20th century Coins
Except otherwise stated, all results include the premium.
See also : Coin US gold coins Chinese coins Cent and dime
Chronology : 1933
See also : Coin US gold coins Chinese coins Cent and dime
Chronology : 1933
1907 Ultra High Relief Double Eagle
Intro
1907 Saint-Gaudens Double Eagle. Ultra High Relief. Compare 4 coins : first trial (will be sold by Stack's Bowers on February 3, 2026, lot 25165 ; previous sale by Heritage on August 3, 2012, lot 5434 ; ex Eliasberg-Bass (sold by Heritage on August 10, 2023, lot 9082) ; ex Wilkison (sold by Heritage in November 2005, lot 6522 and by Stack's Bowers on June 29, 2012) ex Norweb (sold by Heritage on February 24, 2021, lot 3802).
The 1907 Saint-Gaudens Double Eagle Ultra High Relief (UHR) is one of the most iconic and rare U.S. coins, representing a pattern struck to test Augustus Saint-Gaudens' ambitious design. Approximately 20 examples are known across all varieties, distinguished primarily by edge lettering treatments used during experimental strikings in three phases. These required multiple strikes (up to 11) on a medal press due to the extreme relief, making production impractical and leading to the lower-relief versions for circulation. The four coins you referenced are distinct examples, each with unique edge varieties, grades, pedigrees, and auction histories. Below is a comparison in table format, focusing on key attributes like condition, rarity, ownership history, and market performance. All are proof strikes and share the same obverse (Liberty striding forward with torch and olive branch) and reverse (eagle in flight over sun rays) designs, but differ in edge details and subtle striking characteristics.
First Trial (Upcoming Stack's Bowers Feb 3, 2026, Lot 25165; Prev. Heritage Aug 3, 2012, Lot 5434)
Sans Serif (Gothic) Lettered Edge (1906 style, uncertain orientation)
PR-58 PCGS R.8 (3 struck, 2 known)
Discovered early 1990s; experimental piece from first striking phase
Heritage Aug 2012: $1,057,500; Stack's Bowers Feb 2026 February 3, 2026, $ 840K
Among the earliest UHR strikes; used 1906 collar; semiprooflike fields with light wear; razor-sharp details but minor contact marks; one of the rarest varieties.
ex Eliasberg-Bass (Heritage Aug 10, 2023, Lot 9082)
Inverted Edge Lettering (Judd-1909, Pollock-2003, JD-4)
PR-69 PCGS High rarity R.7 (scarce among ~20 total UHR)
Ex: Clapp (acquired by Eliasberg 1942); Eliasberg; Harry W. Bass Jr. Core Collection
Heritage Aug 2023: $4,320,000
Tied for finest known; numismatic masterpiece with semiprooflike reflectivity and exceptional strike; landmark rarity from second striking phase.
ex Wilkison (Heritage Nov 2005, Lot 6522; Stack's Bowers June 29, 2012)
Lettered Edge (likely inverted based on similar PR-69 examples)
PR-69 PCGS High rarity R.7 (scarce among ~20 total UHR)
Ex: Dr. Thaine B. Price; Wilkison Collection
Heritage Nov 2005: $3,000,000; Stack's Bowers June 2012: $2,760,000 (Lot 4438)
Tied for finest known; superb preservation with sculptural relief; from mid-striking phase; sharp definition and luster.
ex Norweb (Heritage Feb 24, 2021, Lot 3802)
Normal Edge Lettering (JD-3)
PR-68 NGC Low rarity R.7 (scarce among ~20 total UHR)
Ex: Norweb Collection
Heritage Feb 2021: $3,600,000
High-end example from third striking phase; outstanding eye appeal with frosted devices and mirrored fields; considered a pinnacle of U.S. gold coinage artistry.
The unique coin stamped ASG is graded PR68 by NGC and PCGS. In 1908 after the yearly destruction of the outdated tools, it was found that the informal promise to provide a sample to the Saint-Gaudens estate had not been met. When the widow claimed, the Mint chose to part with one of the pieces kept in its cabinet rather than recreating the tools.
The widow had marked the ASG initials on the edge of her coin before presenting it in long-term loan to the American Numismatic Society. Withdrawn many years later from ANS by the Saint-Gaudens estate, it was sold for $ 2.1M by Heritage on January 7, 2015, lot 4412.
These coins exemplify the UHR's evolution through experimental edges to achieve feasible production. Higher grades (PR-68/69) command premium prices due to superior strike and surfaces, while the Sans Serif variety's extreme rarity boosts its appeal despite the lower grade. Values have appreciated significantly, reflecting demand for these "most beautiful" U.S. coins.
The 1907 Saint-Gaudens Double Eagle Ultra High Relief (UHR) is one of the most iconic and rare U.S. coins, representing a pattern struck to test Augustus Saint-Gaudens' ambitious design. Approximately 20 examples are known across all varieties, distinguished primarily by edge lettering treatments used during experimental strikings in three phases. These required multiple strikes (up to 11) on a medal press due to the extreme relief, making production impractical and leading to the lower-relief versions for circulation. The four coins you referenced are distinct examples, each with unique edge varieties, grades, pedigrees, and auction histories. Below is a comparison in table format, focusing on key attributes like condition, rarity, ownership history, and market performance. All are proof strikes and share the same obverse (Liberty striding forward with torch and olive branch) and reverse (eagle in flight over sun rays) designs, but differ in edge details and subtle striking characteristics.
First Trial (Upcoming Stack's Bowers Feb 3, 2026, Lot 25165; Prev. Heritage Aug 3, 2012, Lot 5434)
Sans Serif (Gothic) Lettered Edge (1906 style, uncertain orientation)
PR-58 PCGS R.8 (3 struck, 2 known)
Discovered early 1990s; experimental piece from first striking phase
Heritage Aug 2012: $1,057,500; Stack's Bowers Feb 2026 February 3, 2026, $ 840K
Among the earliest UHR strikes; used 1906 collar; semiprooflike fields with light wear; razor-sharp details but minor contact marks; one of the rarest varieties.
ex Eliasberg-Bass (Heritage Aug 10, 2023, Lot 9082)
Inverted Edge Lettering (Judd-1909, Pollock-2003, JD-4)
PR-69 PCGS High rarity R.7 (scarce among ~20 total UHR)
Ex: Clapp (acquired by Eliasberg 1942); Eliasberg; Harry W. Bass Jr. Core Collection
Heritage Aug 2023: $4,320,000
Tied for finest known; numismatic masterpiece with semiprooflike reflectivity and exceptional strike; landmark rarity from second striking phase.
ex Wilkison (Heritage Nov 2005, Lot 6522; Stack's Bowers June 29, 2012)
Lettered Edge (likely inverted based on similar PR-69 examples)
PR-69 PCGS High rarity R.7 (scarce among ~20 total UHR)
Ex: Dr. Thaine B. Price; Wilkison Collection
Heritage Nov 2005: $3,000,000; Stack's Bowers June 2012: $2,760,000 (Lot 4438)
Tied for finest known; superb preservation with sculptural relief; from mid-striking phase; sharp definition and luster.
ex Norweb (Heritage Feb 24, 2021, Lot 3802)
Normal Edge Lettering (JD-3)
PR-68 NGC Low rarity R.7 (scarce among ~20 total UHR)
Ex: Norweb Collection
Heritage Feb 2021: $3,600,000
High-end example from third striking phase; outstanding eye appeal with frosted devices and mirrored fields; considered a pinnacle of U.S. gold coinage artistry.
The unique coin stamped ASG is graded PR68 by NGC and PCGS. In 1908 after the yearly destruction of the outdated tools, it was found that the informal promise to provide a sample to the Saint-Gaudens estate had not been met. When the widow claimed, the Mint chose to part with one of the pieces kept in its cabinet rather than recreating the tools.
