The Harry W. Bass, Jr. Collection - Part IV
Double Eagles - Lots 916-981
The Harry W. Bass, Jr. Collection - Part IV
Double Eagles - Lots 916-981
Elegant Proof 1881 Double Eagle
An American Numismatic Classic
Incredibly Important
Enlarge Enlarge
916 1881 Proof-65 (PCGS). This stunning Proof has deeply mirrored orange-gold fields and lighter yellow gold devices. Every detail is exceptional with pristine obverse and reverse surfaces. A few hairline scratches on the holder are reflected in the mirrored fields. Very few other hairlines are actually on the surface of this lovely gem. The fields display a watery appearance typical of gold Proofs of this era. A major rarity and an opportunity of incredible importance.
Total mintage for the issue included 2,220 circulation strikes and just 61 Proofs. In his Complete Encyclopedia, Walter Breen estimated just 16 to 20 Proofs survive, along with possibly 12 circulation strikes. David Akers suggested from his experience that 15 to 18 Proofs and 20 to 25 circulation strikes exist. PCGS has graded 18 circulation strikes and 10 Proofs of this issue. Today, we suggest that approximately 15 circulation strikes and 20 Proofs actually survive.
In 1976, Stack’s offered this Proof as part of their ANA Sale: "Estimated 40 specimens released. A superb two-tone example, with a wire edge. Struck in yellow gold with a beautiful glittering surface. Like many of the Proofs in this sale, the coin is medallic in appearance. One of the great rarities in the series, and surely equal to the Garrett specimen which brought over catalogue."
PCGS Population: 4; none finer.
In the wide world of double eagles there are certain Philadelphia Mint double eagles of the 1880s that are seldom seen in high grades or in some instances (1883, 1884, and 1887) only in Proof format. The acquisition of a gem Proof 1881 is the stuff of which numismatic dreams are made–usually a fantasy, not a reality, even for the most moneyed connoisseur. This exceedingly important, truly wonderful coin will attract a lot of attention, as well it should.
From Stack’s ANA Sale, August 1976, Lot 3250.
917 1881-S MS-60 (PCGS). An important opportunity as the only moderately priced double eagle of 1881, with those from Philadelphia as above, being major rarities. Reflective honey gold fields with lighter yellow lustre on the devices.
Purchased from Stanley Kesselman, June 6, 1972.
918 1881-S AU-58. Rich yellow gold with virtually full lustre. Very pleasing surfaces.
Purchased from Robert Roth, December 2, 1969.
Important 1882 Double Eagle
Circulation Strike Rarity
919 1882 AU-50. This is a spectacular example of an important rarity, one of just 590 circulation strikes minted. In addition, 59 Proofs were struck. Sharply struck with lustrous light yellow gold devices and mirrored fields. Very light tooling marks on Liberty’s cheek diminish the effects of very light scratches. Walter Breen reported fewer than eight circulation strikes reported, with another 15 to 20 Proofs.
While it would be very nice to have a piece without the marks mentioned, one cannot be particularly choosy when it comes to circulation strike 1882 double eagles–after all, in the vast panorama of American coin auctions, years will pass between offerings of single pieces.
Purchased from John Rowe, October 1, 1968.
Exceptional 1882-CC Double Eagle
Enlarge
920 1882-CC AU-58 (PCGS). Very light abrasions with exceptional lustre for the grade. This is a delightful example certain to please the most discriminating connoisseur. Just 39,140 were struck. Although examples are not difficult to locate, even in AU quality, coins which match this quality are few and far between.
Purchased from Julian Leidman, May 30, 1972.
Seldom Seen Mint State 1883-CC $20
Enlarge
921 1883-CC MS-60. A scarce issue in Mint State with only a little over one dozen such coins known. Sharply struck with lustrous devices and reflective greenish gold fields. Light abrasions are noted, as expected for the grade. Only 59,962 were struck.
Purchased from Julian Leidman, November 6, 1972.
922 1883-CC VF-30. Moderately abraded light yellow gold with a rim bruise at S in DOLLARS.
Walter Breen described this as a special variety with a raised, round dot right of the center of digit 3. To our eyes, this appears to be a simple rust mark.
Purchased from W.F. Betz, June 22, 1967.
923 1883-S MS-62 (PCGS). Sharply struck with exceptional yellow gold lustre and very pleasing surfaces. A few faint hairlines are visible in the upper left obverse field.
From Superior’s sale of the Gilhousen Collection, February 1973, Lot 931.
924 1883-S MS-61. Very light yellow gold with reflective fields and light cameo contrast. A delightful example with moderate abrasions as expected for the grade.
Purchased from John Smies, June 22, 1967.
Choice Mint State 1884-S Double Eagle
Enlarge
925 1884-S MS-64 (PCGS). This is a very important opportunity to acquire an example for your type collection. Intense yellow gold lustre with deeper yellow toning in the obverse fields. The obverse has satiny lustre with reflective fields on the reverse. This is a condition rarity, with no finer examples grade by PCGS. Very sharply struck with considerable aesthetic appeal.
PCGS Population: 11; none finer.
From Pine Tree’s sale of September 1973, Lot 560.
Mint State 1884-S Double Eagle
Enlarge
926 1884-S MS-63. This is a delightful example with reflective pinkish gold lustre and very slight cameo contrast. Very minor blemishes are visible on both obverse and reverse. Scarce in choice Mint State quality.
Purchased from Stanley Kesselman, August 5, 1968.
Outstanding 1885-CC Double Eagle
Enlarge
927 1885-CC AU-55 (PCGS). Reflective and attractive deep yellow gold surfaces with a few minor hairlines and other scattered surface marks. This prooflike example has considerable cameo contrast. Some weakness is noted on the obverse stars, however, all other details are unusually sharp. This issue has a very low mintage of just 9,450 coins, the third lowest of any Carson City double eagle. Only the 1870-CC and 1891-CC have lower mintages.
