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Sale 57
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Lot 2569
1908 $20 St. Gaudens. With motto. NGC graded Proof 66. An exquisite light tan color gem proof with absolutly immaculate matte surfaces throughout. Only 101 struck in Proof. Those who have yet to make an acquaintance with a Matte Proof double eagle should know that this is truly an impressive example of the Type. As referred to below in our background narrative, 1908 is the first year made available to collectors with the matte finish in this large $20 format. There are no surface flaws we can detect and only faint hairline or two in the fields: everywhere else the surface is pristine, indeed virtually "as made" and therefore superb. Thus, the Proof 66 grade of this coin which stands head and shoulders above the few others seen.
The mint struck a fair number of Proofs of this high denomination gold coin in 1908 in anticipation of increased sales due to the new designs. All were issued with the IN GOD WE TRUST motto, a result of Congressional response to criticism of the action taken by President Roosevelt who eliminated the motto from the newly designed Saint-Gaudens gold pieces in 1907. Roosevelt was a devoutly religious man. He objected to seeing the name of the deity on coinage, and had the courage to impose his convictions on the mint (and thereby on the American public). In 1908, there were two sandblast or matte finishes used, a lighter one of which only 3 are known and the darker finish of the type offered here. This piece very closely resembles the lower denomination Proofs of 1908 which have a coarse-grain finish. Even though the surfaces are deeper in hue than seen on later issues, there is a considerable sparkle of the sandblast finish that is visible when viewed with a loupe.
The 1908 Proof is the first year of the 1908-15 Proof twenties. And though it is true that it is the date most frequently offered among the eight issues in this very rare series, an early writer suggested that an unknown number of Proofs were melted in the mint as unsold on January 2, 1909. Published estimates of the number actually in existence today range from as few as 15 to 25 (Bowers) to as many as 30 to 35 (Akers). We believe the number may have to be expanded to include between 45 and 60 pieces in all grades known today. NGC alone has graded 69 pieces, according to its latest web site enumeration. We can assume many of these are either resubmissions or so-called cross-overs with more than a little duplication in the active number graded. Pop 29; 12 finer, 10 in 67, 2 in 68 (PCGS # 9204) .
Estimated Value $55,000 - 60,000.
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| Realized $57,500 |
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