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Sale 74
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Lot 1908
1908 $20 St. Gaudens. With Motto. NGC graded Proof 66. A total of 101 Matte Proofs were struck. As noted, the Philadelphia Mint struck one more than an even hundred Proofs of this high denomination gold coin rarity in 1908. All were issued with the IN GOD WE TRUST motto similar to the Indian $10 Proofs this year, 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 through the US Department of the treasury (and thereby on the American public). In 1908, there were two sand-blast 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 other denomination gold Proofs of 1908 which have a coarse-grain finish. The surfaces are deeper in hue than seen on later issues, and there is a considerable sparkle in 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 obtainable 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 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, now that the advent of third-party grading helps clarify the census. (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.) A connoisseur’s coin and one we expect to attract wide attention and active bids. Pop 24; 10 in 67, 2 in 68 (PCGS # 9204) .
Commentary: With Congress about to debate return of the motto IN GOD WE TRUST to the Double Eagle (and $10 Eagle), on February 20, 1908, the mint had struck a pattern double eagle with the motto on the reverse for President Roosevelt to approve. Legislation requiring the motto easily passed Congress and was signed on May 17. By May 23, the mint had made new patterns of both ten and twenty dollar coins for final approval. After June 17, 1908, all the new design gold coins carried the required inscription.
Estimated Value $50,000 - 55,000.
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| Realized $71,875 |
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