From Stack’s sale of the Copeland Collection, April 1967, Lot 1867.
928 1885-S MS-64. A wonderful example with brilliant satiny yellow gold lustre and numerous light hairlines on the obverse.
Purchased from Julian Leidman, November 26, 1969.
Impressive 1886 Double Eagle
Perhaps Only a Dozen Survive
A Numismatic Landmark
Mintage: 1,000
Enlarge
929 1886 AU-53 (PCGS). Moderately abraded surfaces with rich and attractive yellow gold lustre and relatively sharp design definition. Traces of prooflike surfaces remain around the devices. This rarity displays considerable aesthetic appeal.
The 1886 is a great landmark in the double eagle series and, in fact, is one of the most imposing, most impressive issues in all of late 19th-century coinage. Only 1,000 pieces were minted for circulation, with no thought whatever of saving them for numismatic cabinets (collectors, not numerous, who wanted them, bought Proofs instead). Thus, the $20 pieces of this date were placed into circulation, exported, and otherwise released. Later, many were melted. Today the circulation strike 1886 is an incredible rarity, seemingly far scarcer than such well known pieces as the 1854-O, 1856-O, and 1870-CC. As to how many exist, estimates have been as low as a dozen and as high as 20. In addition, the occasional availability of Proofs must be noted and absorbs some of the demand. Otherwise we could expect that a coin such as this would easily cross the $100,000 mark!
One of the glorious things about having a fine coin cabinet is that a collection, gathered with care and held for a period of time, can be a fantastic investment. Harry Bass knew this, and we have no reason to suggest that the philosophy is any less valid today.
PCGS Population: 4; 6 finer (MS-63 finest).
From Stack’s sale of the Shapero Collection, October 1971, Lot 1197.
Spectacular 1888 Doubled Die $20
Reverse Sharply Doubled
Enlarge
930 1888 Doubled Die Reverse. MS-62. Very sharply struck with satiny lustre and minor abrasions. This is a spectacular variety with sharp doubling on the reverse described below. This doubled die reverse is previously unknown, to the best of our knowledge, with Beth O. Piper of our staff first identifying the variety.
The reverse has prominent doubling on TWENTY DOLLARS and minor doubling on the legend. The motto E PLURIBUS UNUM is also sharply doubled as are the edges of the scroll containing this motto. The arrows, arrow shafts, and other details of the device show minor doubling as well.
Purchased from Stanley Kesselman, May 1, 1967.
Lustrous $20 Quartette
931 Quartette of double eagles grading AU-53: I 1888-S I 1891-S I 1892-S I 1902. All are lustrous and attractive. (Total: 4 pieces)
932 1889 AU-58. Lustrous deep yellow gold with a hint of very light green. A lovely example of a scarce date, from a mintage of just 44,070 circulation strikes.
From Superior’s sale of the Gilhousen Collection, February 1973, Lot 942.
Mint State Double Eagle Group
933 Selection of double eagles grading MS-60: I 1889-S I 1893 I 1896 Double Date I 1898-S I 1899-S I 1900-S I 1903-S I 1904-S. Each displays lustrous and attractive surfaces. (Total: 8 pieces)
Choice Mint State 1890 Double Eagle
Enlarge
934 1890 MS-63. This lovely example has frosty light yellow gold lustre and exceptional aesthetic appeal. Several very light scratches in the right obverse field are visible only with careful observation. Just 75,940 circulation strikes were minted. Choice Mint State examples are very seldom offered.
Purchased from Stanley Kesselman, February 4, 1972.
Illustrious 1891 Double Eagle
Among the Finest Known
Enlarge
935 1891 AU-58 (PCGS). This is a rarity among Type III double eagles, one of just 1,390 circulation strikes minted. Sharply struck with attractive orange-gold toning. Reflective obverse with fully prooflike reverse and lovely cameo contrast. A few minor abrasions are noted.
This is one of the very finest circulation strikes in existence. Walter Breen reported 12 circulation strikes known, however, we believe that this is a conservative figure and that there may be as many as 20 in numismatic hands. Whatever figure is used, this is unquestionably one of the rarest of all Liberty double eagles of this design, nearly as rare as the Philadelphia Mint issues from 1881 to 1887.
PCGS Population: 7; none finer.
Purchased from Stanley Kesselman, November 15, 1968.
936 1891-S MS-62 (PCGS). Sharply struck with light yellow gold lustre and moderate abrasions. A pleasing candidate for the type collector.
Purchased from Rowe and Brownlee, July 15, 1968.
937 1892-CC AU-55. A scarce issue from a mintage of just 27,265 coins. Reflective light yellow gold fields with lustrous devices. Attractive cameo contrast. Some minor obverse and reverse roughness is noted on the rims.
From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 2508.
Mint State Double Eagle Group
938 Quintette of Liberty double eagles grading MS-62: I 1893-S I 1894-S I 1900 I 1903 I 1907-S. All are lustrous and attractive. (Total: 5 pieces)
Lovely Mint State 1895 $20
Enlarge
939 1895 MS-64. This is a wonderful choice Mint State example with exceptional frosty lustre. Very minor hairlines are noted only with magnification. Although a common date, this is seldom found in high quality.
Purchased from Stanley Kesselman, February 7, 1972.
940 1895-S MS-62. Satiny pale yellow lustre with minor hairlines and abrasions, mostly on the obverse.
Purchased from Michael Brownlee, April 17, 1967.
941 1896-S MS-62. Lustrous light yellow gold with minor abrasions including a larger vertical mark left of Liberty’s ear.
Purchased from Jack Klausen, June 17, 1968.
942 1899 MS-63. Sharply struck with frosty light yellow gold lustre and minor surface marks, consistent with the grade. An attractive example of this plentiful date.
