Stack Bowers Galleries will be featuring a rare 1907 $20 Saint Gaudens gold coin in its auction slated to be held at Baltimore Convention Centre on June 29, 2012. According to numismatics, only 20 of these ultra high relief gold coins are believed to have been minted. The designs were not practical for minting large numbers; therefore the ultra high relief version did not make it to the final circulation. This $20 Saint Gaudens is the finest graded Proof-69 rare coin by the PCGS.

History of the $20 Saint Gaudens gold coin

The 20-dollar gold coin is named after its designer and sculptor Augustus Saint Gaudens who was appointed by US President Theodore Roosevelt in 1904 to change the face of American $20 gold piece. Roosevelt thought of American coinage at that time to be particularly hideous. In an attempt to beautify American gold coins, the President bestowed this responsibility on Saint Gaudens. St Gaudens was the first designer who was not an employee of US mint to have got the opportunity of designing a US currency gold coin.

President Theodore Roosevelt went all out to ensure that Saint Gaudens designs were approved and circulated. The Saint Gaudens designs were ready by 1907, following which President Roosevelt gave orders to mint coins with the Saint Gaudens design. Sadly, the designer himself didn’t live long enough to see his creation in circulation.

The most popular Saint Gaudens gold coins were the ones minted in the last batch in 1933. Post World War, all gold currency was replaced by paper notes following the orders of then President Franklin Roosevelt. Most gold coins in public possession were taken in exchange of paper currency and subsequently melted by the United States Treasury. It is believed that some Saint Gaudens gold coins escaped the melting pot fate at the hands of the US Treasury. Only some eight to ten 1933 Saint Gaudens gold coins are known to exist at present.

Design of the $20 Saint Gaudens

A female figure of Liberty representing victory adorns the obverse of the Saint Gaudens gold coin. Liberty is holding a torch in one hand, symbolizing enlightenment, and an olive branch in the other hand, depicting peace. With hair flowing in the wind, she marches on a rocky terrain in the midst of United States Capitol building and sun rays in the background. On the coin, the figure of Liberty is encircled by 46 stars, one for each state in 1907. On the reverse side of the coin, an eagle in flight encompassed by rays from the rising sun complements Liberty. Saint Gaudens felt that the motto of E Pluribus Unum would not fit on the obverse. So he placed it on the edge.

The Saint Gaudens designs had high reliefs, which were modeled in consultation with then President Roosevelt. But the high relief coin did not meet the minting standards of United States Treasury and Mint. A low relief version of Saint Gaudens was proposed for practical minting since it was impossibly time consuming to mint such high relief coinage. The low relief version was created by Mint Engraver Barber, which later came into circulation.

Present Worth of Saint Gaudens

1933 Saint Gaudens gold coins are believed to be either in some private hands illegally or with the Federal Reserve. The Secret Service has confiscated a number of Saint Gaudens from its owners claiming it to be the stolen property of the U.S. Mint. However, in one such incidence, King Farouk of Egypt purchased one specimen from a Philadelphia jeweler for which he also got an U.S. export license. After Farouk’s death, the coin made its way back to the US subcontinent for sale. After a legal battle with the authorities, a compromise was reached between the buyer and US authorities. The coin was to be auctioned and proceeds were to be equally divided between owners and government. The Saint Gaudens 1933 gold coin was sold for $7,590,020 at an auction to an anonymous buyer.

Due to a controversial past and colorful history coupled with artistry of a genius, these Saint Gaudens gold coins are considered as rare collectible items with high market worth.