#10) 1908-S:

The 1908-S has the distinction of being the lowest mintage date (22,000) in the series (aside from the 1907 $20 High Relief) Since we are focusing on mint state examples today, some would be surprised to see this date in the top ten list, however with a certified PCGS population of 121 and an NGC population of 124 in all mint state grades I rank it number 10.

Most Uncirculated coins have soft satiny luster and an adequate strike. There are a small number of heavily abraded and unattractive lower grade mint state coins which came over from Europe in the last few years. None of those coins were above MS-63 in quality. This may be the reason that the CDN bid price has not adequately reflected this date’s value over the last 3 or 4 years. For example; 1908S has a current MS-63 CDN bid of $15,500. These have been trading at auction in the last year for between $19,578 and $21,850. The latter coin I purchased out of the ANR sale in Chicago, July of last year. Needless to say I resold the coin for a profit. The relative grey sheet value of the 1908S should therefore resemble the value of other key date Saints with equal rarity and population.

One date that comes to mind is the 1926-D. The combined certified population of both dates in MS-60-62 is 139(1908-S) and 123 for the 1926-D, roughly equal, yet the 26-D trades for over twice the price of the 08-S. Moreover in MS-63 the 1908-S has a certified population of only 31 while 1926-D has certified population of 50.

Once again, the current CDN bid for the 1926-D is $34,500, more than twice the 1908-S. It isn’t until MS-64 and above that the 1926-D establishes its higher rarity. One could therefore make the argument that the 1908-S is undervalued by today’s price levels. Still, the 1908S has appreciated in the last 10 years climbing from a Jan. 1997 MS-63 CDN bid of $7100 to today’s CDN bid of $15,500.

#9) 1926-D:

The 1926-D has always been considered rare. Most of the original mintage of 481,000 coins is thought to have been melted by the government back in the 1930’s. The only coins that survive today seem to be a few that made it over from Europe back in the 50’s and 60’s and some that were retained by collectors of the day. The PCGS population of 113 and NGC population of 90 in all mint state grades seem to bear this out. The 1926-D is extremely rare in grades above MS-63. When available, the 1926-D is usually well struck with good luster. CDN bid prices for MS-60-64 grades have more than doubled over the last 10 years

#8) 1927-S:

The 1927-S, even with its high mintage of 3,107,000 is another date that did not escape the government’s melting pot. Considered a great rarity even back in the 1940’s, on par with the fabled 1927-D, until a small group of coins were discovered in the 50’s and 60’s. Currently it is still a very rare date, with a PCGS population of 69 coins and an NGC population of 81 coins in all mint state grades. Most of the certified population is for grades below MS-64. When available, the strike can vary from full to being weakly struck in certain areas, however luster is usually good. CDN bid prices for MS-60-64 grades have more than doubled over the past 10 years. Even so, the 1927-S tends to trade for higher than CDN bid prices at public auction.

#7) 1931-D:

The 1931-D is part of what I call “the Fab 5” of dates in the $20 Saint-Gaudens series. The Fab 5 referring to the date run of Double Eagles from 1929-1932. These dates have been some of the most sought after and highest appreciating in the series. The original mintage of 106,500, while low, was not generally released into circulation and the majority of the coins were subsequently melted. The few that survive apparently came over from Europe as it seems that 31-D’s were struck primarily for export. As such, almost no circulated coins have been discovered to date (Certified PCGS and NGC population of only 3)

Total certified mint state population is 95 for PCGS and 50 for NGC. The vast majority of coins graded are in the MS-62-64 grades. When available, the strike and luster are usually strong but they are typically plagued by bagmarks. To illustrate the dramatic rise in value of this date, we go back to Jan. 1997 when MS-63 CDN bid was $16,000. As of January 2007, CDN bid is $75,000, an increase of nearly 370%! In MS-64 they have increased from a Jan. 1997 CDN bid of $21,000, to a current CDN bid of $90,000, nearly a 330% increase. The higher grades have fared nearly as well with MS-65’s increasing from a Jan. 1997 CDN bid of $50,000 to a current CDN bid of $103,000: up 106%. Recent auction results however show MS-65’s selling for $126,500. So in reality the increase has been on the order of 153%

#6) 1932:

The 1932 has the distinction of being the last “Fab 5” date in the run as well as being the last readily collectible Saint-Gaudens double eagle. The mintage figure of 1,101,750 is high; however like the rest of the 1929-32 date run, most were melted by the US government in the early 30’s. Since this date was never released into circulation, no circulated examples are known to exist and none have been graded by either PCGS or NGC to date. The current PCGS population in mint state is 57 and the NGC population is 71. The vast majority of coins graded are in the MS-64-65 range.