Purchased from Stanley Kesselman, October 26, 1972.
943 1900 MS-63. A lovely example with frosty light yellow gold lustre.
From Superior’s sale of the Gilhousen Collection, February 1973, Lot 969.
944 1901 MS-63. A low-mintage issue, one of just 111,430 struck in Philadelphia. Frosty light yellow lustre with a touch of deeper toning at the date.
Purchased from Jack Klausen, June 17, 1968.
945 1901-S MS-62. Lightly abraded surfaces with attractive yellow gold lustre.
Purchased from Robert Roth, date unrecorded.
946 1903 MS-63. Sharply struck with soft frosty yellow gold lustre and very minor surface marks. A coin such as this affords an excellent opportunity to acquire the wonderful Bass pedigree for a relatively available coin–ideal for use in a type set.
Purchased from Jack Klausen, June 17, 1968.
947 1903-S MS-63. Lightly abraded yellow gold lustre with sharp design definition.
Purchased from Robert Roth, December 2, 1969.
948 1904 MS-64. A wonderful example of this most plentiful date with deep satiny yellow gold lustre and delightful surfaces.
From Stack’s ANA Sale, August 1976, Lot 3289.
949 1904 MS-63. Another attractive example of this issue for the type collector’s consideration.
Purchased from Stanley Kesselman, August 5, 1968.
950 1904-S MS-63 (PCGS). Lovely honey gold lustre with very minor surface marks as expected for this grade.
From Stack’s ANA Sale, August 1976, Lot 3290.
Important 1906-D Double Eagle
Enlarge
951 1906-D MS-63. An important opportunity to acquire a choice example of the first Denver Mint double eagle. Very sharply struck with exceptional greenish yellow gold lustre.
The Denver Mint, the construction of which began in 1904, opened for coinage this year. The facility was located about 75 miles to the northeast of the Cripple Creek Gold District, which at the time was called the "richest gold camp on earth." One might imagine that this particular coin was struck from metal from that source.
Interestingly, years ago when the late Bill Henderson went on study trips to Cripple Creek with numismatists from the writer’s Summer Seminar class, and with Adna Wilde also as a tour leader, Bill would tell of the financial history of the district. It was his opinion that about $400,000,000 worth of gold was recovered there from the early 1890s through about World War I. At the same time, investors, including quite a few in England, bought large amounts of mining company stocks–spending about $400,000,000 doing so!
Purchased from Dan Messer, August 16, 1971.
952 1907-D MS-63. Light yellow gold with visible hairlines on the obverse. Final year of issue for the Liberty design.
Purchased from the Goliad Corporation, December 16, 1971.
Choice 1907-S Liberty Double Eagle
Enlarge
953 1907-S MS-63. Fully lustrous pale yellow gold with minor surface marks. A pleasing example of this popular issue.
Purchased from World Wide Coin Company, February 16, 1972.
Gem MCMVII High Relief $20
954 MCMVII (1907) High Relief. Wire Rim. MS-65 (PCGS). Accompanied by the notation: "From New England out of Stack’s original St. Gaudens set of 20s and 10s. Proof edge." Satiny deep yellow gold lustre with extraordinary design definition. The surfaces are exceptional with full swirling die polish as normally seen. The overall aesthetic appeal suggests that this was, indeed, a special coin carefully preserved over the years. Was this coin struck as a Proof? We will leave such a determination to potential buyers.
A year has passed since our Bass Collection Part II sale, and we include as follows the well known story of Augustus Saint-Gaudens, as written by us for that particular event:
In 1905 Theodore Roosevelt, who had examined ancient Greek coins on display at the Smithsonian, and who was fascinated with their high relief and artistry, sought to improve the appearance of circulating United States issues. At the time there was a certain sameness among the silver and gold issues in particular, each having a Liberty Head design, the silver issues by Barber and the gold issues by Longacre.
At the time America’s most famous sculptor was Augustus Saint-Gaudens, long of New York City, but in recent years with a studio in Cornish, New Hampshire (today open to the public as a National Historical Site–well worth visiting, by the way). It seems that Roosevelt had at least a passing personal acquaintance with the artist, having encountered him earlier on a train, and having seen him other times as well, including during the modeling for his presidential inauguration medal in March 1905.
The story of Saint-Gaudens’s artistic life is a rather interesting one, replete with turns and twists, and enough curious goings-on that the National Enquirer could well take notice (a few years ago in New Yorker magazine, a descendant of well-known architect Stanford White–a pal of Saint-Gaudens when the artist lived in New York City–wrote a tell-all biography with some virtually unbelievable commentary). However, it is the coins that interest us at present.
Roosevelt commissioned Saint-Gaudens to redesign the entire American coinage from the one-cent piece to the double eagle, providing a stipend of $5,000. In his studio he set about making sketches, most prominently for the cent, $10, and $20. Today these sketches are preserved in the archives of Dartmouth College, located in Hanover, NH, a few miles north of the Saint-Gaudens home.
The artist envisioned that the female figure of Victory would be ideal for the double eagle, this being adapted from the striding figure used in his Sherman Victory Monument completed in 1903 and installed in the Grand Army Plaza at the southeast corner of Central Park, New York City (about a one-minute walk from the Park Lane Hotel where the present Harry Bass sale will take place). Although the finished statuary group includes William Tecumseh Sherman (he of Marching Through Georgia fame) and his steed, it was the female figure of Victory alone that was considered for coinage possibilities. The motif was among the artist’s own favorites, and a number of separate small models of it had been made for sale and distribution.
By late 1906 and early 1907 the motif was well underway. The progress of the project is delineated in a number of places, including the present writer’s 1982 book United States Gold Coins: An Illustrated History. In time, some patterns were made with the field curving abruptly up to a high edge, these being called the Ultra High Relief pieces today. These were found to be unsatisfactory for coinage, and the fields were altered.
