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Buying Old US Gold Coins: $20 Libertys and $20 Saint Gaudens

Blog Jan 20, 2012

Dr Steven Duckor’s Old US Gold Coins set of $20 Saint Gaudens Double Eagles were auctioned on January 5, 2012 by the Heritage. This auction took place as a part of the ‘fun convention’ which was held at the Convention Centre in Orlando. The first session of the 2nd ‘Fun Platinum Night’ was devoted to Dr. Duckor’s set of $20 Saint Gaudens which are considered to be the finest sets ever formed.

David Hall, Primary Founder, Professional Coin Grading Service (PCGS) and an expert in judging 20th century gold coins said, “Steve Duckor’s coins look the way the Saints are supposed to look. Steve’s Saints are going to go for premiums, and the premium is going to be for originality.”

In general, some of the $20 Saint Gaudens have been puttied, dipped and even artificially toned. However, Dr. Duckor’s coins have never been modified and that is their strongest point.

Till 1933, US minted gold coins were used as money, after which President Franklin Roosevelt called for the return of all gold coins in circulation and melted them. The most famous old US gold coins are the $20 Libertys and $20 Saint Gaudens. Other famous gold coins minted in the United States are $10, $5, $2-1/2, and $1 Liberty and Indian Head type coins. The various face values of the Saint Gaudens are:

• The $20 coins are commonly known as the Double Eagles.

• The $10 coins are known as the Eagles.

• The $5 coins are known as the Half Eagles.

• The $2-1/2 coins are called the Quarter Eagles.

4 Things to Look for While Buying $20 Liberty and $20 Saint Gaudens Coins

When you plan to go and purchase $20 Liberty or $20 Saint Gaudens coins, there are a few parameters that will help you judge the coin you are about to purchase. This helps to determine the correct value of the coin at a given time. Some of these parameters are:

  1. Date of Coin Issue

    Rare gold coins usually have a good value attached to them. The rarity of a coin is partly determined by its date of issue or in case it was issued for some significant event. A coins date of issuance is usually specified at the head side of the coin. However, even after seeing the ‘issue date’, if you have doubts about the authenticity of the coin and its age, then you may consult an experienced gold trading company or coin appraiser.

  2. Condition of the Coin

    This is termed as grading. Coins of the earlier era are graded on their present day condition. The better the condition, the more it is expected to cost you as a buyer. The grade scale for coins is as follows:

    1. • (P-1) Poor

      • (FR-2) Fair

      • (G-4)- Good

      • (VG-8) Very Good

      • (F-12) Fine

      • (VF-20) Very Fine

      • (EF-40) Extremely Fine

      • (AU-50) About Uncirculated

      • (AU-58) Very Choice About Uncirculated

      • (MS-60) Mint State Basal

      • (MS-63) Mint State Acceptable

      • (MS-65) Mint State Choice

      • (MS-68) Mint State Premium Quality

      • (MS-69) Mint State All-But-Perfect

      • (MS-70) Mint State Perfect

  3. Spotting a Rare Coin

    Rarity is one of the most important aspects determining the value of a coin. How many are still around. The rarer the coin, the more valuable it is and how much it is expected to cost you.

  4. Coins that were Never Issued

Sometimes coins are designed and minted, but not issued and this increases their value. The 1933 Double Eagle is one such coin which was never circulated at that time. Around 445,000 Double Eagle gold coins were minted, but, due to a change in currency laws, were never put into circulation. While this was a difficult situation at that time, today it presents an opportunity for buyers and coin collectors. These coins are known to be the world’s most expensive, and in a 2002 auction, were sold for as much as $7.5 million.

These are some aspects on which you can judge $20 Liberty or $20 Saint Gaudens when you go to the market to purchase them. However, it is advised that you consult experts like ITM Trading, Inc. before making any purchase, as you will not want to lose your hard earned money just because of an error in judgment in buying old US gold coins.

Thumbnail Photo We believe that everyone deserves a properly developed strategy for financial safety.

Lynette Zang

Chief Market Analyst, ITM Trading

Sources & References In This Article

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