The widow had marked the ASG initials on the edge of her coin before presenting it in long-term loan to the American Numismatic Society. Withdrawn many years later from ANS by the Saint-Gaudens estate, it was sold for $ 2.1M by Heritage on January 7, 2015, lot 4412.
These coins exemplify the UHR's evolution through experimental edges to achieve feasible production. Higher grades (PR-68/69) command premium prices due to superior strike and surfaces, while the Sans Serif variety's extreme rarity boosts its appeal despite the lower grade. Values have appreciated significantly, reflecting demand for these "most beautiful" U.S. coins.
1
2023 SOLD for $ 4.3M by Heritage
President Roosevelt used to shake up preconceptions, often with common sense. In December 1904 he wrote to the Secretary of the Treasury that the U.S. coinage is an "atrocious hideousness" and suggested to entrust Augustus Saint-Gaudens to redesign the gold coins. The original of the typed letter, signed by the President, was sold by Heritage on August 3, 2012 for $ 94K.
For his second inauguration in 1905, Roosevelt required Saint-Gaudens to design a medal in parallel of the version traditionally handled by the official mint departments. He realized his models as high relief medallions from 28 to 36 cm in diameter.
The result pleased that stubborn President. He commissions in January 1906 Saint-Gaudens to prepare a new design inspired by the high relief of the antique Greek coins that they both admired in the collections of the Smithsonian.
Experienced in the design of medals, Saint-Gaudens knows nothing about industrial production. The conduct of the project will be marked by his bad relationship with Chief Engraver Charles Barber.
The double eagle in Ultra High Relief prepared by Saint-Gaudens is featuring on the obverse a standing figure inspired by the Victory of Samothrace and on the reverse the Gobrecht flying eagle.
Already hit by his terminal cancer, Saint-Gaudens stubbornly began this task, starting with the top gold coins : the eagle ($ 10) and the double eagle ($ 20).
The first trial of the double eagle, in February 1907, fails : one of the dies breaks, preventing the fourth and last unit from being completed, its edge being left plain. A coin from that first group, graded PR58, was sold for $ 1.06M by Heritage on August 3, 2012, lot 5434 and will be sold by Stack's Bowers on February 3, 2026, lot 25165. It is recognizable by a sans serif typography on the edge, from a design used at the Mint on the previous year which will be soon abandoned.
After repair of the tooling plus some minor modifications, a second campaign is carried out, in two variants : several parts have an inverted position of the edge inscription. About thirteen coins were minted between March and July 1907
The process had taken seven strikings in the high pressure hydraulic press, normally used for very small quantities..Between two strikings, the piece was annealed and then washed in nitric acid to maintain the highest possible purity of the gold surface. The result was superb from the viewpoint of the color and brilliance of gold but it was impossible to consider such a technique for producing the big quantities needed for currency.
Saint-Gaudens dies in August 1907. Barber knew from the start that this Ultra High Relief which Roosevelt liked so much was impossible to industrialize. 361,667 double eagles are finally minted in December, reusing the Saint-Gaudens design with a flattened relief.
On December 31, an additional production of three UHR pieces is carried out at the request of the Mint Director.
The UHR coins were initially distributed to government officials and Mint personnel. A reconciled Barber finally acquired eight of them.
A UHR double eagle was sold for $ 4.3M by Heritage on August 10, 2023, lot 9082 in the fourth sale of the Harry Bass core collection. Please watch the videos shared by the auction house. This near perfect coin features a razor sharp definition with a semiprooflike reflectivity. It bears a provenance from the Clapp collection which had been acquired in its entirety by Eliasberg in 1942.
Another wonderful piece of gold may sustain with it the claim of being the finest coins of the 20th century. This Ultra High Relief $ 20 coin was also graded PR69 by PCGS. It was sold for $ 3M by Heritage in November 2005, lot 6522 and for $ 2.76M by Stack's Bowers on June 29, 2012. The video is shared by Stack's Bowers.
For his second inauguration in 1905, Roosevelt required Saint-Gaudens to design a medal in parallel of the version traditionally handled by the official mint departments. He realized his models as high relief medallions from 28 to 36 cm in diameter.
The result pleased that stubborn President. He commissions in January 1906 Saint-Gaudens to prepare a new design inspired by the high relief of the antique Greek coins that they both admired in the collections of the Smithsonian.
Experienced in the design of medals, Saint-Gaudens knows nothing about industrial production. The conduct of the project will be marked by his bad relationship with Chief Engraver Charles Barber.
The double eagle in Ultra High Relief prepared by Saint-Gaudens is featuring on the obverse a standing figure inspired by the Victory of Samothrace and on the reverse the Gobrecht flying eagle.
Already hit by his terminal cancer, Saint-Gaudens stubbornly began this task, starting with the top gold coins : the eagle ($ 10) and the double eagle ($ 20).
The first trial of the double eagle, in February 1907, fails : one of the dies breaks, preventing the fourth and last unit from being completed, its edge being left plain. A coin from that first group, graded PR58, was sold for $ 1.06M by Heritage on August 3, 2012, lot 5434 and will be sold by Stack's Bowers on February 3, 2026, lot 25165. It is recognizable by a sans serif typography on the edge, from a design used at the Mint on the previous year which will be soon abandoned.
After repair of the tooling plus some minor modifications, a second campaign is carried out, in two variants : several parts have an inverted position of the edge inscription. About thirteen coins were minted between March and July 1907
The process had taken seven strikings in the high pressure hydraulic press, normally used for very small quantities..Between two strikings, the piece was annealed and then washed in nitric acid to maintain the highest possible purity of the gold surface. The result was superb from the viewpoint of the color and brilliance of gold but it was impossible to consider such a technique for producing the big quantities needed for currency.
Saint-Gaudens dies in August 1907. Barber knew from the start that this Ultra High Relief which Roosevelt liked so much was impossible to industrialize. 361,667 double eagles are finally minted in December, reusing the Saint-Gaudens design with a flattened relief.
On December 31, an additional production of three UHR pieces is carried out at the request of the Mint Director.
The UHR coins were initially distributed to government officials and Mint personnel. A reconciled Barber finally acquired eight of them.
A UHR double eagle was sold for $ 4.3M by Heritage on August 10, 2023, lot 9082 in the fourth sale of the Harry Bass core collection. Please watch the videos shared by the auction house. This near perfect coin features a razor sharp definition with a semiprooflike reflectivity. It bears a provenance from the Clapp collection which had been acquired in its entirety by Eliasberg in 1942.
Another wonderful piece of gold may sustain with it the claim of being the finest coins of the 20th century. This Ultra High Relief $ 20 coin was also graded PR69 by PCGS. It was sold for $ 3M by Heritage in November 2005, lot 6522 and for $ 2.76M by Stack's Bowers on June 29, 2012. The video is shared by Stack's Bowers.
2
PR68 NGC
2021 SOLD for $ 3.6M by Heritage
A coin graded PR68 by NGC was sold for $ 3.6M by Heritage on February 24, 2021, lot 3802. An example in the same grade by PCGS was sold for $ 1.84M by Heritage in January 2007.
On the heels of the successful FUN auctions, Heritage Auctions is proud to present a diversified selection of more than 24 American gold and silver coins, all from The Paramount Collection.https://t.co/4dnHSsego6#USCoins #CoinCollectors #Numismatics pic.twitter.com/1ogUX1JSMk
— Heritage Auctions (@HeritageAuction) February 9, 2021
1911 Long Whisker Dragon Pattern Dollar
2022 SOLD for $ 3M by Stack's Bowers
The standardization of the currency is essential for maintaining some political unity in China. The production of coins is centralized in Tianjin and the dollar replaces the complicated system based on fractions of the tael.