At the Mint, Chief Engraver Charles Barber was quite annoyed that President Roosevelt would have the audacity to select an artist from the outside world to design circulating American coins. For many years this had been the purview of the chief engraver and his staff. Indeed, Gobrecht, Longacre, and William Barber–the immediate successors to Charles Barber–had each turned out a string of new coinage designs.
That the Saint-Gaudens motif was innovative there was no doubt. For the first time on a federal coin, the date was expressed in Roman numerals–MCMVII, an artistic touch, but would the public be able to decipher it? More of a problem, and vociferously objected to by Chief Engraver Barber, was the high relief of the pieces. Modern coinage presses, intended to turn out double eagles in quantity and at a high rate, simply could not process dies with such high relief. Instead, they would have to be patiently struck with multiple blows of the coining press, otherwise the design would not be brought up. In a word, the whole project was unsatisfactory.
Theodore Roosevelt liked nothing better than a challenge, and he rose to the occasion admirably. He advised that if only one double eagle could be struck per day, so be it! Further, he fancied himself being engaged in a little war against the Mint, calling the project his "pet crime."
As it happened, the artist was in failing health, and Saint-Gaudens died of cancer on August 3, 1907, never seeing the final completion of his $20. The models, nearly ready, were finessed by his assistant, Henry Hering. Months later, in December 1907, the first pieces were struck. As expected, the high relief did cause problems, and it took three blows of the coining press to bring up the design to its fullest extent, a satisfactory procedure for medals, but hardly one for double eagles–remembering that the $20 piece was mainly used in international transactions, not in day-to-day commerce, and was strictly a utilitarian denomination. Coinage continued, and 11,250 High Relief pieces were struck, enough to satisfy Roosevelt. After that time, Charles Barber and his staff vastly modified the motif, lowered the relief considerably, eliminated the Roman numerals, and created new dies keeping the same basic design, but of different format and style. These were adaptable to high speed coinage from a single blow. In this form (and partway through 1908 with the motto added), the low relief Saint-Gaudens double eagles were produced through 1933.
The advent of the newly minted MCMVII High Relief $20 pieces late in 1907 caused a sensation, and there was a mad scramble to acquire pieces. Immediately the coins sold at a premium, and any bank teller lucky enough to get one could easily get $22 for it, then $25, finally about $30. Later, the novelty faded, and many pieces that had been saved as souvenirs were put back into circulation. Today it is not known how many MCMVII High Relief $20 pieces exist, but our guess is that there are about 3,000 and 5,000 different coins. Every once in a while an author or numismatic publication will take a survey as to what is the finest design among American coins. Without exception, to our knowledge, the MCMVII High Relief $20 has either been selected as the all-time favorite or one of the top several favorites. Considering that there are hundreds of thousands of serious collectors of rare coins, and just a few thousand pieces in existence, it is no wonder that when a specimen such as the present Bass Collection example crosses the block there is a lot of attention paid to it.
Purchased from the Goliad Corporation, April 1980.
Choice MCMVII High Relief $20
Enlarge
955 MCMVII (1907) High Relief. Wire Rim. MS-64 (PCGS). Sharply struck with satiny orange-gold and a trace of green. Not quite as sharply struck as the previous lot, however, still of delightful quality. Traces of swirling die polish as before.
Outstanding MCMVII Saint-Gaudens
Enlarge
956 MCMVII (1907) High Relief. Wire Rim. MS-63 (PCGS). Satiny rich yellow gold with swirling die polish lines as previously. Very sharply struck with all details fully defined. This is another exceptional example for the connoisseur.
Purchased from Julian Leidman, February 28, 1973.
957 1907 Arabic Numerals. MS-63. Frosty light yellow gold with very few trivial surface marks.
From Stack’s sale of the Delp Collection, November 1972, Lot 822.
958 Trio of Saint-Gaudens double eagles: I 1908-D No Motto. AU-55 I 1910 AU-58 I 1910-D AU-58. Each is attractive with nearly full lustre. (Total: 3 pieces)
Certified Gem 1909/8 Double Eagle
Only Saint-Gaudens Overdate
High Condition Census
Enlarge Enlarge
959 1909/8 Overdate. MS-65 (PCGS). A lovely specimen, one of the finest seen, with lustrous bright golden orange surfaces, well struck, and presenting a combination of high technical grade with beautiful aesthetic appeal. Add to this the overdate status, and all the ingredients are on hand for a truly winning double eagle–one that will be a source of joy to its possessor. Before proceeding, we note that PCGS has graded only one finer example, an MS-66.
PCGS Population: 1; 1 finer (MS-66).
The story of the 1909/8 double eagle is interesting, and a sketch of it is given below:
In the year 1909, the production of double eagles at the Philadelphia Mint amounted to 161,282 pieces. No track was kept of the number of overdates, but the present writer (QDB) believes that about 40% of the mintage was of this variety. It has been suggested elsewhere that overdates constituted the majority, but the evidence seems inconclusive.
Regarding the distribution, it is likely that many of the 1909/8 coins remained stateside and were melted in the 1930s. A larger number of regular 1909 coins was shipped overseas, primarily to Europe.
Today, we estimate that perhaps 800 to 1,200 Mint State pieces exist, mostly in grades from MS-60 to MS-63, but enough MS-64 coins are around that the specialist can locate one without a great deal of difficulty. At the MS-65 level, as offered here, the overdate is a rarity.
It is quite interesting to note that until after about 1970, the overdate was considered to be quite scarce, even rare, and the typical example encountered was apt to be AU or a very low level Mint State. The writer recalls looking through quantities of double eagles in the 1960s and not finding any Mint State specimens. In later times specimens in higher grades gradually came onto the market from European sources, so that by 1982, when David W. Akers wrote his marvelous study on double eagles, high-grade specimens were no longer numismatic curiosities. Still, even today, Mint State pieces remain in the minority, and we estimate that perhaps 3,500 to 5,000 lightly worn pieces exist, typically EF to AU. Years ago most old time collections had pieces in this category.