When seen, the 1932 is always well struck and lustrous. The 1932, like the rest of the “Fab 5” has appreciated tremendously over the last 10 years. In Jan. 1997 MS-63 CDN bid was $16,000. Current CDN bid is $60,000, an increase of 275%. In 1997 MS-64 CDN bid was $19,000. Current CDN bid is $75,000, an increase of 295%. Gem MS-65’s have also done well, appreciating from a Jan. 1997 CDN bid of $34,000 to a current CDN bid of $88,000, an increase of roughly 160%. However, current auction records show MS-65’s selling for $102,500-$103,500.

#5) 1931:

The 1931 is another date in the “Fab 5” run. Although the mintage of 2,938,250 is considerable, most coins never made it out of the government’s vaults and were subsequently melted. Just like the 1931-D almost no coins entered circulation. The combined PCGS and NGC population of circulated coins is only 2. The PCGS population in mint state is 74 and the NGC population is 40. The vast majority of coins graded are in the MS-63-65 range. The typical 1931 is of high quality with a very good strike and frosty luster. The 1931 is of slightly higher rarity than the 1931-D and 1932 overall, although in gem MS-65 condition both are rarer than the 1931.

In terms of appreciation over the past 10 years, the 1931-P has risen from a Jan. 1997 MS-63 CDN bid of $18,000, to a current CDN bid of $55,000, a 205% increase. In MS-64 they have increased from a Jan. 1997 CDN bid of $24,000, to a current CDN bid of $70,000; a 190% increase. Gem MS-65’s have appreciated from a Jan. 1997 CDN bid of $47,500 to an $85,000 CDN bid today, an increase of 79%. Although current CDN bid does not reflect this, I personally sold a MS-65 coin in the past year for $100,000 wholesale and have witnessed another trade for slightly more.

#4) 1920-S:

The 1920-S double eagle is a classic rarity. The original mintage of 558,000 coins was never widely circulated and it is apparent that most were melted by the government in the 30’s. No group or hoards have ever been discovered and this date does not appear in any groups of coins discovered in Europe. As such, it has been recognized as a rarity as far back as the 1930’s. The PCGS population in mint state is only 46 coins, the NGC population is 49. The vast majority of coins graded are in the MS-60-62 range.

When available, 1920-S is usually weakly struck with mediocre luster. It can be a challenge to find an attractive coin. This date has appreciated in value in all mint state grades over the past 10 years. In MS-63 quality, CDN bid has gone from a Jan. 1997 level of $35,500 to a current CDN bid of $71,000, an increase of roughly 100%. In MS-64, they have risen from a Jan. 1997 CDN bid of $55,000 to a current CDN bid of $135,000; a 145% increase. Gems trade very infrequently, however MS-65 CDN bid has risen from $75,000 to $150,000 in the last 10 years. It is likely that if an MS-65 did appear for sale that it would garner at least $200,000. The most recent MS-66 example sold was out of the Morse sale in November 2005 where it brought $517,500.

#3) 1921:

The 1921 is another classic rarity in the Saint Gaudens double eagle series. Few dates inspire such zeal in collectors. Most of the original mintage of 528,500 coins seems to have been largely melted, as evidenced by the small number of coins left surviving today. While it is probable that a small number of coins made it over to Europe, very few coins have appeared from that source to date. In terms of overall rarity, the 1921 is very similar to the 1930-S, except in grades above MS-63 where the 1921 is significantly rarer. In fact, one could argue that the 1921 is the hardest date to obtain in gem condition in the entire Saint-Gaudens double eagle series.

In Uncirculated grades, the PCGS population is 46 while the NGC population is 45. The vast majority of coins graded are in the MS-60-62 range. When found, 1921’s typically have an average strike with soft satiny luster. This date has done exceptionally well over the last 10 years with MS-60 graded coins rising in value from a Jan. 1997 price of $25,000 to today’s price of $85,000, a 240% increase. Similar results have occurred for MS-62 grade which have climbed from $45,000 back in 1997 to a CDN bid of $145,000 today. This represents a 222% increase. In MS-63 condition, CDN bid has risen from $51,000 in Jan. 1997, to today’s CDN bid of $200,000, a 292% increase. On that note, an MS-63 recently traded in the October 2006 Heritage sale for $218,500. This represents an increase of roughly 330% over 1997’s levels.

