Featured A Brief History of the 1907 High Relief Double Eagle

Wow, I forgot about that....yeah, I was thinking $15-$30 or so for moderns or generic Saints/Morgans.

 

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Latest Auction Results: An OGH PCGS AU53 just ended this weekend @ GC and got lots of bids over many weeks....final was $8,500 ($9,563 with bp).

OTOH, an MS64 PCGS Wire Edge did not get any bids at GC; $19,000 to start. That's a bit surprising as recent sales at HA were in that range.

 

Strongly agree.
I'd rather have a nice MS65 1912 than a HR MS64+
HR's do look nice in hand but I never really cared for the scowl.

Also...I have a serious problem grading these coins for some reason.
Until I can figure that out, I'm holding off.

 

What 'scowl' ?

Get Roger Burdette's book on Saint-Gaudens from HA.

 

As I posted in another (similar) thread....prices have been more favorable to BUYERS of late....an OGH PCGS AU53 just got sold for $8,500 excluding BP ($9,600 with bp).

 

HERITAGE AUCTIONS: Bunch of 1907 High Relief's go up for sale next Friday Nov. 20th.

Nice spectrum of grades. Prices have been weak of late.

 

It appears that the demand relative to availability is beginning to even out, causing prices to normalize to a level more in line with the number of straight-graded examples that are actually out there.

 

I'm not sure I understand what you are saying. Could you give more details ?

If anything, I don't think it's demand that has leveled off -- it's not like there was a past surge the last few years or decade or so. I think it's more of a fucntion of buyers more aware of the SUPPLY.

What might have happened is between social media, forums, coin shows, and online auction sites (HA, GC, SB, Ebay) folks realized there was alot out there....so....no crash in prices, but a steady drip-drip-drip.

 

The demand for coins in general has gone down as the current crop of collectors gets older. The 1907 High Relief $20 gold has long been a "trophy coin." Nowadays the younger generation prefers their "trophies" to be houses, cars and women.

 

I'll buy that.

Actually, I'll hopefully buy a 1907 HR even cheaper.

Seriously, what you are saying -- and what Charlottedude might be implying -- is that supply is increasing as the 1907 HR's move out of "weak hands" (folks who inherit the coins from long-time holders).

 

What I mean is that prices are beginning to normalize to coincide with the number of straight-graded examples available in the marketplace, compared to price levels as recent as a year ago (even though multiple examples were available at the time). While demand is generally the "price driver" to a coin's cost, the large number of readily available straight-graded examples didn't support or justify those levels. If demand was so high, why were and why still are so many examples available? I can go on one dealer's website today and find 25+ straight-graded examples alone for sale - with at least 20 of them in MS-63 or higher grade. A beautiful, iconic coin, yes. A rare coin? No. This is the same dealer who had 20 or more of the same coins sitting in his inventory for nearly 3 years now (before COVID could be noted as a factor)... so, if demand was as high as some might think, I believe these coins would have moved by now.
Don't get me wrong... it's still a desirable coin - an almost unique example (the Ex. Hi-Relief version being worthy of its lofty price tag) of the St. Gaudens Double Eagle. I even considered purchasing an AU-55 or AU-58 example several years ago, until I did a little research and realized just how disparate the price levels compared to the sheer number of examples that were actually available. I think it's a good thing that prices on this particular coin are beginning to trend more in line with what one (or at least I) would expect for a coin as available as it is. It's a beautiful example of the type, but I just don't think it's worth the lofty price tag that's been associated with it. Maybe if a nice AU-55/58 example was priced @ $7000-$7500, then I would consider it more in line with its availability, as well as its true demand level.

 

What do you mean, "straight-graded" examples ? You mean graded by a TPG ?

I think it's just that supply fluctuates, though I believe that the auction houses control that supply. By that I mean that they make sure that DOZENS are not available all at once in a weekly auction or in back-to-back auctions. Too many....so they'll tell latercomers "We'll put your stuff up in 6-8 weeks....yours goes up in 2 months....etc."

For example, I see a bunch of 1907 High Relief's for sale on HA next week after a few weeks of nothing.