The overdate was discovered at a very early time. The May-June 1910 issue of The Numismatist included this item by Edgar H. Adams:
"Overstruck dates are those where the die of one year has been altered to do service for the succeeding one. The last figure in the date is usually gouged out and replaced by the new one, but seldom is this operation conducted so skillfully that traces of it are not left. Of course the reason for this is to save money in the making of the dies, and the practice has by no means been abandoned altogether, for careful scrutiny of the Saint-Gaudens $20 piece of 1909 will reveal traces of what seem to have been the alteration of the figure 8 to 9."
Today we know that the master die contained the full date, 1908 or 1909 as the case may be. The most likely scenario is that an already made 1908 working die was impressed by a 1909 master die, neatly creating the overdate. There was no "gouging" or alteration of the date figures; one simply appeared over the other.
At the time, Adams was in the forefront of numismatic research. His studies of private and territorial gold coins, published serially in the American Journal of Numismatics a few years earlier still stand today as definitive sources of information. With his friend William H. Woodin, Adams studied patterns carefully, and in 1913 Adams provided the photographs while Woodin wrote the text for the first book published on that topic. His mind knew no rigid boundaries, and in the pages of The Numismatist he was apt to skip from an arcane topic such as colonial copies made in the 1860s by James A. Bolen, to the Proof 1838 $10 piece, to pattern 1879 and 1880 $4 Stellas–and just about everything in between. Adams’ "day job" was as a newspaper reporter for the New York Sun. However, it seems that numismatics must have taken much of his spare time, for he wrote monographs, columns, and helped with dealer catalogues (such as those published by Wayte Raymond and the U.S. Coin Company). By 1920, Adams’ energy seems to have petered out, for his book on American tokens of that date is rather "thin," and cannot stand careful comparison with his magisterial efforts of years earlier on private gold coinage. In the 1920 Adams was heard from sporadically, and in the 1930s certain of his studies relating to early gold coins were published in The Coin Collectors’ Journal, by Wayte Raymond.
As sometimes happens, Adams’ May-June 1910 report of the overdated 1909/8 double eagle seems to have been forgotten. Fast forward to years later. The May-June 1943 issue of Wayte Raymond’s Coin Collectors’ Journal contained a discussion by Abe Kosoff, the New York City dealer who had entered the numismatic trade in 1929 and who in 1937 had established the Numismatic Gallery. He wrote of the 1909/8, noting that "five copies had been discovered," and one of these was illustrated. Until that time, it was virtually unknown to current dealers and collectors. Philosophy was much different in 1943 than it is today, and most dealers had little in the way of a reference library, and only rarely consulted old catalogues and periodicals. Even great rarities were apt to be featured in auction catalogues with simply a one-line description. Although B. Max Mehl could wield a pen with awesome flourishes during that era, laurels for truly authoritative cataloguing must go to John J. Ford, Jr., who joined the New Netherlands Coin Company in 1950, and who by 1952 was creating auction descriptions that went beyond name, rank and serial number–numismatically equal to date, mintmark, and grade. Even a common, ordinary coin, if described by Ford, could become an intense object of possession and desire! The present writer remembers this era well, beginning a year or two later. By 1955, the New Netherlands catalogues were kept at the elbow of just about anyone belonging to the increasing fraternity of collectors and dealers who were interested in history and romance apart from grades and catalogue values. At the same time, Walter Breen was just coming on stream with his research, publishing actively in the Numismatic Scrapbook Magazine and doing cataloguing and other work for New Netherlands.
Going back to 1943 and Abe Kosoff’s "discovery" of the 1909/8: after notice in the Coin Collectors’ Journal, demand for the overdate multiplied. In 1944 the 1909/8 was listed for the first time in Wayte Raymond’s Standard Catalogue of United States Coins, the only widely used pricing reference of the era (the Guide Book would not make its debut until 1946, with a cover date of 1947). Beginning in 1945 the overdate 1909/8 double eagle was added to Richard S. Yeoman’s Handbook of United States Coins, a buying guide. When the Guide Book was published in 1946, the overdate was listed. Beginning with the 1972 edition it was pictured.
Many interesting auction citations could be given for over the years, but the present Bass catalogue is not the appropriate venue. However, it is interesting to reflect what Joseph and Morton Stack had to say about Lot 873 in their sale of the J.F. Bell Collection, December 1944:
"1909/8 Overdate. Recently discovered and in great demand. Beautiful gem in Uncirculated condition. One of the finest known. Rare." This piece realized $273.00, a very generous figure for the era, when a common date double eagle was apt to bring in the $50 to $60 range.
James F. Kelly, the Dayton, Ohio, jeweler and rare coin dealer, launched a newsletter, Kelly’s Coins and Chatter with issue No. 2, August 1948, including this in its question and answer column:
"Was the 1909 Over 8 double eagle a recent discovery?
"A. No. It was written up in the 1910 Numismatist by Edgar H. Adams, page 157. Listed in the 1944 Standard Catalogue for the first time."
Kelly was practicing a bit of oneupsmanship here, and wanted his readers to know that all along the overdate was not a new discovery (to him).
In reiteration, back to the present year 2000, the overdate is no longer a great rarity.
From RARCOA’s sale of the N.M. Kaufman Collection, August 1978, Lot 953. Reoffered from Part III of the Bass Collection, May 2000, Lot 916.
960 1909-S MS-63. A lustrous and attractive example with frosty pale yellow gold.
Purchased from William (Hal) Webber, August 23, 1973.
961 1910-S MS-63. Sharply struck with full light yellow gold lustre. A delightful example.