#2) 1930-S:

The 1930-S stands out as an important rarity. The original mintage of 74,000 coins was never released into circulation and was then sub sequentially melted. It is therefore likely that the only surviving coins were obtained directly from the mint in 1930. The 1930-S is one of the greatest rarities in the Saint-Gaudens series with fewer coins surviving in all grades than any other date aside from the famous 1927-D. While none were released in circulation, PCGS and NGC show a combined 2 coins graded in AU-58 condition. The remainder of the mint state population shows 38 coins graded by PCGS and 15 coins graded by NGC.

The majority of the coins graded are in MS-63-64 condition. When encountered, the 1930-S usually shows an adequate strike and soft luster, although bagmarks tend to be prevalent. As with the other dates on this list, the 1930-S has appreciated substantially in the last 10 years with MS-63 examples rising from a Jan.1997 CDN bid of $28,000 to $94,500 presently. This is an increase of roughly 240%. It is a similar result for the MS-64 grade which has risen from a 1997 CDN bid of $32,000 to the current CDN bid of $130,000. This represents an increase of 306%. Gem MS-65’s have shown similar appreciation.

#1) 1927-D:

This is it, the king of series as well as being the rarest 20th century US gold coin struck. Although pages could be written about this date, I will try to give you an abridged version. Out of the original mintage of 180,000, only 10-12 coins survive, with the rest being melted by the US mint. Current population data by both grading services support this as there are only 7 coins graded by PCGS and 5 by NGC. When seen, the 1927-D is well struck with excellent luster. In fact, only 2 of the coins graded are below MS-65 quality.

Out of the 10-12 coins estimated to survive, 3 are in the Smithsonian. This leaves at best 9 coins that can obtained by registry collectors. Prices for the 1927-D Saint-Gaudens have skyrocketed in the last 10 years with nearly any example bringing over $1,000,000 dollars. In Jan. 1997 CDN bid for MS-65 grade was $375,000. Current CDN bid is now 1.5M. The finest example graded is the Morse coin (PCGS MS-67) which sold for 1.89M, back in November 2005.

Paul Zappasodi, President
Numismatic Assets Inc.
900 Walt Whitman Rd, Ste 307
Melville, NY 11747
(631) 425-6203 Fax (631) 425-6237
www.numismaticassets.com
Paul@numismaticassets.com

Related posts:

1. The Top Ten Mint State Saints
2. Analysis of a Mint State 1841-D Quarter Eagle by Doug Winter
3. Mint State 1852-C Half Eagles Recently Discoverd to be Auctioned

The only known Plain Edge 1907 ten dollar coin with Wire Rim, designed by Augustus Saint-Gaudens – and likely the only example of his coinage that he ever saw – is among the most historically important pieces in Heritage’s upcoming U.S. Coin auction. It will be offered on Aug. 11, as part of the Official Auction of the American Numismatic Association’s World’s Fair of Money in Boston, MA.

“At the turn of the 20th century, Augustus Saint-Gaudens was one of America’s most prominent artists,” said Greg Rohan, President of Heritage. “In 1905, during Theodore Roosevelt’s second term, Roosevelt convinced Saint-Gaudens to redesign the two largest American gold coins: the ten dollar, or eagle, and the twenty dollar, or double eagle. The results made Saint-Gaudens one of the most famous American coinage artists and secured his lasting fame.”

The coinage designs would be the artist’s final masterpieces. In July 1907, when Saint-Gaudens was going through the last stage of his terminal cancer, two early examples of the ten dollar coin were struck. The edges of these two coins were plain; later Wire Rim 1907 ten dollar coins have an edge design of 46 stars.

“The two Plain Edge coins were patterns, made to see how the coins looked,” said Rohan. “They were the coinage equivalent of an artist’s proof. After the two Plain Edge coins were struck at the Philadelphia Mint, they were split up.”

One was sent to Treasury Secretary George B. Cortelyou, who forwarded it to the President, while the other was sent to Saint-Gaudens at his studio in New Hampshire. This was the only time Saint-Gaudens would see his work in coin form. He died on August 3, 1907, before further work could be done on either denomination.

Archived letters show that the coin Roosevelt saw was eventually sent back to the Mint, while the Saint-Gaudens coin disappears from the record. This coin’s history is largely unknown, and it is impossible to say with certainty whether it was sent to Roosevelt or Saint-Gaudens, but it is a coin of tremendous importance regardless of the answer. Either it was sent to President Roosevelt, whose dedication to coinage redesign had been vital to the whole project; or it went to Saint-Gaudens, the artist who had spent more than two years bringing the President’s ambition to life.

