1905-S $20 MS64+ 认证号38123866, PCGS号9048

David Akers (1975/88)

For years, most collectors and dealers have used mintage figures as their principal guide in determining the rarity of a particular coin. (PCGS CoinFacts editors note: remember, David Akers was writing this in 1982, before PCGS and population reports. But his comments were very accurate for the time and very interesting for us today.) However, as I have stated many times, mintage figures can be very misleading, and the 1905-S is a perfect example of this fact. With a mintage of 1.8 million pieces, the 1905-S should be quite common, even in Unc. Wrong! Choice mint state pieces are very scarce and I have seen no more than a couple of true gems.