1907… One Year, Two Iconic Coins

1907 MS64 $20 Liberty and $20 Saint-Gaudens set

Collectors have always had a fondness for transitional coins or situations where two different coinage designs were produced the same year. These instances are few and far between, but are coveted items among numismatists. Some of these transitional pieces are wildly rare; many are worth hundreds of thousands of dollars, if not millions.

The 1907 $20 gold Double Eagles are another example, albeit much more affordable. That year, the United States Mint transitioned from the Liberty head design (which had been in production since 1849), to the modern motif designed by Augustus Saint-Gaudens.

Being such an important coin, the Mint could not afford to cease production while this shift took place. Therefore, in 1907, they continued to strike Double Eagles with the Liberty design until the Saint-Gaudens design was 100% ready. Consequently, the year’s production was split between two different motifs, resulting in two scarcer issues.

Both 1907 Double Eagles are extremely popular for a number of reasons. Since the two issues only saw a partial year’s worth of production, they are both scarcer dates. They are also desirable as the last and first year of their respective design types. The coins are surprisingly rare in MS65, and see a tremendous value jump at that grade level. We like the coins for all of these reasons, but we’re especially drawn to them due to their attractive valuations.

This month, we have put together special two-coin sets for you featuring the 1907 $20 Liberty and $20 Saint-Gaudens gold coins. We only have 20 sets, so call 800-831-0007 or email me today to buy your very own transitional coin set.

History

The $20 Double Eagle traces its roots back to the California Gold Rush, an event that forever changed gold’s role in the national economy.

When the yellow metal was first discovered, private assayers and refiners converted it into bars, ingots and privately-issued coins. These firms served an important role in transforming the raw gold into a more acceptable form, but ultimately merchants and bankers preferred sovereign-issued currency. A need emerged for new government issued-coins - and a minting facility.

The federal government’s first actions were to issue two new gold coin denominations: the gold dollar and the $20 Double Eagle. The task of designing these new coins was assigned to Chief Engraver, James B. Longacre.

Longacre’s design was first tested on a single 1849 Double Eagle; this unique proof specimen resides in the Smithsonian Institute and is considered one of the world’s most valuable coins. This 1849 issue would be the first of many Longacre/Liberty Double Eagles struck. The design remained in place without any significant modification until it was discontinued in 1907.

The very first 1907 Saint-Gaudens Double Eagles were struck in ultra high relief; perhaps 25 or so specimens were produced in this format and all are exceedingly valuable. However, Mint officials quickly realized that this ultra high relief format, while stunningly beautiful, was virtually impossible to strike. The amount of pressure required to bring out the design details was impractical and bordering on impossible. From our past Spotlight coin offers, you have become extremely familiar with the story of the Saint-Gaudens Double Eagle. This is the first time, however, we have been able to offer an affordable example of the 1907 first year of issue. As many of you will recall, Saint-Gaudens proposed an intricate design for the $20 Double Eagle that was extremely difficult to execute. The U.S. Mint was forced to modify the format numerous times, resulting in a number of scarcer varieties.

A scaled-down version in high relief (as opposed to ultra-high relief), was then tested. After 11,250 pieces came off the dies, the Philadelphia Mint cried uncle again. The $20 Double Eagle was needed in large numbers for commercial demand—and the Mint could not afford to slow down production.

The final 1907 Saint-Gaudens Double Eagle was modified so all design details could be struck sharply and completely—without an inordinate amount of pressure and force.

Rarity and Market Value

As Double Eagle collectors and investors know, coins dated 1907 are not frequently seen. In the Liberty series, 1904 is the dominant date—all others are significantly scarcer. As for $20 Saint-Gaudens, one is most likely to encounter coins dated 1908 or 1922-1928. However, this is all anecdotal evidence. The true story is told by the PCGS and NGC population reports.

A review of the census reports shows MS64 1907 $20 Liberties and $20 Saint-Gaudens coins are 41 and 28 times rarer than the most common dates, respectively. This qualifies them as significantly rarer issues in that, if valued correctly, would make them worth many multiples of the most common date. Yet, these two dates are trading for less than double the price of a common date.

For just a 25-40% premium over the price of a common generic date, collectors and investors can buy 1907-dated coins 28-40 times rarer. The significant jump in value to MS65 further solidifies the case for these MS64 coins. Gem (MS65) examples of 1907 $20 Liberties are practically non-existent and are five-figure coins. The 1907 $20 Saint-Gaudens’ are somewhat more available in MS65, but they still cost thousands more than an MS64. This large spread to MS65 gives MS64 specimens room to appreciate.

Take Advantage

In MS64, the 1907 $20 Liberty and Saint are 40x and 28x rarer than the common dates, respectively. Yet, the coins are currently available for far less than double the price of a generic date. We see no reason why these rarer dates should be so undervalued—especially given their added ‘hook’ of being the last and first years of issues.

These two coins have multiple reasons to trade for significantly more than today’s market levels. This is especially true for MS64s, as there is a significant jump in value to MS65. Near-gem MS64s have room to run.

With 1907 $20 Liberties being practically unknown in MS65, the sets we are offering are basically the highest available grade. The same set in Gem quality, if it could be found, would sell for triple the price.

Transitional coins represent a fascinating category in American numismatics. Most are prohibitively expensive, with some fetching seven figures at auction. The 1907 Double Eagles are particularly special as they are both affordable and, in today’s market, significantly undervalued. In MS64, these coins are priced at less than 40% over generic levels, yet are dozens of times rarer.

We only have (20) 1907 two-coin sets (both graded PCGS). In addition, we have (10) 1907 $20 Saint-Gaudens (graded either by NGC or PCGS) that can be purchased separately. We urge you to take advantage of this offer. These two-coin sets possess a superb combination of value, history and opportunity; just like our other $20 Double Eagle offerings, we expect these will sell quickly too.

(20) 1907 two coin set graded PCGS MS64
$20 Liberty
$20 Saint-Gaudens

(10) 1907 $20 Saint-Gaudens MS64
Graded NGC or PCGS

There is no additional cost for shipping, handling or insurance. While supplies last, the price you see is the price you pay.

Call – 800-831-0007 - or email me today to purchase your coins and to take advantage of this low price before the market discovers the price anomaly.

*Prices are subject to change based upon product availability and due to market fluctuation.