“With the Roosevelt specimen being returned to the Mint, it seems more likely that this is the coin Saint-Gaudens saw,” said Rohan. “The possibility is remarkably poignant: a great artist, just days away from death, gets a glimpse of his last major work. This could be the only Saint-Gaudens gold coin that he ever held.”

The Plain Edge 1907 Wire Rim ten dollar is an important milestone in the history of both coinage and American art. It is listed as Judd-1902 or Pollock-1996 in the standard references and is the only example of the two that is known to have survived. The piece is certified as PR62 by NGC, a coin authentication and grading service.

Heritage Auctions, headed by Steve Ivy, Jim Halperin and Greg Rohan, is the world’s third largest auction house, with annual sales more than $600 million, and 500,000+ registered online bidder members. For more information about Heritage Auctions, and to join and gain access to a complete record of prices realized, along with full-color, enlargeable photos of each lot, please visit HA.com.

Related posts:

1. PCGS Confirms Lettered-Edge Sac and Plain-Edge Jefferson Dollars
2. The Original Plain Edge Coin – 1797 Half Cent
3. 1907 Rolled Edge Indian Eagle and Pedigreed Kellogg $20 Highlight B&M Auction

An $18 million display of two rare Double Eagles accompanied by Boston-related early Americana will be one of the exhibit highlights in the Museum Showcase area at the American Numismatic Association World’s Fair of Money convention in Boston, August 10 – 14, 2010.

The coins in this first-ever display are the finer each of the two known 1861 Philadelphia Mint “Paquet Reverse” gold $20, graded NGC MS67, and 1921 Proof Roman Finish Saint-Gaudens Double Eagle, graded NGC SP64.

[PHOTO CAPTION: 1861-P Paquet $20 NGC MS67 - Formerly in the famous Farouk and Norweb collections, this 1861 Philadelphia Mint "Paquet Reverse" gold $20, graded NGC MS67, will be displayed at the ANA World's Fair of Money in Boston courtesy of Brian Hendelson of Classic Coin Co. (Photo courtesy of Numismatic Guaranty Corporation.)]

Insured for $8 million each, they are being provided for the ANA exhibit by Brian Hendelson, President of Classic Coin Co. of Bridgewater, New Jersey.

“This will be the first time both coins have ever been displayed at the same time and location. It will be a once-in-a-lifetime opportunity for thousands of visitors to see them together up close,” he said.

In addition to these two coins, other historic items in the display from Hendelson’s own collection include one of the few known surviving broadsides of the Declaration of Independence printed in Boston circa July 17, 1776 by printers Gill, Powars and Willis; seven silver spoons crafted by legendary Boston patriot Paul Revere; and a silver teapot and knee buckles made by fellow Colonial era Boston silversmith, Jacob Hurd, that were acquired by a New England family in 1785 and passed down to their heirs for over two centuries.

In descriptive text prepared for the exhibit, ANA Museum Curator Douglas Mudd headlines the Paquet design Double Eagle as “a coin fit for a king.” One of its former owners was the notorious King Farouk of Egypt who amassed a fabled coin collection before he was deposed in 1952. It also was in the famous coin collection of Ambassador and Mrs. R. Henry Norweb.

Nearly three million Double Eagles were struck in 1861 at the Philadelphia Mint, but today only two are known with a slightly modified design on the reverse made by Assistant Mint Engraver, Anthony Paquet, who also engraved the first Congressional Medal of Merit. His lettering on the $20 coin is taller and more slender than the design originally created in 1857 by Chief Engraver James Longacre.

Roman-finish proof gold Double Eagles were struck in 1909 and 1910, but no example of that kind of presentation strike for 1921 Double Eagles was known until only ten years ago when the first one publicly surfaced.

[PHOTO CAPTION:  1921 $20 NGC SP64: Not known to exist until 2006, this gem proof 1921 Saint-Gaudens Double Eagle, graded NGC SP64, is insured for $8 million by owner Brian Hendelson of Classic Coin Co. for its display at the ANA World's Fair of Money in Boston.  (Photo courtesy of Numismatic Guaranty Corporation.)]

“That coin traces its pedigree to Raymond T. Baker, who was director of the United States Mint in 1921,” explained Mudd.

The specimen that will be exhibited at the ANA convention surfaced in 2006 and is “in superb, gem proof condition. Many in the numismatic fraternity feel that this coin will stand the test of time and join its place amongst the Olympians of numismatics,” said Mudd.

