Saint-Gaudens Double Eagles
1912 $20 MS66 PCGS. The Philadelphia Mint was the sole producer of double eagles in 1912, issuing deliveries in April, May, June, and December. The issue was exported to a certain extent in overseas trade transactions, although a number of coins also circulated domestically and were used in local trade with Canada. There are hundreds of AU-level examples known, and rare pieces are seen in XF and even VF grades.
Uncirculated survivors usually come with bagmarks. The bulk of the Mint State population grades only MS62 and MS63 -- many of these coming from European hoards -- although pieces are frequently seen at auction in the lower-population grade of MS64. Gems are rare by comparison with their auction availability much more conditioned by the absolute population, and only a handful of Premium Gems are known. Since 1993, we have handled a Premium Gem 1912 double eagle on only six occasions. The most recent was the Duckor MS66+ coin, which appeared more than five years ago in lot 4618 of our January 2012 FUN Signature sale and realized $86,250. No top-grade example has been seen at public auction since. In its top grade, the 1912 Saint-Gaudens double eagle is truly one of the most challenging acquisitions in the series after the absolute rarities like the 1921 and 1927-D.
Nearly a decade ago, Jeff Ambio's updated edition of David Akers' gold coin Handbook, gave an estimate of only six to eight survivors in MS66 or better condition. Today there are nine Premium Gems reported at PCGS (two of which are Plus-graded) and two others are listed at NGC (6/17). Given the extreme rarity of these coins' public appearances, they are either tightly held in strong hands, or there is some duplication in the published figures due to crossovers or resubmissions.
This is a fresh example for the grade, showing a tiny copper spot within the second S in STATES that serves as a pedigree identifier. Smooth, frosty wheat-gold surfaces withstand close scrutiny with a loupe, showing pristine fields and comparably well-preserved design elements. The high points of Liberty's figure are pleasantly devoid of the usual contact marks that appear even on many high-grade specimens. It may be many more years before another top-grade 1912 Saint-Gaudens double eagle makes an appearance at auction.
HID02901242017