Really ? Wow...I usually just check the auction sites, not the dealer sites. May have to check in from time-to-time.

That's tying up alot of capital for many dealers. $250,000 at least, I'll bet.

I would LOVE for you to see those prices, because I know that I would pounce. I think the AU-58's are just BELOW $10K without a bp; I suspect AU-55's are probably 20% less so just below $10K including bp.

You might think that C-19 and the lack of coin shows might force a dealer shakeout and dealers/holders to cut the prices of long inventory like 1907 HR's by 10-15% to get the merchandise priced to sell....but many dealers say they aree doing OK. Just checked in with my LCS a few weeks ago and he's doing fine, maybe up a bit from what he would normally expect.

Fantastic thoughts on the 1907 HR, Charlottedude, thanks for sharing !!

 

BTW Charlottedude, I post auction sales of 1907 High Relief's in the other High Relief thread here at CT....but definitely AU-58's down about 20% or so the last 2-3 years, even with gold up nicely.

 

"What do you mean, "straight-graded" examples ? You mean graded by a TPG ?"

Yes - the coins are all in straight-graded/problem-free PCGS or NGC holders - most (20+) are graded MS-63 & up, but there are a few AUs and low-MS graded ones also. If you'd like, I can send you a link to the dealer's website via PM. I've been keeping an eye on auction activity with this coin also, and have noticed the seemingly large numbers being offered at the major auction venues (GC, HA, StacksBowers, Legend, etc....) as well as the slow, but steady downward price trends realized. I'll keep waiting things out to see if price levels settle into a range where I'd be more inclined to purchase one, given the numbers out there.

 

The trouble with the High Relief $20 gold coins in AU or even the low end Mint State grades is that many of them don't have good eye appeal. This design did not fair well in circulation.

 

I think some here use the term to describe a coin that wasn't altered/cleaned, too. That's what confused me.

Sure, thanks !

I keep an eye on HA and GC, have to see how many and what kind SB and LN have as well.

It wouldn't surprise me to see the RELATIVE price of a 1907 HR fall -- by that I mean it stays about the same or drops slightly as gold moves up. Or it can fall further against a flat or falling gold price.

I see the same thing with overvalued stocks -- they can correct bigtime via price, or "grow into" their premium valuation over time by getting less expensive on certain metrics.

 

Yes, not quite as good as that beautiful one you posted here, JM. But we can always hope to get lucky !

 

I didn't really get into the "game" until I inherited my fathers coins (I don't know if he was a collecter or hoarder.) He had a few Morgan Dollars, Peace Dollars, Liberty Walking half dollars, but there was no rhyme or reason with his coins. They were only in a large jar.) After going through his coins, I organized them and found most of his coins were junk. However, to get back to the 1907, I thought it was a pretty coin. It wasn't until I search out information about it and found out the cost, that I lost interest in it. I still don't have an interest. However, about a year later, I west to a coin store and saw the 2009 UHR Gold Coin. It had been graded by PCGS. It came with the shipping box, the wood display box, a book that was still in its wrapper, and the graded coin. I didn't know much about grades, but I knew the higher the number, he more they cost. It had been graded MS 68, which I though was a great grade. I looked it up in the Red Book and other books and magazines and most of them only had a value in them of MS70 or MS69. When I asked around, I was told I would only get a little above melt. Anyway, I liked it, and bought it 10 years ago for $1,300. I would appreciate it if anyone had any idea of sources of coin values.
Anywa, I only buy what I like, and I liked the 1016 gold coins: The Mercury Dime Centennial Gold Coin, The Standing Liberty Centennial Gold Coin, and the Liberty Walking Centennial Gold Coin. I have not had them graded and if they are sold, my son will have to do it, but he likes them too much.

 

Another high pop, high price coin is the 1911D (Strong D) Quarter Eagle. It too is coming down in price. There are almost 500 MS63 at PCGS and yet it is a $12000 coin in that grade. More and more the auction results have been in the $8000 range. I have my eye on that one as well.

 

Jim, because the coin was readily available...and because virtually all the coins are MS68 quality or higher (graded or not)....an actual MS-68 2009 UHR is probably only 5-10% over bullion.

You can see on Ebay what they go for.