“The Smithsonian will be displaying nearby the most valuable non-collectible Double Eagles — the unique 1849 and an example of a 1933. The two coins in this other exhibit are the most valuable collectible Double Eagles,” said Hendelson. “The ANA World’s Fair of Money in Boston will be a golden opportunity to see all these important gold coins in one place at one time.”

For additional information about the ANA World’s Fair of Money, go to www.WorldsFairOfMoney.com.

Related posts:

1. Cardinal Collection of US Large Cents On Display in Boston
2. ANA Museum Showcase Makes National Money Show Debut With Rare Double Eagles and Quintuple Stella
3. 1804 Eagles from Harry W. Bass Jr. Collection on Display at Fort Worth

The war brought inflation, with consequent rising prices in gold and other metals. Double eagle production in San Francisco was halted in 1916 and did not resume until 1920. A large mintage of 558,000 pieces was produced at the San Francisco Mint that year, but the commercial role of the double eagle had changed. The big gold coins no longer circulated freely, and ordinary citizens seldom saw them. Instead, the government and the banking system kept the coins in reserve. By this time, double eagles served two purposes: The government used some, stored in mint bags, to redeem Gold Certificates. Other coins were used as specie payments to foreign governments and banks.

Private ownership of gold became essentially illegal after the Gold Recall Act of 1933, and most of the government-held coins were melted in 1937, converted into gold bars, and transported to Fort Knox. The coins used in international trade largely escaped this fate, and many of them were found decades later in European banks. Enough circulated specimens of the 1920-S exist to suggest that a few bags may have reached circulation, but examples have never been readily available. Almost all of the mintage was melted. The 1920-S issue was the earliest date subject to this destruction, and it is demonstrably scarce today.

Collecting large-denomination gold coins became popular for the first time during the 1940s. Some of the greatest collections of that era included specimens of the 1920-S double eagle and helped establish the 1920-S as a rare and desirable coin. However, it was the Dr. Charles W. Green Collection, sold by B. Max Mehl in 1949, that really put the coin on the map.

Mehl’s usually terse lot description expanded to eight lines on this occasion. He noted that Dr. Green had purchased the coin at the Bell sale for $160 and asserted it was, “One of the most difficult dates and mints of the Double Eagles to obtain.” The Green sale had a dramatic effect on double eagle collecting in general.

According to David Bowers in A Guide Book of Double Eagle Gold Coins, “Collectors and dealers went wild, and great interest was focused on later-date mintmarked double eagles. It is likely that at least several dozen collectors decided to make this a specialty.” The numismatic public became aware of the scarcity of the later-date double eagles for the first time, and demand for them has increased steadily until the present day.

In recent times, many numismatic scholars have studied the rarity of the 1920-S. Walter Breen estimated that less than a dozen examples survived, a figure demonstrably too low in view of current population data. David Akers considers the issue to be the seventh rarest in the Saint-Gaudens double eagle series. In his 2006 book mentioned above, Bowers estimated that there were 45-60 circulated specimens extant, and perhaps 40-60 examples in Mint State grades.

Herirage’s upcoming 2010 April-May Milwaukee, WI CSNS US Coin Auction features a dazzling MS64 example of this rare and popular date. Outstanding eye appeal, rarity, and historical importance make this a prize for the discerning collector. The surfaces display soft, frosty luster with a better than average strike. Crisp detail appears on the berries on the olive branch, and the pillars of the Capitol building can be individually counted–areas frequently soft on this issue. Few abrasions show for the grade, although a planchet void near the eagle’s beak serves as a pedigree marker. The surfaces have attractive, reddish patina yielding to olive at the rim.

The current population reports from NGC and PCGS reflect a combined total of 25 examples of the 1920-S double eagle in MS64, with only eight finer, so trying to improve on the present coin’s MS64 grade will be a daunting challenge. We expect this coin to draw the attention of specialists in the Saint-Gaudens series who are interested in the finest coins available.

Related posts:

1. The Norweb 1921 Saint-Gaudens Double Eagle To be Sold by Heritage
2. Brahin Collection of Key Date Saint Gaudens $20 Gold Coins to be sold on Platinum Night at Fun
3. NGC Certifies Historic Cache of Saint-Gaudens Double Eagles

On Thursday, Jan. 7, 2010, Heritage’s long awaited Platinum Night event at the FUN Convention in Orlando will include a marvelous array of choice and rare U.S. coins. It is part of a larger auction extravaganza that is held in conjunction with one of the two most important coin conventions of the year, that of the Florida United Numismatists (FUN) organization.