From Stack’s sale of the Delp Collection, November 1972, Lot 875.
962 1911-D MS-64. An attractive example with sharp design definition and lustrous light yellow gold surfaces. A few scattered abrasions are noted.
Purchased from the Goliad Corporation, April 11, 1972.
963 1911-S MS-63. Light yellow gold lustre with sharp definition and minor surface marks.
From Superior’s sale of the Gilhousen Collection, February 1973, Lot 1012.
964 1912 MS-63. A scarce date with satiny pale gold lustre and very few abrasions.
Purchased from the Goliad Corporation, December 16, 1971.
965 1913-D MS-63. One of the early gold purchases made by Harry Bass, towards the end of the career of dealer Leo Young. Lightly abraded yellow gold lustre.
Purchased from Leo Young, April 14, 1967.
966 1915-S MS-64. Satiny orange-gold lustre with exceptional surfaces exhibiting only a few trivial blemishes.
Purchased from World Wide Coin Company, February 16, 1972.
967 1916-S MS-64. A delightful example with highly lustrous orange-gold surfaces. A common coin, however, with an important pedigree from a famous American collection.
From Stack’s sale of the Garrett Collection, March 1976, Lot 388.
Landmark Mint State 1921 $20
Famous Saint-Gaudens Rarity
Enlarge Enlarge
968 1921 MS-63 (PCGS). Considerable aesthetic appeal with deep and satiny orange-gold lustre and faint bluish highlights. Very sharply struck with exceptional surfaces for the grade. This is certainly one of the highlights among 20th-century double eagles in the current offering of coins from the Harry Bass Collection.
In his Handbook of 20th-Century United States Gold Coins, David Akers noted: "Along with the 1920-S, which is just a bit less rare, the 1921 is the premier condition rarity of the Saint-Gaudens double eagle series. More than half of the total population is in circulated condition, and the majority of the Mint State pieces grade only MS-60. There are some around that grade MS-61 or MS-62, but in MS-63 or higher grade this issue is all but impossible to obtain. I would estimate that only eight to 10 exist in MS-63 condition."
PCGS Population: 5; 5 finer (MS-66 finest).
Notes on the 1921 Double Eagle
Circulation strike mintage: (528,500)
The method of distribution of this date is somewhat of a puzzlement. If several hundred thousand had been shipped to Europe in the 1920s, surely many would have surfaced on the market by now. Perhaps some were shipped to banks stateside and were paid out, thus accounting for wear on most known specimens. In 1933-1934, when double eagles and other high denomination gold coins were called in by Uncle Sam, any specimens in bank reserves would have been redeemed and melted. Even so, this would not explain their rarity. Most likely, most of the mintage was held by the Treasury, never paid out, and went to the melting pot in 1937.
Estimated population (Mint State): 12 to 18.
Very rare in any grade, especially rare in MS-63 or higher. Most pieces seen have been nicked and marked. Most hover around MS-60 and have been graded rather liberally.
Among Saint-Gaudens Philadelphia Mint double eagles of any date, excepting the "impossible" 1933, the 1921 is the rarity of rarities if in gem Mint State. Ordinarily it can be an endless effort to list coins that are not in this or that collection. However, in the present instance it is significant to note that the Dr. Thaine B. Price Collection, formed over a long period of time and with superb quality in mind, lacked a 1921–although all other dates and mints in the 1907-1932 Saint-Gaudens series were gloriously represented. No suitable 1921 was found.
Estimated population (circulated grades): 50 to 70. The usually seen grade for a 1921 $20 is AU, with EF coins also constituting a segment of the population. Even this estimate may be high. In 1982, David W. Akers suggested 40 to 50 pieces. Certification data are not particularly useful due to resubmissions.
The 1921 is a landmark among Saint-Gaudens double eagles. Usually, this is one of the last pieces to be acquired in a set, simply because even the most well-moneyed buyers hold out the hope that they will find a gem, then settle on an AU or whatever else can be found.
Characteristics of striking and die notes: Usually an average strike, not needle sharp in obverse details. Not enough high-grade specimens exist to determine much about lustre or frost, except that the finish of some is more satiny, with somewhat of a "brushed" appearance, than deeply frosty.
Die breaks are seen in many if not most. An MS-61 (NGC) specimen was observed with a die break on the reverse at the left, beginning below the eagle’s beak, extending upward through the beak, into UN (UNITED). Another crack extends through the top of TW (TWENTY) and left side of E upward to the right through STAT (STATES).
An interesting early auction offering:
1944-02: Belden E. Roach Collection (B. Max Mehl), Lot 179: "1921 $20.00 Brilliant Uncirculated. Perfect in every respect. Excessively rare. This is a rather "mysterious" great rarity. According to the Mint report an ample quantity was minted, and until about four years ago it was not thought so rare, but very few collectors owned a specimen. However, in a sale held about four years ago, while this coin was the listed at $150.00, it brought $285. After making some inquiry, I found that not more than four or five specimens were known to exist and also find that it is one of the rarest of all double eagles! It was not in the Hale collection, although the late Mr. Hale made a practice of securing direct from the mint a specimen of each year as issued. I know of several great collections of double eagles in which this rarity is lacking. Since a 1933 double eagle, of which eight or ten specimens are now known to exist and of which a far greater number than the 1921 is reported to have been minted, and to my own personal knowledge a 1933 Twenty sold for $1,600 and I myself handled two of them at a price well over $1,000.00, this is the very first specimen of the 1921 double eagle that I have ever offered. I really believe that the 1921 are equally as rare and valuable as the 1933 and should bring a correspondingly high price. It would not surprise me to see this coin sell for near the four figure mark. In the new Standard Catalog it is listed at $500, and I know of more than one dealer who offered that much for a specimen and could not obtain one. In order to save time I have placed a starting bid of $500 on this coin. The new Standard Catalog states that only 4 or 5 specimens are known." Realized $945.
