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<p>[QUOTE=&quot;GDJMSP, post: 6358915, member: 112&quot;]It&#039;s true that not very many circulated in the hands of the general public. But that doesn&#039;t mean that the coins weren&#039;t in circulation. Once coins leave the mint - they ARE in circulation, that&#039;s a simple and straightforward fact. Ya see, banks had the coins in large numbers, just like they did silver dollars. $20 gold pieces were the banks cash reserves and they had to be held on hand to back up paper money. A certain number were always kept in coin racks so they could be distributed to the public when the need arrived. Even more were kept in bags in the bank&#039;s vaults. And any time there was a gold shipment, and there was a constant flow of gold shipments - what do you think they were shipping ? The vast majority of the time it was $20 gold pieces.</p><p><br /></p><p>But the main point is this, the only thing that is required for a coin to be considered as circulated is that the coin has some wear on it. And wear occurs on coins even when they are in bags. And also every time they are taken out of a bag.</p><p><br /></p><p>This is all reinforced as being 100% true by the fact that PCGS says a coin with wear can be graded as high as MS67. The very reason they say that is because the vast majority of $20 gold coins have wear on them. But they&#039;re claim is that wear doesn&#039;t count because of how it occurred - while the coins were bags, in bank coin ranks, in coin rolls, etc etc. </p><p><br /></p><p>The point is, if they didn&#039;t come up with this type of excuse, (an ridiculous and illegitimate excuse by the way), then very, very few gold coins could ever be graded as MS. And none of their customers wanted that ! They wanted their coins graded MS, so PCGS came up with that excuse.[/QUOTE]</p><p><br /></p>

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