1907 $20 High Relief, Flat Edge MS(PCGS#9136)

February 2025 Showcase Auction - U.S. Coins

拍卖行

Stack's Bowers

批号

1233

等级

MS64

价格

349,094

详细说明

It is always exciting when we have the opportunity to present a scarce Flat Rim example of this landmark 20th century gold issue. This is a lovely coin whose superior technical quality is matched by exceptional eye appeal. Frosty and smooth with a tinge of pale pink to vivid deep golden-honey color, the surfaces are bright, fresh, and make a strong visual impression. Crisply impressed, as well, and sure to please the astute numismatist who recognizes the scarcity of this perennially popular issue in its Flat Rim variant.<p>The end result of President Theodore Roosevelt's "pet crime" was the High Relief MCMVII double eagle. Despite technical issues trying to strike up the design, as well as the best efforts by Chief Engraver Charles Barber to end the project, Roosevelt's vision finally became reality by the end of 1907. Recently installed Mint Director Frank Leach was delighted to be able to present a couple to the President. As Leach recalls:<p><em>I laid upon his desk a sample of beautifully executed double eagles of the Saint-Gaudens design, he was most enthusiastic in his expressions of pleasure and satisfaction. I certainly believed him when he declared he was 'delighted'. He warmly congratulated me on my success, and was most complimentary in his comments.</em><p>In the end, mass production of the High Relief coins was not feasible and a drastically reduced relief version by Barber ended up winning out, but not before 12,367 coins came off the Mint's presses. Of these, roughly one-third have the Flat Rim. The coins were immediately popular, both among numismatists and Treasury officials hoping to secure a couple for themselves and as gifts. The coins became the hot commodity of their day, so much so that by the time these pieces entered commercial channels through the sub-treasuries and large banking institutions, premiums were very quickly attached to them - up to $30 per piece. As a result, most examples were quickly snatched up by numismatists and others before seeing active circulation. The Flat Rim feature was noted in the numismatic community as early as 1908 and has been frequently collected as a separate variety. As times changed, so too did interest. By the 1920s, the coins no longer carried any sort of premium and many found their way into circulation at that time, more than a few ultimately ending their days in the Treasury Department melts during the Great Depression. This situation was not to last and starting with the postwar prosperity of the 1940s, popularity returned to the High Relief double eagles, the issue soon topping collectors' wish lists. Fortunately, approximately half of the original production run is available today, but even so demand is so great that it continues to outstrip supply. Bidding opportunities such as this are always greeted with keen interest and spirited competition.