Lot 1388
1927-S. NGC graded MS-63. A popular key date. Attractive light golden toning. As is the case with virtually every other branch mint date in the post-1922 Saint-Gaudens series, the 1927-S always had considerable prestige and has earned a place of honor despite its 3.1 million mintage. There is nothing unusual about three million Double Eagles being struck at San Francisco mint in this year, for the 1920s were a period of rollicking boom-time conditions such that it became known as The Roaring Twenties here in the U.S. (The reason for the coin's rarity is that almost the entire mintage was melted in the 1930s, but that story is for another day.) In the 1940s, the 1927-S was considered by collectors to be one of the Big Four in terms of rarity.
Since then, a few auction appearances of low-end Mint State grade 1927-S double eagles occur, yet this continues as one of the most widely appreciated S-mint rarities of the period. Turnover of "estate" and "name" sales was barely sufficient to supply an increasing collector, and later, sophisticated investor, demand. Most of these coins that are left to us are low-end. They are generally bagmarked MS60 specimens. Choice and better quality examples turn out to be incredibly rare. There was a time when the 1927-S was thought to be even rarer than the legendary 1927-D. Then came the 1950s, and that perception switched places when a few ’27-S example turned up in European bank hoards. But like the 1926-D, the 1927-S never occurs in any quantity. Very few are auctioned today in all grades. We consider it an occasion when we have one to offer. The smart, sparkling coppery gold luster flares into heavy frostiness in a few areas with magnificent smooth flow into all the crevices and even across the more exposed areas such as the fields. Turning to the other key dynamic, we describe a coin that is desirable with this meticulous strike on the figure and face of Liberty. The sun rays and the small Capitol dome by her side show full detail. The eagle, for its part, continues with sharp relief (notice the clear breast feathers) whereby the wings, flight feathers, and all of the breast impression shows. Finally, there are almost no grade-activating marks to draw your critical attention to. All in all a landmark offering of this important rarity. Pop 14; 28 finer at NGC. (PCGS # 9188) .
Estimated Value $40,000 - 43,000.
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