The Tianjin mint survives the changes of regime : the fall of the Qing is followed by the republic, established on January 1, 1912, interrupted in 1915 by the self-proclamation of its president Yuan Shikai as emperor and restored after his death in 1916.
From 1910 to 1920 the head designer and chief engraver of the Tianjin mint was Luigi Giorgi on whom biographical details are scarce. He produced several designs of silver coins, some of which were signed with his name. His coins are drawn and engraved with great sharpness. His One Dollar with the Dragon in the Clouds, dated to the 3rd year of the child emperor Xuantung which is 1911 CE, is the last imperial coinage of the Qing.
Designed in the same year by Giorgi, the silver dollar with the Long Whiskers Dragon was not released for circulation. Its pattern coins are beautifully struck on specially prepared surface.
The best surviving specimen is graded SP-65 by NGC. It was sold for $ 430K by Bowers and Merena on December 4, 2010 and for $ 460K by Stack's Bowers on October 6, 2020, lot 41244.
A long whisker dragon pattern silver dollar graded SP63+ by PCGS was sold in Hong Kong for US $ 3M from a lower estimate of $ 750K on May 4, 2022 by Stack's Bowers, lot 51134. Please watch the Coin in motion shared by the auction house. The experimental strike included some variations. This pattern coin has stylistic differences in the Manchu script and the leaves on the reverse.
The fall of the Qing makes the dragon obsolete. This imperial symbol is soon replaced by the portrait of Yuan Shikai. The silver dollars with this effigy dated to the year 3 of the Republic, 1914 CE, were also prepared in Tianjin by Giorgi.
The Tianjin mint survives the changes of regime : the fall of the Qing is followed by the republic, established on January 1, 1912, interrupted in 1915 by the self-proclamation of its president Yuan Shikai as emperor and restored after his death in 1916.
From 1910 to 1920 the head designer and chief engraver of the Tianjin mint was Luigi Giorgi on whom biographical details are scarce. He produced several designs of silver coins, some of which were signed with his name. His coins are drawn and engraved with great sharpness. His One Dollar with the Dragon in the Clouds, dated to the 3rd year of the child emperor Xuantung which is 1911 CE, is the last imperial coinage of the Qing.
Designed in the same year by Giorgi, the silver dollar with the Long Whiskers Dragon was not released for circulation. Its pattern coins are beautifully struck on specially prepared surface.
The best surviving specimen is graded SP-65 by NGC. It was sold for $ 430K by Bowers and Merena on December 4, 2010 and for $ 460K by Stack's Bowers on October 6, 2020, lot 41244.
A long whisker dragon pattern silver dollar graded SP63+ by PCGS was sold in Hong Kong for US $ 3M from a lower estimate of $ 750K on May 4, 2022 by Stack's Bowers, lot 51134. Please watch the Coin in motion shared by the auction house. The experimental strike included some variations. This pattern coin has stylistic differences in the Manchu script and the leaves on the reverse.
The fall of the Qing makes the dragon obsolete. This imperial symbol is soon replaced by the portrait of Yuan Shikai. The silver dollars with this effigy dated to the year 3 of the Republic, 1914 CE, were also prepared in Tianjin by Giorgi.
1913 Liberty Head Nickel
Intro
At the end of 1912 as ever, the factories of the US mint are preparing the dies for the year to come. The order to stop the 5 cents comes on December 13, 1912 : officials of the US Mint had decided to abandon its Liberty Head design and to replace it with the Buffalo nickel. The already produced hardware will be recycled.
In 1920 five coins are displayed by a man named Samuel Brown at the annual meeting of the American Numismatic Association. Marked 1913, they are not very old at that time. They are the only 1913 5 cent specimens on the Liberty model.
In 1913 Brown had been employed at the Philadelphia Mint. These 5 cents were not documented. The five samples are from a brand new die, so that an expert was able to define in what order of precedence they were struck. They benefited from the special proof polishing. They possibly had been cast for a first test that became obsolete with the change of design.
The set was broken in 1936. Two of the five units are currently kept in public collections. One of them is in a lesser condition because one of its owners loved holding it in his pocket for showing it to his friends.
In 1920 five coins are displayed by a man named Samuel Brown at the annual meeting of the American Numismatic Association. Marked 1913, they are not very old at that time. They are the only 1913 5 cent specimens on the Liberty model.
In 1913 Brown had been employed at the Philadelphia Mint. These 5 cents were not documented. The five samples are from a brand new die, so that an expert was able to define in what order of precedence they were struck. They benefited from the special proof polishing. They possibly had been cast for a first test that became obsolete with the change of design.
The set was broken in 1936. Two of the five units are currently kept in public collections. One of them is in a lesser condition because one of its owners loved holding it in his pocket for showing it to his friends.
1
ex Eliasberg
2018 SOLD for $ 4.6M by Stack's Bowers
Louis E. Eliasberg Sr had assembled a complete set of US regular coins while looking for the best example of each variety. In 1952 he returned without compensation to the government his 1933 double eagle from an illegal release. His 1913 Liberty Head nickel, acquired by him in 1949, became the most prestigious piece in his collection.
Eliasberg considered this group of five to be the total population. Indeed no other example has ever surfaced. His copy is the best, graded PR66 by PCGS, and the only one from these five with a glittering mirror surface.
When Eliasberg died in 1976, his collection was shared between his two children. It was then the subject of several auctions. The 1913 Eliasberg Liberty nickel became the first coin to cross the million-dollar threshold at auction, on May 21, 1996 by Bowers and Merena, when Q. David Bowers' hammer fell at $ 1.35M, $ 1.485M including premium.
It was sold for $ 1.84M by Superior Galleries in March 2001. Two private transactions were revealed, at $ 4.15M in May 2005 and $ 5M in April 2007. It also passed at auction at Stack's in January 2007 .
The Eliasberg specimen of the 1913 Liberty Head nickel was sold for $ 4.6M by Stack's Bowers on August 15, 2018, lot 1096. The image shared by Wikimedia had been prepared for the 2001 auction.
Eliasberg considered this group of five to be the total population. Indeed no other example has ever surfaced. His copy is the best, graded PR66 by PCGS, and the only one from these five with a glittering mirror surface.
When Eliasberg died in 1976, his collection was shared between his two children. It was then the subject of several auctions. The 1913 Eliasberg Liberty nickel became the first coin to cross the million-dollar threshold at auction, on May 21, 1996 by Bowers and Merena, when Q. David Bowers' hammer fell at $ 1.35M, $ 1.485M including premium.
It was sold for $ 1.84M by Superior Galleries in March 2001. Two private transactions were revealed, at $ 4.15M in May 2005 and $ 5M in April 2007. It also passed at auction at Stack's in January 2007 .
The Eliasberg specimen of the 1913 Liberty Head nickel was sold for $ 4.6M by Stack's Bowers on August 15, 2018, lot 1096. The image shared by Wikimedia had been prepared for the 2001 auction.
The Liberty Head nickel was not officially minted, but five are known to exist, believed to have been struck secretly.
— Stack's Bowers (@StacksBowers) February 3, 2025
One of them sold for $4.5 million at auction in 2018, making it one of the most valuable coins in the world. pic.twitter.com/RAXVGVwutI
2
ex Olsen
2010 SOLD for $ 3.7M by Heritage
The 1913 Liberty Nickel, of which three units are still in private hands, is one of the rarest US coins. The Olsen specimen, so designated from one of its former owners, has even been featured in a television series in 1973, in which thieves were trying to appropriate it. To avoid damaging the precious object, it was replaced by a model in the turbulent scenes of the film, same as a featured character being doubled by a stuntman.
