Reply to Thread

Message:: [QUOTE="GoldFinger1969, post: 25311187, member: 73489"]Saint-Gaudens Hoards By Date: We'll hit the 1924's and 1925's today. Nothing on the 1925, I'll re-hit sources because it's strange to have them for the other mints but not Philly. 1924: This issue's availability stems mainly from repatriated trade coins from Europe and South America. In 1924, about 2.5 million double eagles -- presumably mostly from current coinage -- were shipped to the New York Assay Office and the Federal Reserve Banks for use in international payments. Extensive research by Roger Burdette in this area documents heavy gold exports in 1924, and 1.8 million double eagles were shipped out quickly upon delivery to the distributors at the Federal Reserve Banks and the Assay Office. 1924-D:  Extremely rare prior to 1950’s, but several small hoards changed the scarcity rankings.  Since then a number of small hoards of the 1924-D were uncovered in Europe in the 1950s, 1960s and even the 1970s. 1924-S:   In the past 60 years, the 1924-S has dropped a very long way from once being considered not only the rarest issue of the Saint-Gaudens series, but also the rarest of the entire denomination, surpassing the 1856-O, 1870-CC and the famous proof-only rarities of the 1880s. It was also considered more rare than the 1907 MCMVII Extremely High Relief, the 1927-D and the 1933, all of which are multi-million dollar coins today. The prevailing opinion as late as 1950 was that only three or four specimens of this date were known and, when one sold, it invariably brought an extraordinary price. The C. David Pierce specimen in the 1947 Buffalo ANA sale, a superb gem and the finest known to this day (Simpson-Stellar-Price- "Mr. Lima, Ohio" collections), sold for a remarkable $2,200, a price realized by only a few coins during that era. (For example, John Jay Pittman bought his nearly perfect 1792 Half Dime one year later for only $100 and thought he paid too much.) A four figure price paid for a coin was anything but commonplace then. The reputation of the 1924-S as a rarity was rather short-lived, however, because beginning in the early 1950s and continuing over the next several decades, significant quantities of the 1924-S, and other formerly rare dates such as the 1922-S, 1924-D, 1925-D, 1925-S, 1926-D, 1926-S and 1929, in particular, were found overseas in French and Swiss banks. These coins were returned to the United States as they were acquired by U.S. dealers and their buyers and quickly found their way into the numismatic marketplace and eventually the hands of collectors. By 1956 uncirculated examples of the 1924-S had already dropped into the $300-$350 range and prices continued their decline further over the next 10-15 years. Not many specimens of any of these issues that were found in European hoards were particularly high quality (many great examples of the 1922-S were found later in the Central American hoard, however); generally AU55 to MS62 was typical A small quantity was discovered in the late-1950’s, and then 100+ were found in the mid-1960’s, probably by Paul Wittlin. 1925-D: Mini-hoards in 1950’s, larger European ones in 1960’s.  Merkers Mine Hoard may be responsible for all coins.  Most newly minted 1925-D double eagles were sent to Europe, and remained stored in banks, primarily in Switzerland and France. Analysis of auction and authentication records leads to the conclusion that nearly all known 1925-D double eagles came from European sources, possibly the Merkers Mine hoard. The few genuinely circulated coins are probably from the two cashier’s holdings as the result to payments for gold deposits. A small number of pieces – those now among the very best available – could have been secured direct from the Denver or Philadelphia Mint cashiers. Collectors and dealers of the time, especially those in the Philadelphia area, were known to frequent the mint looking for pieces for their collections. We also have indications that by 1924 or earlier, the Treasurer of the United States was securing new coins for “special purposes” including sale to collectors by mail and in person at the Treasury Cash Room in Washington, DC. The Denver Mint cashier’s statement indicated one 1925-D double eagle was paid out on March 16; possibly for Mr. Morgan’s collection. We also know that compartment #19 in the gold vault contained $30,750,000 in double eagles – probably of 1925 manufacture – that it had been sealed from July 3, 1925 to at least July 1, 1933. 1925-S: 1950’s mini-hoards.  "... the 1925-S is one of the major rarities in the series and has long been regarded as such. Even back in the 1940's it was considered a rarity, not as much so as the 1924-S, 1926-S, and 1926-D, but more or less on par with the 1924-D, 1931 and 1932. I do not recall ever seeing or hearing of any hoards of this issue, not even from the 1950's or 1960's when quantities of many of the Saint-Gaudens issues previously thought to be rare were discovered in European banks." In the 1940s, the 1924-S and 1926-D were perceived as the ultimate rarities of the Saint-Gaudens series, and when those dates became more available due to European finds, the previously unappreciated 1927-D was waiting to assume the mantle. Since virtually all of the specimens later found in Europe were typically in the grades from AU50 to MS62, the 1925-S is still rare today in MS63 and very rare in MS64.[/QUOTE]

Create my FREE Account!

Log in or Sign up

Reply to Thread

Useful Searches