Purchased from Numismatics, Ltd., March 14, 1973.
969 1922-S MS-63. A popular issue with satiny deep yellow gold lustre, sharp design details, and pleasing surfaces. Beveled obverse and reverse rims are typical of this issue.
Purchased from John Ross, April 25, 1972.
970 1923-D MS-65. A gem with lovely orange-gold lustre and superb surfaces. Although a common date, this will be a welcome addition to the cabinet of any date or type collector.
Purchased from Julian Leidman, May 30, 1972.
971 1924 MS-65. Lustrous bright yellow gold with a hint of orange. Exceptional surfaces.
Purchased from the Goliad Corporation, October 30, 1972.
Mint State 1924-D $20
Erstwhile Rarity
Enlarge
972 1924-D MS-62. A lovely example with moderate abrasions. Frosty orange-gold lustre. This example is sure to be a nice addition to the date collector’s cabinet.
Years ago, circa 1950, the 1924-D was considered to be one of the rarest of all American gold coins–with just a handful believed to exist. In the decades since that time, a few hundred have come to light, primarily in Swiss banks. Today in 2000 the issue remains scarce, even rare, but not incredibly so. Still, finding a choice Mint State example is not easy to do.
Of the branch mint double eagles of the 1920s, much has been written in recent decades, particularly by Walter Breen and David Akers. The present editor’s study will add to the repertoire.
Purchased from Julian Leidman, February 16, 1972.
Attractive 1924-S Double Eagle
Erstwhile Rarity
Enlarge
973 1924-S MS-62. Lustrous light yellow gold with very light surface marks. An attractive example of this popular date.
The same general comment made for the 1924-D can be made for the 1924-S–it was a fantastic rarity years ago, virtually of legendary proportions. Today it is still scarce, possibly even rare, but several hundred pieces exist. Even so, finding a nice Mint State coin is not particularly easy to do.
From Paramount’s sale of May 1966, Lot 663.
974 1925 MS-64. Fully brilliant satiny light yellow gold lustre with very choice surfaces.
Purchased from the Goliad Corporation, October 30, 1972.
Mint State 1926-S Double Eagle
Erstwhile Rarity
Enlarge
975 1926-S MS-62 (PCGS). A pleasing example of this popular date with satiny orange-gold lustre and moderate surface marks. Although far from a common date, this is one of few moderately priced branch mint issues from the 1920s.
A little bit of history is appended:
Notes on the 1926-S Double Eagle
Circulation strike mintage: (2,041,500)
Most were probably retained in the United States and melted in the mid-1930s. However, at least a couple thousand were exported.
Estimated population (Mint State): 450 to 600.
In the 1940s this was regarded as being a rarity; indeed, one of the landmarks of the Saint-Gaudens series. By the end of the 1950s dozens of coins had been found in vaults in France, and additional coins were located in Switzerland, so that by the early 1960s scattered pieces were usually on hand in Zurich to greet visiting numismatists. Since that time additional coins have come to light, to the point at which the 1926-S is rare, but not a prime key to the series. Most are in lower Mint State ranges. At the MS-65 level the 1926-S is a formidable rarity.
The 1926-S $20 was one of 16 earlier-dated gold coins available in Uncirculated condition for face value (plus mailing charge) from the Treasury Department in the summer of 1932. This is significant as it indicates that these were being held in quantity in storage at this time. Unsold pieces were melted several years later (we give this listing under Lot 980 below).
Estimated population (circulated grades): 60 to 100. AU is the typical grade.
Die data: Dies varied slightly by mintmark position.
Characteristics of striking and die notes: Usually seen well struck. However, some show die crumbling at the obverse stars. Some have slightly beveled or rounded rims.
Additional Information
January 1953 search: In The Numismatist, J.F. Bell (Jake Shapiro), of Chicago, Illinois, listed cash prices paid for double eagles. For a VF 1854-O he would pay $125, for an EF 1856-O the offer was the same price, and for the rare Philadelphia Mint issues from 1881 through 1887 it was stated that prices would be given on application. The highest price listed in the advertisement was $1,650 paid for a 1926-S in EF grade. At the time, just a few 1926-S double eagles were known, and it was in the front rank of American gold rarities.
From Lester Merkin’s sale of October 1966, Lot 538.
976 1927 MS-65. A gem example with highly lustrous orange-gold surfaces.
Purchased from the Goliad Corporation, October 30, 1972.
Choice Mint State 1927-S $20
An Important Rarity
Enlarge Enlarge
977 1927-S MS-63 (PCGS). A lovely example with satiny light yellow gold lustre and very few minor surface marks. Although slightly weak on the Capitol dome at the lower left obverse, this being typical, most other details are sharp. The present coin is truly lovely and is fully the equal of many Saint-Gaudens double eagles we have seen in certified MS-64. The borders are beveled, this being a characteristic of the issue (we are not quite sure how this occurred, and anyone with specific information is invited to write; the same situation exists on certain other gold coins).
The presently offered piece is from a very early impression and shows no die cracks or deterioration, quite unlike most known today.
Among Saint-Gaudens double eagles, the 1927-S is highly prized in any grade. We estimate that 50 to 70 exist in grades from EF to AU, and a like number in Mint State, most being toward the MS-60 end of the scale. It seems quite evident upon contemplation that the 1927-S is quite a bit rarer than most people believe it to be. Perhaps it has been too long in the shadow of its cousin, the super-rare 1927-D. Interestingly, decades ago the 1927-S was considered to be rarer than the 1927-D but in the intervening time some 1927-S pieces turned up overseas, whereas the 1927-D has remained stubbornly elusive.
This was a highly prized possession of Harry W. Bass, Jr., a truly elegant specimen, and we expect that the next owner will experience the same pride of possession.
Perfect dies. Truly unusual as most examples have die deterioration and die cracks.