Graded PR64 by NGC, the Olsen specimen, which had also belonged to King Farouk, was sold by Heritage for $ 3.7M on January 7, 2010 and for $ 3.3M on January 9, 2014.
Its picture is shared by Heritage on Wikimedia : By Photo taken by Heritage Auctions (Provided by Heritage Auctions with permission) [CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
Please watch the video shared in 2021 by Stack's Bowers after an exhibition beside the highlights of their November sale.
Graded PR64 by NGC, the Olsen specimen, which had also belonged to King Farouk, was sold by Heritage for $ 3.7M on January 7, 2010 and for $ 3.3M on January 9, 2014.
Its picture is shared by Heritage on Wikimedia : By Photo taken by Heritage Auctions (Provided by Heritage Auctions with permission) [CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
Please watch the video shared in 2021 by Stack's Bowers after an exhibition beside the highlights of their November sale.
3
ex Walton
2013 SOLD for $ 3.2M by Heritage
The Walton specimen had a turbulent history. It was in the car of its owner at the time of his fatal crash in 1962. It was then out of view during 40 years, simply because the auctioneer responsible for the estate sale did not believe in its authenticity. Waiting for better days, the family had kept it.
Graded PR63 by PCGS, it was sold for $ 3.2M by Heritage on April 25, 2013, lot 4153.
Please watch the video shared by CoinWeek.
Graded PR63 by PCGS, it was sold for $ 3.2M by Heritage on April 25, 2013, lot 4153.
Please watch the video shared by CoinWeek.
1927 Lifetime Chang Tso-lin Pattern Silver Dollar
2025 SOLD for $ 4.3M by Heritage
When the central government is weak, warlords seek to establish military dictatorships. The money has kept the memory of Roman usurpers. In the early twentieth century, coins also provided the image of ephemeral rulers of China.
Zhang Zuolin (Chang Tso-lin) was one of these power-hungry generals. Having become the master of Manchuria after supporting the Japanese, he managed to win several provinces and to control Beijing in 1927. He then took the extravagant title of Grand Marshal of the military government of the Republic of China.
A gold coin of 50 yuan is then prepared in Tianjin, with his image in military uniform. The other side is dated to the sixteenth year of the Republic, assessing that Zhang had not, or not yet, the imperial ambitions of Yuan Shikai. Only a few prototypes of this coin was made. It is nevertheless important in the history of Chinese numismatics, because it is the largest gold coin of the Republic.
It is known in two copies only. One of them, which was presented to Zhang, was kept by his family. Remained in uncirculated condition, this piece of outstanding quality was sold for HK $ 4.4M by Bonhams on November 24, 2012, lot 500.
A Chang Tso-lin silver specimen pattern dollar from Year 16 of the Republic matching 1927 CE, minted in Tientsin, was sold for $ 4.3M from a lower estimate of $ 1.5M by Heritage on December 7, 2025, lot 35084. It is graded SP63 by PCGS. The videos are shared by the auction house. The obverse and reverse are identical or very similar as the 50 yuan.
Asking Grok : The 1927 50 yuan gold and 1 yuan silver coins of Chang Tso-lin in his lifetime look very similar on both sides. Were they minted with the same dies ?
Yes, the 1927 50 yuan gold and 1 yuan silver pattern coins issued under Chang Tso-lin (Zhang Zuolin) were minted using the same dies.
These pattern issues, produced at the Tientsin Mint in Year 16 of the Republic (1927) during Chang's brief control of Beijing and Tientsin, share identical designs on both sides. The obverse on each features a facing portrait of Chang in full military uniform (with intricate floriated details on the silver example), set within scrolling borders. The reverse depicts a central official emblem flanked by a dragon and phoenix (often described as a "dragon & phoenix motif"), with floral sprays or rosettes separating the inscriptions "16th Year of the Republic of China" (中華民國十六年) at the top and the denomination ("50 Yuan" on the gold, "1 Yuan" on the silver) at the bottom.
This shared design across denominations was common for these experimental patterns, which were never released for circulation and exist today only as rarities (with just 2–3 known gold 50 yuan examples and fewer than 10 authentic silver 1 yuan pieces across all varieties). Diagnostic markers, such as mint-made vertical die polish lines in the fields and specific die depressions (e.g., three tiny ones to the right of the portrait on the gold), align between surviving specimens, confirming die reuse. The coins' similarity likely stems from their role as a unified propaganda set promoting Chang's short-lived title as Grand Marshal of the Republic's military government.
Regarding the specific examples:
Asking Grok to confirm rarity of this variety. Compare with posthumous dollar sold by Stack's Bowers on April 6, 2021, lot 50016.
Grok thought :
Heritage Auctions Lot 35084 (December 7, 2025)
This lot features a Chang Tso-lin (Zhang Zuolin) "lifetime" silver dollar pattern from the Republic of China era. These commemorative portrait dollars were prepared at the Tientsin Mint during Chang's brief period of control over Beijing (1926–1928), while he was alive and held the title of Grand Marshal/Generalissimo. The "lifetime" issues typically refer to the four main silver dollar patterns struck in his lifetime (mostly dated Year 15 or 16 of the Republic, corresponding to 1926–1927), cataloged primarily as L&M-868, L&M-869, L&M-870, and similar types (e.g., with variations in uniform, inscription, or reverse design).
Rarity Confirmation
All genuine Chang Tso-lin portrait dollars are extremely rare — they are pattern strikes only, produced in tiny quantities (likely fewer than 20–50 pieces total across all varieties, with many unique or with 2–5 known). Genuine examples surface at auction perhaps once every few years, and even top grading services (NGC/PCGS) may see only one every decade or longer due to the prevalence of counterfeits. Auction descriptions consistently describe them as among the rarest and most desirable Republican Chinese issues, with prices routinely in the high six or seven figures USD for high-grade specimens. A famous example (L&M-870, ex-Kann Collection) sold for over $2 million in recent years.
Comparison with Stack's Bowers Lot 50016 (April 6, 2021)
AspectHeritage Dec 2025 Lot 35084 ("Lifetime")Stack's Bowers Apr 2021 Lot 50016 ("Posthumous Mukden Tiger")
Timing
Lifetime : Struck while Chang was alive (1926–early 1928)
Posthumous : Struck after his death (mid-late 1928)
Catalog References
Lifetime : Typically L&M-868/869/870 etc.
Posthumous : L&M-871 (specific "Year 17" type)
Design Theme
Lifetime : Commemorates his rule/power as Grand Marshal
Posthumous : Memorial issue, often with "Mukden Tiger" reference
Known Population
Lifetime : Extremely low (single digits for most sub-varieties)
Posthumous : Extremely low (similar or slightly fewer public appearances)
Auction Frequency
Lifetime : Very infrequent (1–2 per decade across all lifetime types)
Posthumous : Very infrequent; this type is iconic for posthumous status
Price Realized/Expectations
Lifetime : High six/seven figures (similar lifetime examples >$1–2M)
Posthumous : $2.28 million (record setter)
Overall Prestige/Rarity
Lifetime : Among the rarest Republican issues; "lifetime" provenance adds historical directness
Posthumous : Slightly more "famous" due to posthumous story and nickname; often fetches premium for drama
In summary, both are elite-level rarities in Chinese numismatics — the difference in rarity is marginal (both have populations in the low single digits for top specimens), but the posthumous "Mukden Tiger" often commands a slight premium because of its direct tie to Chang's dramatic assassination and its status as the "final" pattern in the series. The lifetime variety in the upcoming Heritage sale is equally significant, representing coins prepared under Chang's direct authority. Expect fierce bidding, likely in the $1–3 million+ range depending on grade and exact sub-variety.
