Lot 1370
1915. NGC graded Proof 66. A marvelous pale golden Matte Proof example of the last year of issue. Needle sharp and untoned. Only 50 Matte Proofs minted. Technically, this Proof Saint-Gaudens Double Eagle is a sandblast piece, but common usage calls these "Matte Proofs." And a Gem Proof nevertheless, with strong fundamental supporting surfaces free of marks, devoid of spots, tops in its class, and for that matter, mesmerizing to gaze upon. Nicely struck, though not that it matters our saying so since all 1915 Proofs were made with care. They were struck at the Philadelphia Mint on the mint's hydraulic medal press to insure even flow into the die recesses, and a bold relief. The medal press gave the dies a particularly nice "squeeze", which imparted the design superbly. America's sandblast Proofs resulted from some experimentation in 1907 at the mint after it was discovered the earlier mirror-finish with frosted relief quality was impossible to achieve on the new Saint-Gaudens pieces. Owing to the peculiarity of the design, the entire planchet is struck in such a way that the whole surface of the coin loses the brilliant, polished finish so much valued by collectors. The net result was that the coins left the dies with a bright or satiny appearance.
The officials at the Mint decided that since they could not make mirrored Proofs, and wanted something distinctive for collectors, they would sandblast the finished coins in 1908 and 1911-15 (and a few 1907 samples). One reason the sandblast surface was considered too radical is that it would prevent the Mint from putting any rejects into circulation. The few remaining sandblast or Matte Proofs of 1915 are the crème de la crème of numismatics today, with this resplendent Proof 66 example a sterling (or perhaps that should be "golden") jewel for some collector. Pop 9; 1 finer in 67 (PCGS # 9212) .
The U.S. Mint under wartime conditions: When war broke out in Europe in the summer of 1914, the US government quickly closed the New York Stock Exchange and ceased trading gold for fear there would be a run on the Treasury’s stock of coins and gold bars. The 12 Federal Reserve district banks had not yet been opened, and there was also a threat that their stock of gold coins for backing Federal Reserve currency and deposits would be jeopardized. The stock market would remain closed until December. However, contrary to expectations, no panic run on the nation’s gold supply occurred and instead we experienced a bonanza when gold money began flowing into New York from the belligerents in the autumn that year. The warring factions needed to pay for supplies, and they wanted to secure a safe repository during the conflict. Europe had gone off the gold standard in August 1914, when war was declared, but the United States, alone among the major powers, was able to continue issuing gold and conducting gold market operations throughout the conflict. The mints did, however, cease striking Proof gold coins after this 1915 Matte Proof issue, and a final run of Half Eagles, Eagles, and Double Eagles was made in 1916 at the San Francisco Mint before gold coinage ceased. U.S. Double Eagle coinage did not resume until 1920.
Estimated Value $100,000 - 110,000.
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