The famous collector Jay Brahin has consigned a select group of Saint Gaudens Double Eagles ($20 gold coins) to be sold on Platinum Night. The most valuable piece from the Brahin collection is a 1927-S Saint that is graded MS-66 by the Professional Coin Grading Service (PCGS).

Brahin’s consignment is of just seven coins, yet these are particularly significant. These seven constitute his entire current collection of Double Eagles and were very carefully selected by him. Jay reveals that he had “no intention of selling is coins, but I [Jay] am selling for personal reasons that are completely unrelated to coins or coin markets. I would have liked to have held these coins for a decade or more. Coins are art to me, and I am proud to have obtained these coins. I love the thrill of the hunt. Finding the coin is more gratifying than selling it.”

Brahin started “collecting coins as a kid.” He “filled coin albums with cents, nickels, dimes and quarters. During vacations, I [Jay] would work $20 in change several times over in one day, by going back and forth to the bank. Over the period of a summer day, I would go to a bank eight or nine times. It was fun. I loved it. I fell off the collecting wagon, but I never lost my love of coins.”

As a teenager, Brahin had other interests. Later in life, in 2002, Jay returned to coin collecting. He “always wanted to own a Saint when [he] was a kid.” So, he “turned to Saints.” Jay saw “Dr. Duckor’s Saint set on the PCGS registry, which was then blocked from view, but his e-mail address was briefly posted. I wrote to him and said I was an admirer of his Barber Half set; I inquired about his Saints. Later, we talked about the philosophy of collecting.”

Brahin found that Dr. Steven Duckor was (and still is) one of the leading collectors of Saints and one of the most knowledgeable collectors of early 20th century gold and Barber coins. Duckor became Brahin’s “mentor.” Later, “through Duckor,” Brahin “met David Akers, who was Duckor’s mentor.” Akers is perhaps the all-time leading expert in U.S. gold coins.

At first, Brahin attempted to complete a set of all business strike Saint Gaudens Double Eagles. This set is listed in the PCGS registry. It was “retired” in July 2006. Essentially, Brahin found that he did not have sufficient funds to complete a set of Saints that met his exacting standards for quality.

Though Jay enjoyed building a set of Saints that was missing only five coins, he found that he wanted coins that were “better” than the ones that he had and “more exciting.” Of course, “if [he] had the money,” Brahin “would have tried to complete a whole spectacular set of Saints,” with “all coins being original and high end for [their respective] grades.” Since that goal could not be fulfilled, he decided to sell almost all of his set.

Brahin focused on collecting a small group of really “exciting” Saints that are “condition rarities” and high end for their respective grades. He and Dr. Duckor named this new collection, “The Syrup of Saints,” as it was distilled from his previous set and all the Saints that were available to him.” As Jay “makes quick decisions and pays lightning fast,” Brahin guesses that “dealers often offered their best Saints to me first.” Brahin asserts that “some of my coins are tremendous condition rarities, and opportunities.”

Collectors who have been very interested in Saints may recognize three of the coins that were part of John Kutasi’s collection that was auctioned as part of a FUN Platinum Night event on Jan. 4, 2007. I covered the Kutasi sale for a leading coin newspaper.

I was very impressed by Kutasi’s 1920-S, which is now the Brahin 1920-S. It is graded MS-64 by the Professional Coin Grading Service (PCGS). All of Brahin’s coins are PCGS graded. In order for coins to be entered into the PCGS registry, they must be authenticated, graded and encapsulated by the PCGS. Additionally, all of Brahin’s Saints have stickers of approval from the CAC.

The CAC was founded in late 2007 by John Albanese, who is the primary founder of the NGC in 1987 and was one of the group that founded the PCGS in 1986. A coin receives a CAC sticker if the CAC finds that its grade is at least in the middle of the respective grade range. Further, Albanese and his associates will not approve coins that they find to be artificially toned or surgically altered. For more information on this topic, please see my three part series on natural toning, dipping and coin doctoring (Part 1, Part 2, and Part 3).

In my view, coins with CAC stickers will be of significantly higher quality, ON AVERAGE, than very similar PCGS or NGC certified coins without CAC stickers. All coin experts make mistakes and there will always be legitimate differences of opinion among experts regarding the grades of many coins. Honest differences may relate to the application of accepted criteria or to philosophy regarding the definition of grading criteria.