Zhang Zuolin (Chang Tso-lin) was one of these power-hungry generals. Having become the master of Manchuria after supporting the Japanese, he managed to win several provinces and to control Beijing in 1927. He then took the extravagant title of Grand Marshal of the military government of the Republic of China.
A gold coin of 50 yuan is then prepared in Tianjin, with his image in military uniform. The other side is dated to the sixteenth year of the Republic, assessing that Zhang had not, or not yet, the imperial ambitions of Yuan Shikai. Only a few prototypes of this coin was made. It is nevertheless important in the history of Chinese numismatics, because it is the largest gold coin of the Republic.
It is known in two copies only. One of them, which was presented to Zhang, was kept by his family. Remained in uncirculated condition, this piece of outstanding quality was sold for HK $ 4.4M by Bonhams on November 24, 2012, lot 500.
A Chang Tso-lin silver specimen pattern dollar from Year 16 of the Republic matching 1927 CE, minted in Tientsin, was sold for $ 4.3M from a lower estimate of $ 1.5M by Heritage on December 7, 2025, lot 35084. It is graded SP63 by PCGS. The videos are shared by the auction house. The obverse and reverse are identical or very similar as the 50 yuan.
Asking Grok : The 1927 50 yuan gold and 1 yuan silver coins of Chang Tso-lin in his lifetime look very similar on both sides. Were they minted with the same dies ?
Yes, the 1927 50 yuan gold and 1 yuan silver pattern coins issued under Chang Tso-lin (Zhang Zuolin) were minted using the same dies.
These pattern issues, produced at the Tientsin Mint in Year 16 of the Republic (1927) during Chang's brief control of Beijing and Tientsin, share identical designs on both sides. The obverse on each features a facing portrait of Chang in full military uniform (with intricate floriated details on the silver example), set within scrolling borders. The reverse depicts a central official emblem flanked by a dragon and phoenix (often described as a "dragon & phoenix motif"), with floral sprays or rosettes separating the inscriptions "16th Year of the Republic of China" (中華民國十六年) at the top and the denomination ("50 Yuan" on the gold, "1 Yuan" on the silver) at the bottom.
This shared design across denominations was common for these experimental patterns, which were never released for circulation and exist today only as rarities (with just 2–3 known gold 50 yuan examples and fewer than 10 authentic silver 1 yuan pieces across all varieties). Diagnostic markers, such as mint-made vertical die polish lines in the fields and specific die depressions (e.g., three tiny ones to the right of the portrait on the gold), align between surviving specimens, confirming die reuse. The coins' similarity likely stems from their role as a unified propaganda set promoting Chang's short-lived title as Grand Marshal of the Republic's military government.
Regarding the specific examples:
- The Bonhams lot 500 (November 24, 2012) is one of two known gold 50 yuan pieces (PCGS SP64+), with the described reverse matching the dragon-phoenix layout.
- The Heritage lot 35084 (December 7, 2025) is a silver 1 yuan pattern (PCGS SP63, ex-Kann and Goodman collections), explicitly noted for its "recognizable dragon & phoenix motif" reverse, tying it to the same die family (L&M-869; cf. L&M-1031 for the gold).
Asking Grok to confirm rarity of this variety. Compare with posthumous dollar sold by Stack's Bowers on April 6, 2021, lot 50016.
Grok thought :
Heritage Auctions Lot 35084 (December 7, 2025)
This lot features a Chang Tso-lin (Zhang Zuolin) "lifetime" silver dollar pattern from the Republic of China era. These commemorative portrait dollars were prepared at the Tientsin Mint during Chang's brief period of control over Beijing (1926–1928), while he was alive and held the title of Grand Marshal/Generalissimo. The "lifetime" issues typically refer to the four main silver dollar patterns struck in his lifetime (mostly dated Year 15 or 16 of the Republic, corresponding to 1926–1927), cataloged primarily as L&M-868, L&M-869, L&M-870, and similar types (e.g., with variations in uniform, inscription, or reverse design).
Rarity Confirmation
All genuine Chang Tso-lin portrait dollars are extremely rare — they are pattern strikes only, produced in tiny quantities (likely fewer than 20–50 pieces total across all varieties, with many unique or with 2–5 known). Genuine examples surface at auction perhaps once every few years, and even top grading services (NGC/PCGS) may see only one every decade or longer due to the prevalence of counterfeits. Auction descriptions consistently describe them as among the rarest and most desirable Republican Chinese issues, with prices routinely in the high six or seven figures USD for high-grade specimens. A famous example (L&M-870, ex-Kann Collection) sold for over $2 million in recent years.
Comparison with Stack's Bowers Lot 50016 (April 6, 2021)
- Stack's Bowers Lot 50016 — This was the famous posthumous "Mukden Tiger" dollar, Year 17 (1928), L&M-871 (also KM-Pn90, Kann-688), graded PCGS SP-64 from the Pinnacle Collection. It sold for $2.28 million USD (a record at the time for this type).
- This variety was proposed and struck after Chang's assassination on June 4, 1928 (by Japanese agents in the Huanggutun Incident). It features his portrait with the nickname "Mukden Tiger" and is explicitly described as a memorial/commemorative pattern issued posthumously.
- Rarity: Exceedingly rare (fewer than 10–15 known, many in museums or major collections; absent from legendary cabinets like Kann, Jacobs, or Wa She Wong in some cases). It is considered one of the ultimate Republican patterns.
AspectHeritage Dec 2025 Lot 35084 ("Lifetime")Stack's Bowers Apr 2021 Lot 50016 ("Posthumous Mukden Tiger")
Timing
Lifetime : Struck while Chang was alive (1926–early 1928)
Posthumous : Struck after his death (mid-late 1928)
Catalog References
Lifetime : Typically L&M-868/869/870 etc.
Posthumous : L&M-871 (specific "Year 17" type)
Design Theme
Lifetime : Commemorates his rule/power as Grand Marshal
Posthumous : Memorial issue, often with "Mukden Tiger" reference
Known Population
Lifetime : Extremely low (single digits for most sub-varieties)
Posthumous : Extremely low (similar or slightly fewer public appearances)
Auction Frequency
Lifetime : Very infrequent (1–2 per decade across all lifetime types)
Posthumous : Very infrequent; this type is iconic for posthumous status
Price Realized/Expectations
Lifetime : High six/seven figures (similar lifetime examples >$1–2M)
Posthumous : $2.28 million (record setter)
Overall Prestige/Rarity
Lifetime : Among the rarest Republican issues; "lifetime" provenance adds historical directness
Posthumous : Slightly more "famous" due to posthumous story and nickname; often fetches premium for drama
In summary, both are elite-level rarities in Chinese numismatics — the difference in rarity is marginal (both have populations in the low single digits for top specimens), but the posthumous "Mukden Tiger" often commands a slight premium because of its direct tie to Chang's dramatic assassination and its status as the "final" pattern in the series. The lifetime variety in the upcoming Heritage sale is equally significant, representing coins prepared under Chang's direct authority. Expect fierce bidding, likely in the $1–3 million+ range depending on grade and exact sub-variety.
1927 Denver Double Eagle
1
MS66 by PCGS
2022 SOLD for $ 4.4M by Heritage
The list of US coins of the twentieth century is well established, and leaves no place for surprise. However, collectors know that some pieces are unique : their passion is to find the finest possible example of each model.
A perfect piece has never been handled. Under these conditions of maintained cleanliness, color may vary due to the presence of a small amount of copper forming alloy with the bulk gold.
The $ 20 double eagle of Saint-Gaudens type is the most prestigious of US gold coins. Regular production was carried out from 1907 to 1932, but the number of variants exceeds the number of years because it also includes the identification of the mint. D stands for Denver, S for San Francisco and blank for Philadelphia.
