Relief could not possibly exist.
This stunning numismatic work of art was the brainchild of the famed American sculptor Augustus Saint-Gaudens who, at the personal request of President Theodore Roosevelt, conceived the design concept and drawings for what would become America's most renowned coin. Although Saint-Gaudens preferred the Indian head obverse with the standing eagle reverse, he was overruled by Roosevelt, who ordered up the full figure of Liberty with the flying eagle reverse combination. Dies were prepared by Henry Hering, who was Saint-Gauden's assistant. All the while, the Mint's Chief Engraver, Charles Barber, flatly stated that it was impossible for any mint to make such a coin, and used all his influence to stop the project. Herng prepared plaster models in extremely high relief, "knowing perfectly well they could not stamp it in one strike, my object being to have a die made of this model and then have strikes made in order to see the various results." (Numismatist, 1949, P. 455) Hering then convinced Barber that experimentation was necessary and Barber finally agreed to make the dies. Hering returned to the Mint in February 1907 to "see how the experimental model of the first die would work out; so a circular disc of gold was placed in the die and by hydraulic pressure of 172 tons, I think it was, we had our first stamping, and the impression showed little more than one half of the modeling. I had them make a cast of this for my guidance. The coin was again placed in the die for another strike and again it showed a little more of the modeling, and so it went, on and on, until the ninth strike, when the coin showed up in every detail."
The exact number of pieces struck is not known and opinions vary. Adams and Woodin stated that "eighteen pieces are said to have been struck." An article in the 1909 Numismatist, indicated that "thirteen coins were struck." Later, in 1920 another article in the Numismatist stated that "nineteen pieces were struck, two of which were destroyed in Mint experiments or tests." Both Judd's book and the Scott encyclopedia indicate that 22 were struck with two subsequently melted.
Although the number minted actually is open to question, Aker's estimates that no more than 13 to 15 are known. Two specimens are located in the Smithsonian Institution, another which came directly from Charles Barber's estate is permanently impounded in the American Numismatic Society. One has a plain edge, another three have inverted edge lettering.
The medallic relief was too much for the dies, obviously a small number were struck, and at least one piece is known with a die crack extending from the reverse rim at 8:30 o'clock towards one of the suns rays. All were struck like medals, and have a satin finish, and are designated as "Proofs".
Of the handful produced, most were given away by President Theodore Roosevelt as presentation pieces, which became known as Roosevelt's "pet crime". Barber apparently squirreled at least one away (now in the ANS), the others soon showed up in prominent collections. A roster of the known specimens include:
1) Mint, Smithsonian Institution
2) Lilly, Smithsonian Institution, probably one of 7 to 11 below.
3) Charles E. Barber, ANS
4) Theodore Roosevelt Museum.
5) Theodore Roosevelt, unnamed close personal friend, Ullmer:546, $200,000 to Manfra, Tordella and Brookes.
6) Clapp, Eliasberg 1021, $242,000, M. Brownlee for the Harry Bass Collection
7) Col. E. H. R. Green, Bell I, Stack's 1944, 867A
8) Kreisberg-Schulman 2/61: 1417.
9) Farouk: 296.
10) Kern: 626.
11) Saint-Gaudens, President Roosevelt, Cornelius Van Schaak Roosevelt, 1967 to Smithsonian Institution.
12) Inverted edge letters (edge reads with obverse up). Only three reported. 1956 ANA: 1773, Dr. Wilkison, Paramount, A-Mark, Auction '80:977, $230,000; Trompeter Estate.
13) Inverted edge letters, "Mint employee", Saint-Gaudens family, Captain Andrew North (in cased set), Stack's exhibited at 1956 ANA Convention, dispersed ca 1980, "The Rarest" New England Rare Coin Galleries, Boston Jubilee: 323, $175,000; Auction '85: 983, to Manfra Tordella & Brookes
14) Inverted edge letters, Kosoff Estate, 11/85:848.
15) Plain edge, cased set as #13 above, John Danruther, private collection, "The Rarest" (1980), Swiss Banking Corporation.
The above handful of coins represent, beyond doubt, the supreme triumph of medallic achievement at the Philadelphia Mint. Though issued over the most vigorous objections of Mint Engraver Barber, despite administrative and technical difficulties almost beyond belief, including officious interference overtly intended to sabotage the project, on behalf of the dying Saint-Gaudens, who never got to see any of the finished coins, but who is remembered for them today far more for his life size sculptures all over New England. The art expert Cornelius Vermeule has justly compared this issue to the Nike of Samothrace.
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| Realized $1,210,000 |
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