The CAC, with Albanese at the helm, will pay “competitive prices” for coins in PCGS or NGC holders with CAC stickers. Albanese points out that the CAC “makes markets in the most actively traded coins and in some coins that are not that actively traded.” As for coins for which the CAC is not ‘making a market,’ the CAC “will make a [serious] bid for almost any CAC stickered coin” that is directly offered to the CAC.

In my opinion, the most compelling reason to buy gold coins that are CAC approved is to avoid buying coins that have been artificially toned or doctored. In many cases, when graders at the PCGS or the NGC fail to notice added putties or gels, Albanese finds such artificial substances on certified coins.

Dr. Steven Duckor declares that “I love CAC. It really helps coins and coin markets. CAC stickered coins will bring 10% to 15% more at auction, maybe 20% for Saints.”

(Click here to read about Dr. Duckor’s collection of Barber Quarters that was recently auctioned.)

Brahin reveals that “I didn’t buy a single coin with a CAC sticker. I owned the coins before they received stickers.” This is partly because the CAC was not founded until late 2007 and partly because Jay is an expert grader in his own right. Indeed, Brahin’s knowledge of Saints is respected by expert dealers. Furthermore, Brahin has extensively counseled more than five collectors who seriously worked on PCGS registry sets of Saints. It is my (this writer’s) strong belief that most knowledgeable collectors of gold coins will like and appreciate Brahin’s taste in coins.

Returning to the Kutasi-Brahin 1920-S, I (this writer) stated in my Kutasi sale catalogue that it is very brilliant and very attractive, plus is very sharply struck for the 1920-S issue. It has a small number of contact marks; it is marked to a lesser extent than most certified 64 grade Saints. Honestly, I then noted “why only 64?” Maybe slight, barely noticeable contact on highpoints of the design elements keep this coin from grading 65? Nonetheless, I expected some dealer to buy it, crack it out, and re-submit it in hopes of an MS-65 grade. The PCGS has graded only three to five different 1920-S Saints higher than MS-64.

John Kutasi reports that, “at one time, I owned four 1920-S Saints in four. This was definitely the best one.” Brahin and Kutasi managed to locate most of the certified MS-64 1920-S Saints in existence. Brahin strongly maintains that the PCGS has certified only seven or eight different 1920-S Saints as grading MS-64.

Dr. Duckor observes that “it’s the nicest 64 [grade] 1920-S that I have ever seen. It is not a five. It is extremely sharply struck. This is one of the top two ‘20-S Saints that PCGS has graded MS-64.”

“The 1920-S and the 1921 are comparable,” states Brahin. “The 1920-S and the 1921 are leading crackout coins. They have been cracked out as much as any Saints.”

The crack-out process involves removing a coin from a holder and re-submitting it in hopes of receiving a higher grade from the PCGS or the NGC. It is not unusual for the same coin to be resubmitted many times. The 1921 is considered a key date in the Saint series. Brahin suggests that the 1921 and the 1920-S are of commensurable condition rarity in grades of 64 and higher.

Kutasi formerly owned the Brahin 1925-S, though it is not the 1925-S Saint that was in the Jan. 2007 auction of his collection. Kutasi replaced a Morse collection 1925-S with a 1925-S that was formerly owned by a Midwest physician who has a renowned collection of coins.

Pedigrees regarding Saints can be confusing, especially because Duckor, Morse, Kutasi and Brahin all individually owned more than one representative of many dates. Often, a collector will upgrade by acquiring a better piece and then seek to sell the coin that is being replaced. Philip Morse and John Kutasi, however, seemed to like owning numerous representatives of the same date at the same time. Morse had at least three 1921 Saints, including the finest known. The Morse collection was auctioned in Dallas in November and December 2005.

Brahin purchased the Morse-Kutasi 1925-S privately at the 2007 ANA Convention in Milwaukee. Dr. Steven Duckor exclaims that the Morse-Kutasi-Brahin 1925-S is “spectacular.” Duckor adds, “Jay’s 1926-D is definitely one of the top three to four known of this date.” Duckor has been seriously collecting Saints since the 1970s.

Brahin asserts that the toning on one of the other PCGS graded MS-65 1926-D Saints is “of highly questionable color and it has re-appeared on the market many times over the past decade.” Brahin points out that it has failed to sell at auction more than once, by more than one auction firm. I (this writer) have seen it, and I agree that its color is probably not natural.

The 1926-D issue is extremely rare in grades of MS-65 and above. Many of those 1926-D Saints that are certified as grading MS-64 or higher are ‘low end.’