From one year to another, the produced quantity could vary considerably, depending on available reserves. The top rarities are 1927-D and 1921. Two examples of the 1921 double eagle are known in the MS66 grade. They were respectively sold by Heritage for $ 1.1M in November 2005 and for $ 750K on January 5, 2012.
During the 1920s, the US government met increasing difficulties to maintain the fixed exchange rate between dollar and gold. Americans lost confidence in paper money and filled the vaults of their banks with gold for hoarding, making a huge financial mass unavailable for economic activities.
The government had no incentive to increase the circulation of gold, for the above reason and also because the USA, being a leading gold producing country, managed at that time a policy of export supply.
Since 1906 the Denver Mint was producing silver and gold coins, including the $ 20 double eagle gold coin. They stopped to release the double eagles after 1923. The 180,000 pieces with the 1927 year mark remained in storage. A small quantity was sold at face value to collectors. A similar policy was applied in San Francisco, leaving Philadelphia as the only center of double eagles for immediate circulation.
In 1933, President Roosevelt took strong monetary measures to tackle the crisis. It was now illegal for individuals to own gold and the government melted the federal stocks. In 1934 the Gold Reserve Act overvalued gold by 40% for increasing the earnings at export.
Production of double eagles in Denver in 1927, or 1927-D, has almost completely disappeared. It would be only 11 surviving plus 3 non located coins of this type. No circulation was released but it was not banned in period, making it the 'King of regular coins'.
The top graded 1927-D double eagle, certified MS67 by PCGS, was sold for $ 1.9M by Heritage on November 3, 2005, lot 6697.
Four coins are graded MS66 by PCGS including one MS66+. One without the +, featuring a sharp strike and beautiful yellow gold, was sold for $ 4.4M by Heritage on August 22, 2022, lot 3417. Please watch the video shared by the auction house.
A perfect piece has never been handled. Under these conditions of maintained cleanliness, color may vary due to the presence of a small amount of copper forming alloy with the bulk gold.
The $ 20 double eagle of Saint-Gaudens type is the most prestigious of US gold coins. Regular production was carried out from 1907 to 1932, but the number of variants exceeds the number of years because it also includes the identification of the mint. D stands for Denver, S for San Francisco and blank for Philadelphia.
From one year to another, the produced quantity could vary considerably, depending on available reserves. The top rarities are 1927-D and 1921. Two examples of the 1921 double eagle are known in the MS66 grade. They were respectively sold by Heritage for $ 1.1M in November 2005 and for $ 750K on January 5, 2012.
During the 1920s, the US government met increasing difficulties to maintain the fixed exchange rate between dollar and gold. Americans lost confidence in paper money and filled the vaults of their banks with gold for hoarding, making a huge financial mass unavailable for economic activities.
The government had no incentive to increase the circulation of gold, for the above reason and also because the USA, being a leading gold producing country, managed at that time a policy of export supply.
Since 1906 the Denver Mint was producing silver and gold coins, including the $ 20 double eagle gold coin. They stopped to release the double eagles after 1923. The 180,000 pieces with the 1927 year mark remained in storage. A small quantity was sold at face value to collectors. A similar policy was applied in San Francisco, leaving Philadelphia as the only center of double eagles for immediate circulation.
In 1933, President Roosevelt took strong monetary measures to tackle the crisis. It was now illegal for individuals to own gold and the government melted the federal stocks. In 1934 the Gold Reserve Act overvalued gold by 40% for increasing the earnings at export.
Production of double eagles in Denver in 1927, or 1927-D, has almost completely disappeared. It would be only 11 surviving plus 3 non located coins of this type. No circulation was released but it was not banned in period, making it the 'King of regular coins'.
The top graded 1927-D double eagle, certified MS67 by PCGS, was sold for $ 1.9M by Heritage on November 3, 2005, lot 6697.
Four coins are graded MS66 by PCGS including one MS66+. One without the +, featuring a sharp strike and beautiful yellow gold, was sold for $ 4.4M by Heritage on August 22, 2022, lot 3417. Please watch the video shared by the auction house.
'Legendary Rarity' 1927-D #DoubleEagle Leads Latest Bob R. Simpson Collection Offerings at Heritage's U.S. #Coins Auction.
— Heritage Auctions (@HeritageAuction) August 9, 2022
August 22-28 event also features collections of James R. McGuigan, Christopher J. Salmon and Tom Bender.
□ https://t.co/pEql8LFVjJ#numismatics pic.twitter.com/vGgOcDCj0u
#HERITAGELIVE For all intents and purposes, the 1927-D is "truly the king of all 20th century #GoldCoins." We are proud to announce that this spectacular Premium Gem example of this celebrated gold rarity just joined a new collection for $4,440,000.
— Heritage Auctions (@HeritageAuction) August 23, 2022
□ https://t.co/blBlsUZq79 pic.twitter.com/yahswvAVtW
2
MS65+ by PCGS
2025 SOLD for $ 3.84M by Heritage
Dr. Duckor built a collection of mint state (MS) unmodified Saint-Gaudens double eagles graded 65 or higher by PGCS. It includes only production coins (business strikes), and no test piece (proofs).
Although he had owned all types, his collection was not complete when it was dispersed by Heritage on January 5, 2012 : he had departed in 1998 from his 1929-D and never made his hand again on a specimen matching the above criteria.
The ex Duckor 1927-D is graded MS65+ by PCGS and previously MS66 by NGC. Introduced in 2010 by PCGS, the + rewards a magnificent eye appeal. It did not get a better grade because of slight bagmarks, but the perfection of its strike, its lustrous surface and its superb orange gold color were reported as 'truly magnificent' by one of the most demanding experts.
It was sold by Heritage for $ 2M on January 9, 2014, lot 5597, for $ 2.16M on January 9, 2020, lot 4046, and for $ 3.84M on January 16, 2025, lot 4964. Please watch the videos shared by the auction house before the 2020 and 2025 sales.
In 2012 the top lot in the Duckor sale was the 1921 double eagle, sold for $ 750K. This coin is sharing the top level recorded by PCGS for that variant, MS66, with the ex Morse which was sold for $ 1.1M by Heritage on November 3, 2005.
Although he had owned all types, his collection was not complete when it was dispersed by Heritage on January 5, 2012 : he had departed in 1998 from his 1929-D and never made his hand again on a specimen matching the above criteria.
The ex Duckor 1927-D is graded MS65+ by PCGS and previously MS66 by NGC. Introduced in 2010 by PCGS, the + rewards a magnificent eye appeal. It did not get a better grade because of slight bagmarks, but the perfection of its strike, its lustrous surface and its superb orange gold color were reported as 'truly magnificent' by one of the most demanding experts.
It was sold by Heritage for $ 2M on January 9, 2014, lot 5597, for $ 2.16M on January 9, 2020, lot 4046, and for $ 3.84M on January 16, 2025, lot 4964. Please watch the videos shared by the auction house before the 2020 and 2025 sales.
In 2012 the top lot in the Duckor sale was the 1921 double eagle, sold for $ 750K. This coin is sharing the top level recorded by PCGS for that variant, MS66, with the ex Morse which was sold for $ 1.1M by Heritage on November 3, 2005.
Fast fact: On this date in 1906, the Denver Mint struck its first coins. Did you know a 1927-D Double Eagle, graded NGC MS 66, sold at an @HeritageAuction sale for $1.99 million in 2014? Explorer the Double Eagles at https://t.co/elSMH797GV. #coin #coins #coincollecting #denver pic.twitter.com/teQTbJT42E
— NGC (@NGCcoin) February 1, 2018
1933 Double Eagle
2021 SOLD for $ 19M by Sotheby's
The hoarding of gold jeopardized the US economy. One of the very first decisions made by President F.D. Roosevelt, expressed by the Presidential Order of April 5, 1933, was the confiscation of gold.