Purchased from Cohen-Messer, August 10, 1972. Reoffered from Part III of the Bass Collection, May 2000, Lot 920.
978 1928 MS-64. A choice example with lustrous orange-gold surfaces.
Purchased from the Goliad Corporation, October 30, 1972.
Choice Mint State 1929 Double Eagle
Beginning the End of the Series
Enlarge Enlarge
979 1929 MS-64 (PCGS). This is the first of a brief series of elusive rarities, including six issues with mintages ranging from 74,000 to 2,938,250 coins. Very few of each were actually released into commerce and eventual numismatic circulation. This example, one of 1,779,750 actually struck in 1929, has satiny light yellow gold lustre and very choice surfaces. David Akers rates this as the 13th rarest issue of the series in Mint State.
An expanded commentary is given below.
Notes on the 1929 Double Eagle
Circulation strike mintage: {1,779,750}
Most were probably retained in the United States and melted in the mid-1930s. However, at least a few hundred seem to have been exported.
Estimated population (Mint State): 125 to 200.
These range from MS-60 up to gem quality. Many display bagmarks and nicks. The 1929 is the most often seen issue after 1928, but on an absolute basis examples appear only infrequently.
Estimated population (circulated grades): 20 to 40. These pieces were probably found overseas. For example, in the 1950s, some 1929 $20 coins turned up in foreign banks, the EF-AU Pittman Collection specimen (sold in Pittman I, Lot 1233, 1997) being an example; this was purchased from James Kelly, of Dayton, Ohio, in February 1956. During that decade Kelly was a major importer of U.S. gold coins.
From Lester Merkin’s sale of October 1966, Lot 543.
Choice Mint State 1931 Double Eagle
Enlarge Enlarge
980 1931 MS-64 (PCGS). This is possibly the single most attractive Saint-Gaudens double eagle in the present sale. Indeed, one of the nicest we have ever seen anywhere. Frosty and fully brilliant light yellow gold lustre with sharp design features and very few minor surface marks. The rarity of this issue, in relation to the other 1929 to 1932 dates, is not clearly defined. 1929 is the least rare of this series, and 1930-S is the rarest, with 1931, 1931-D, and 1932 each approximately equal in overall rarity. David Akers noted that opinions on the rank of these three issues vary with the experience of each individual numismatist.
Some additional thoughts (by QDB) are given below.
Notes on the 1931 Double Eagle
Circulation strike mintage: (2,938,250)
It is likely that extant pieces were retrieved from banks or, in some instances, were bought from the Treasury Department (which at the time was happy to supply current coins to collectors). The number released could not have been large and may have been as few as were in a solitary cloth bag of 500 coins. Mostly likely, the vast majority of this immense mintage quantity was reduced to gold bullion at the Philadelphia Mint in 1937, when wholesale melting of stored coins took place.
Estimated population (Mint State): 50 to 80.
Most are of choice or gem quality, as these never reached general circulation.
The 1931 $20 was one of 16 earlier-dated gold coins available in Uncirculated condition for face value (plus mailing charge) from the Treasury Department in the summer of 1932. This is significant as it indicates that these were being held in quantity in storage at this time. Unsold pieces were melted several years later.
Regarding the Treasury-held pieces, this list was printed in The Numismatist, August 1932: 1907-D $5, 1909-D $5, 1929 $5, 1914-D $10, 1930-S $10, 1932 $10, 1925-D $20, 1925-S $20, 1926-D $20, 1926-S $20, 1927-D $20, 1927-S $20, 1930-S $20, 1931 $20, 1931-D $20, 1932 $20. A number of these issues were later recognized as prime numismatic rarities. Read this and weep (today in 2000)!
Estimated population (circulated grades): 5 to 8. While most survivors are Mint State, a few have had light handling and are in the AU category.
Characteristics of striking and die notes: Usually sharply struck. Some have beveled rims.
From Lester Merkin’s sale of October 1966, Lot 544.
Lovely Mint State 1931-D Double Eagle
981 1931-D MS-64 (PCGS). Sharply struck with satiny light yellow gold lustre and minor surface marks. Pale orange toning highlights the reverse. David Akers ranks this issue as ninth rarest of all Saint-Gaudens double eagles. He further notes: "In MS-64 or better condition, the 1931-D is an extreme rarity, and there may well be only 12 to 15 examples at that level still in existence."
Over the years the opportunity to acquire a 1931-D double eagle has been a special occasion, and one that does not occur often. It is usually only when great gold cabinets come to market that a 1931-D appears on the auction block. The present coin is a fitting end to the Bass Collection Part IV sale, a splendid coin from a splendid collection.
Notes on the 1931-D Double Eagle
Circulation strike mintage: (106,500)
It is a virtual certainty that the vast part of the mintage remained in Treasury Department storage and was melted after gold coins were recalled in 1933. The actual distribution may have been no more than 500 to 1,000 pieces, if indeed that many.
Estimated population (Mint State): 60 to 90.
The typical specimen is attractive, lustrous, and choice to gem quality, but nearly always with noticeable bagmarks. The 1931-D is one of the major rarities in the Saint-Gaudens series, a prize date and mintmark that always attracts attention when offered for sale.
The 1931-D $20 was one of 16 earlier-dated gold coins available in Uncirculated condition for face value (plus mailing charge) from the Treasury Department in the summer of 1932. This is significant as it indicates that these were being held in quantity in storage at this time. Unsold pieces were melted several years later (see listing under Lot 980 above).
Estimated population (circulated grades): 3 to 6, mostly high-grade AU (some of which may be called MS-60).
Die data: The "D" mintmark is deeply punched into the die.
Characteristics of striking and die notes: Always seen sharply struck and of beautiful appearance.
Purchased from Julian Leidman, February 23, 1972.
Bass Sale 4 -- End of Sale