Before CAC was founded, I wrote that the grade of the Kutasi-Brahin 1926-D is in the middle of the MS-65 range. Plus, it is very sharply struck. John Kutasi remarks that this 1926-D is “gorgeous” and he reports that he “bought it privately from Heritage through Todd” Imhof.

Interestingly, Brahin has identified it as the 1926-D Saint from the Charlotte Collection of Saints that was auctioned in New York in March 1991. This same collection and this same auction yielded the finest known 1927-D for which Jay Parrino was the successful bidder. This 1927-D was later in the Philip Morse collection.

Brahin’s 1927-S is also from the Kutasi collection. It is certainly of tremendous importance to anyone assembling or considering a PCGS Registry set of Saints. It is one of only two that are PCGS graded MS-66 and one 1927-S Saint is PCGS graded MS-67, the Duckor-Morse coin. Also, there is an East Coast collection that is likely to have a 1927-S that grades in the 65 to 67 range, possibly one that has never been certified.

Dr. Duckor remarks that “I like [the Kutasi-Brahin] 1927-S very much. I already had one in MS-67 grade, the one from the Morse sale, pop one. If I didn’t have that one, I would have bought the Kutasi 1927-S in 2007.”

Duckor also states that the Brahin 1929 is “very high end” for its MS-65 grade. The PCGS reports that twenty two 1929 Saints have been graded MS-64, which might amount to more than a dozen different coins, though maybe only ten or so. Five are reported to have been PCGS graded above MS-65. Bidders who do not wish to spend the amount required to buy a PCGS graded MS-65 Saint may find this one to be satisfying.

Brahin discovered that his 1929 Saint was previously in the Dallas Bank-Browning collection, which was auctioned in New York in October 2001. Brahin found it “on the Legend website in 2006 or 2007.” Jay remembers that Laura Sperber was startled by his call and she retorted that “the coin has only been up” on the Legend site “for fifteen minutes.” Jay was quick to secure the Saints that he desired for his collection, or at least to identify ones that he might be enthusiastic about.

Doug Winter, who has authored many articles and books on gold coins, asserts that “Jay Brahin’s 1931-D is a really wonderful example of a really rare issue.” Indeed, in this writer’s view, there may be fewer than one hundred different 1931-D Saints known to the coin collecting community, in all grades, certainly not more than one hundred and twenty-five.

Just eight 1931-D Saints have CAC stickers, two of which are graded MS-65 and two graded MS-66. As for where the Brahin 1931-D fits into the condition rankings, it is hard to tell. Duckor exclaims that Brahin’s 1931-D “is a full strike, original coin that has never been dipped or doctored.”

Duckor concludes that “it is in the upper three coins of the PCGS 65 graded 1931-D Saints.” Four are PCGS graded MS-66. Duckor is thus asserting that Brahin’s 1931-D is among the top seven PCGS graded coins. Therefore, even if as many as three others are better, it could still be in the top ten overall.

Should someone who already has a certified MS-65 grade 1931-D consider purchasing Brahin’s 1931-D Saint? Brahin thinks so. Jay declares that “I am a believer in upgrading. I [Jay] don’t think that anyone should consider a coin in their collection to be static, if a better one comes along.”

Indeed, a central tenet in Brahin’s collecting philosophy is that of “lateral upgrading. It is usually worth a small premium to get a better coin within a grade. I [Jay] did not feel that I had to get the next grade up. Or, if the same date in a higher grade might not be available, then I wanted the best example for each coin in each grade that I could have. A lateral upgrade is almost always worth it. There will always be interest in coins that are strong for the grade. Collectors should not have coins that are questionable for their certified grades. I am always turned off by coins that are low end for their [respective] grades. Each time I look at a low end coin, I get irritated by the reasons why it is low end. If I owned a low end coin, I would get increasingly irritated every time I looked at it.”

Please see this writer’s article on the ‘Widening Gap‘ for a definition of ‘low end,’ with which Brahin “definitely agrees.”! In that article, I discuss the differences between ‘high end’ and ‘low end’ coins and the reasons for price discrepancies. Importantly, there is no need for a collector to become a grading expert in order to buy appealing coins that are ‘high end.’ Reading and asking questions of experts are central to the process of each collector’s education. Plus, learning about, viewing, and collecting coins should be a great deal of fun.

Related posts:

1. Brahin Collection of Key Date Saint Gaudens $20 Gold Coins to be sold on Platinum Night at Fun
2. Coin Profile: The 1920-S Saint-Gaudens Gold Double Eagle
3. The Norweb 1921 Saint-Gaudens Double Eagle To be Sold by Heritage