The crisis had lasted since 1924 and the production of eagles and double eagles was considerably slowed down. The production of the 312,500 eagles of 1933 was finished before April 5 and this denomination was legal at that time. The production of the double eagles, which was in progress, was not interrupted : this batch was the last US gold coin struck for circulation.
On September 13, 1934, all gold coins in federal stocks were declared obsolete (uncurrent). In the following month two 1933 double eagles were sent to the Smithsonian for the National Collection as non-monetized samples. 445,469 pieces were in the vaults. This stock was melted in 1937.
Ten pieces escaped that melting, certainly stolen by the cashier of the Mint who will be jailed in 1940 for another scam. All of them were recovered and destroyed by the government except one that King Farouk had managed to acquire in 1944. The King had obtained for this piece an export license issued by the Secretary of the Treasury, either simply by mistake or to please that powerful sovereign. This license being federal, the Farouk specimen became the only 1933 double eagle with some legal US status. Any other example is illegal to own.
Removed at the request of the US government from the auction of the Farouk collections in 1954, the double eagle resurfaced in 1996, brought to New York by an English dealer. He was caught in the act by the FBI during his negotiations with his American customer.
The coin of the English dealer was with no doubt the ex Farouk specimen. A judicial compromise was found in 2001. The double eagle was listed for auction on July 20, 2002 by Sotheby's and Stack's. In order to declare for the first time the official release of this specific coin, the buyer was required to pay to the federal government its face value of $ 20 in addition to the auction final price : it was sold for $ 7,590,020. Here is the link to the catalog in the website of Stack's Bowers, successor to Stack's.
This coin was sold for $ 19M from a lower estimate of $ 10M by Sotheby's on June 8, 2021, lot 1. Its highly essential 2002 Certificate of Monetization is joined to the lot. It had been re-inspected in March 2021 by PCGS and graded Gem brilliant uncirculated MS 65.
The crisis had lasted since 1924 and the production of eagles and double eagles was considerably slowed down. The production of the 312,500 eagles of 1933 was finished before April 5 and this denomination was legal at that time. The production of the double eagles, which was in progress, was not interrupted : this batch was the last US gold coin struck for circulation.
On September 13, 1934, all gold coins in federal stocks were declared obsolete (uncurrent). In the following month two 1933 double eagles were sent to the Smithsonian for the National Collection as non-monetized samples. 445,469 pieces were in the vaults. This stock was melted in 1937.
Ten pieces escaped that melting, certainly stolen by the cashier of the Mint who will be jailed in 1940 for another scam. All of them were recovered and destroyed by the government except one that King Farouk had managed to acquire in 1944. The King had obtained for this piece an export license issued by the Secretary of the Treasury, either simply by mistake or to please that powerful sovereign. This license being federal, the Farouk specimen became the only 1933 double eagle with some legal US status. Any other example is illegal to own.
Removed at the request of the US government from the auction of the Farouk collections in 1954, the double eagle resurfaced in 1996, brought to New York by an English dealer. He was caught in the act by the FBI during his negotiations with his American customer.
The coin of the English dealer was with no doubt the ex Farouk specimen. A judicial compromise was found in 2001. The double eagle was listed for auction on July 20, 2002 by Sotheby's and Stack's. In order to declare for the first time the official release of this specific coin, the buyer was required to pay to the federal government its face value of $ 20 in addition to the auction final price : it was sold for $ 7,590,020. Here is the link to the catalog in the website of Stack's Bowers, successor to Stack's.
This coin was sold for $ 19M from a lower estimate of $ 10M by Sotheby's on June 8, 2021, lot 1. Its highly essential 2002 Certificate of Monetization is joined to the lot. It had been re-inspected in March 2021 by PCGS and graded Gem brilliant uncirculated MS 65.
Compare to 1907 UHR
The 1907 Saint-Gaudens Double Eagle Ultra High Relief (UHR) and the 1933 Saint-Gaudens Double Eagle represent two pinnacles of U.S. numismatics, both designed by Augustus Saint-Gaudens under President Theodore Roosevelt's coinage renaissance. The 1907 UHR was an experimental pattern with dramatic, medallic relief that proved too challenging for mass production, leading to fewer than 20 survivors. In contrast, the 1933 is a low-relief circulation strike from the series' final year, with nearly all 445,500 minted examples melted under Executive Order 6102 amid the Great Depression and gold recall—leaving just 13 known survivors, most held by the U.S. government. The 1907 UHR emphasizes artistic innovation, while the 1933 embodies economic turmoil and legal intrigue, with only one legally ownable private example (the Weitzman specimen).
Key contrasts: The 1907 UHR coins boast extreme relief (up to 9-11 strikes needed) for a three-dimensional, artistic effect, while the 1933 uses flattened relief for efficient minting—resulting in less dramatic but more practical production. All share the striding Liberty obverse and flying eagle reverse, but 1907 UHR often features Roman numerals (MCMVII) and experimental edges, versus the 1933's Arabic date and standard reeded edge. Rarity drives value: 1907 UHR survivors are all collectible (driving $2-4M prices), but the 1933's scarcity and legal battles elevate it to $18M+ status.
Legal Saga
The 1933 Saint-Gaudens Double Eagle, often hailed as the "most beautiful" U.S. coin ever produced, is shrouded in a decades-long legal saga that intertwines economic policy, theft, international intrigue, and courtroom battles. Designed by sculptor Augustus Saint-Gaudens at the behest of President Theodore Roosevelt, the $20 gold piece features a striding Liberty on the obverse and a flying eagle on the reverse. While the series ran from 1907 to 1933, the final year's issue became infamous due to the Great Depression-era gold recall, making nearly all examples illegal to own privately. Below is a chronological breakdown of the key events, drawn from historical accounts and legal records.
Economic Backdrop and the Melting
In March 1933, amid the banking crisis, the Philadelphia Mint struck 445,500 Double Eagles as part of routine production. However, on April 5, 1933, President Franklin D. Roosevelt issued Executive Order 6102, prohibiting private gold ownership to stabilize the economy by abandoning the gold standard. This required citizens to surrender gold coins, bullion, and certificates to the Federal Reserve in exchange for paper currency at $20.67 per ounce. Consequently, the entire 1933 mintage was ordered melted down before any could enter circulation—except for two specimens preserved for the National Numismatic Collection (now in the Smithsonian). No 1933 Double Eagles were ever officially monetized or released, rendering any survivors government property subject to seizure.
The Escapes: Theft and Early Dispersal
Despite the ban, around 20 coins illicitly left the Mint, likely through theft involving Mint cashier George McCann and Philadelphia jeweler Israel Switt. Switt sold at least nine examples to collectors between 1937 and 1944 for $500 each. The U.S. Secret Service, tasked with enforcing the gold ban, traced and seized several in the 1940s and 1950s, melting them down. By the 1950s, the government had recovered and destroyed nine, leaving 13 known survivors today: the two in the Smithsonian, ten later seized from the Langbord family, and one in private hands.
The Farouk Coin: International Intrigue and Legal Monetization
One escaped coin surfaced in 1944 when King Farouk of Egypt, a avid collector, acquired it through a dealer. The U.S. State Department issued an export license, but later claimed it was erroneous, asserting the coin was stolen Mint property. After Farouk's 1952 overthrow, his collection was auctioned in 1954, but the Double Eagle was withdrawn at U.S. insistence and vanished for over 40 years.
It reemerged in 1996 when British dealer Stephen Fenton attempted to sell it to an undercover informant in New York for $1.5 million. The Secret Service seized it, leading to a high-profile lawsuit (United States v. A 1933 Double Eagle). Fenton argued legitimate ownership via the Farouk chain, while the government insisted it was stolen. After five years of litigation, a 2002 settlement allowed the U.S. Mint to "monetize" the coin—officially issuing it for its $20 face value—making it the only legally ownable 1933 Double Eagle. It was then auctioned by Sotheby's/Stack's for $7.59 million (including a $20 payment to the Mint), setting a world record at the time. The buyer remained anonymous until 2021, when it was revealed as shoe designer Stuart Weitzman, who resold it at Sotheby's for $18.872 million—still the highest price ever for a coin.
The Langbord Hoard: A Family's Fight
In 2003, Joan Langbord (daughter of Israel Switt) discovered ten 1933 Double Eagles in a family safe deposit box. The family surrendered them to the Mint for authentication, but the government retained them, claiming they were stolen property from the 1930s thefts. The Langbords sued in 2006 (Langbord v. United States), seeking return or compensation. A 2011 district court initially ruled in their favor, citing improper seizure without forfeiture proceedings. However, the Third Circuit Court of Appeals reversed this in 2012, and after further trials, a 2015 jury found the coins were indeed stolen. The appeals court affirmed in 2016, forfeiting them to the government, which now holds them at Fort Knox. The U.S. Supreme Court denied certiorari in 2017, ending the case. Roy Langbord later reflected on the ordeal as a costly battle over what he believed was rightful inheritance.
Current Status and Legacy
Today, owning a 1933 Double Eagle remains illegal except for the Weitzman specimen, with any others considered U.S. government property. The saga underscores tensions between numismatic passion, property rights, and federal authority, inspiring books, documentaries, and ongoing speculation about undiscovered examples. The coin's rarity and drama have cemented its status as numismatics' "Holy Grail," with values soaring due to its forbidden allure.
The 1907 Saint-Gaudens Double Eagle Ultra High Relief (UHR) and the 1933 Saint-Gaudens Double Eagle represent two pinnacles of U.S. numismatics, both designed by Augustus Saint-Gaudens under President Theodore Roosevelt's coinage renaissance. The 1907 UHR was an experimental pattern with dramatic, medallic relief that proved too challenging for mass production, leading to fewer than 20 survivors. In contrast, the 1933 is a low-relief circulation strike from the series' final year, with nearly all 445,500 minted examples melted under Executive Order 6102 amid the Great Depression and gold recall—leaving just 13 known survivors, most held by the U.S. government. The 1907 UHR emphasizes artistic innovation, while the 1933 embodies economic turmoil and legal intrigue, with only one legally ownable private example (the Weitzman specimen).
Key contrasts: The 1907 UHR coins boast extreme relief (up to 9-11 strikes needed) for a three-dimensional, artistic effect, while the 1933 uses flattened relief for efficient minting—resulting in less dramatic but more practical production. All share the striding Liberty obverse and flying eagle reverse, but 1907 UHR often features Roman numerals (MCMVII) and experimental edges, versus the 1933's Arabic date and standard reeded edge. Rarity drives value: 1907 UHR survivors are all collectible (driving $2-4M prices), but the 1933's scarcity and legal battles elevate it to $18M+ status.
Legal Saga
The 1933 Saint-Gaudens Double Eagle, often hailed as the "most beautiful" U.S. coin ever produced, is shrouded in a decades-long legal saga that intertwines economic policy, theft, international intrigue, and courtroom battles. Designed by sculptor Augustus Saint-Gaudens at the behest of President Theodore Roosevelt, the $20 gold piece features a striding Liberty on the obverse and a flying eagle on the reverse. While the series ran from 1907 to 1933, the final year's issue became infamous due to the Great Depression-era gold recall, making nearly all examples illegal to own privately. Below is a chronological breakdown of the key events, drawn from historical accounts and legal records.
Economic Backdrop and the Melting
In March 1933, amid the banking crisis, the Philadelphia Mint struck 445,500 Double Eagles as part of routine production. However, on April 5, 1933, President Franklin D. Roosevelt issued Executive Order 6102, prohibiting private gold ownership to stabilize the economy by abandoning the gold standard. This required citizens to surrender gold coins, bullion, and certificates to the Federal Reserve in exchange for paper currency at $20.67 per ounce. Consequently, the entire 1933 mintage was ordered melted down before any could enter circulation—except for two specimens preserved for the National Numismatic Collection (now in the Smithsonian). No 1933 Double Eagles were ever officially monetized or released, rendering any survivors government property subject to seizure.
The Escapes: Theft and Early Dispersal
Despite the ban, around 20 coins illicitly left the Mint, likely through theft involving Mint cashier George McCann and Philadelphia jeweler Israel Switt. Switt sold at least nine examples to collectors between 1937 and 1944 for $500 each. The U.S. Secret Service, tasked with enforcing the gold ban, traced and seized several in the 1940s and 1950s, melting them down. By the 1950s, the government had recovered and destroyed nine, leaving 13 known survivors today: the two in the Smithsonian, ten later seized from the Langbord family, and one in private hands.
The Farouk Coin: International Intrigue and Legal Monetization
One escaped coin surfaced in 1944 when King Farouk of Egypt, a avid collector, acquired it through a dealer. The U.S. State Department issued an export license, but later claimed it was erroneous, asserting the coin was stolen Mint property. After Farouk's 1952 overthrow, his collection was auctioned in 1954, but the Double Eagle was withdrawn at U.S. insistence and vanished for over 40 years.
It reemerged in 1996 when British dealer Stephen Fenton attempted to sell it to an undercover informant in New York for $1.5 million. The Secret Service seized it, leading to a high-profile lawsuit (United States v. A 1933 Double Eagle). Fenton argued legitimate ownership via the Farouk chain, while the government insisted it was stolen. After five years of litigation, a 2002 settlement allowed the U.S. Mint to "monetize" the coin—officially issuing it for its $20 face value—making it the only legally ownable 1933 Double Eagle. It was then auctioned by Sotheby's/Stack's for $7.59 million (including a $20 payment to the Mint), setting a world record at the time. The buyer remained anonymous until 2021, when it was revealed as shoe designer Stuart Weitzman, who resold it at Sotheby's for $18.872 million—still the highest price ever for a coin.
The Langbord Hoard: A Family's Fight
In 2003, Joan Langbord (daughter of Israel Switt) discovered ten 1933 Double Eagles in a family safe deposit box. The family surrendered them to the Mint for authentication, but the government retained them, claiming they were stolen property from the 1930s thefts. The Langbords sued in 2006 (Langbord v. United States), seeking return or compensation. A 2011 district court initially ruled in their favor, citing improper seizure without forfeiture proceedings. However, the Third Circuit Court of Appeals reversed this in 2012, and after further trials, a 2015 jury found the coins were indeed stolen. The appeals court affirmed in 2016, forfeiting them to the government, which now holds them at Fort Knox. The U.S. Supreme Court denied certiorari in 2017, ending the case. Roy Langbord later reflected on the ordeal as a costly battle over what he believed was rightful inheritance.
Current Status and Legacy
Today, owning a 1933 Double Eagle remains illegal except for the Weitzman specimen, with any others considered U.S. government property. The saga underscores tensions between numismatic passion, property rights, and federal authority, inspiring books, documentaries, and ongoing speculation about undiscovered examples. The coin's rarity and drama have cemented its status as numismatics' "Holy Grail," with values soaring due to its forbidden allure.
Wie wurde die teuerste Münze der Auktionsgeschichte eigentlich zur teuersten Münze der Auktionsgeschichte? #münzen #numismatik #auktion #sammeln
— Barnebys.de (@Barnebysde) March 28, 2022
