An extremely rare 1907 Ultra High Relief $20 Double Eagle gold coin featuring an early production Sans Serif lettered edge will go under the hammer on December 16, 2014 (est. $1,250,000 - $1,500,000) at the Bonhams Coins and Medals auction.
The collar's Sans Serif font that was used on the edge of the earliest Ultra High Reliefs distinguishes this coin as one of the first struck. It is also known as the Type of 1906, and only one other example is known with this edge feature. Another interesting fact about the edge is that the collar impresses the lettering in an inverted fashion. Between February 7th and 14th in 1907, the first four experimental Ultra High Relief $20 coins, including this coin, were struck at the Mint in Philadelphia.
This distinctive Sans Serif font on the edge was first discovered in 1992 by Paul Song, and three years later in 1995, the second example turned up, also discovered by Mr. Song. Another distinctive feature of the edge lettering is that the collar impressed the lettering upside-down, meaning when the obverse is up, the edge lettering is inverted, relative to the obverse.
Augustus Saint-Gaudens died of cancer August 3,1907, just months after the first Ultra High Reliefs were coined in February. He never personally examined one of his "works of art." Hering and Roosevelt refused to the let the project die, and the design was modified to the High Relief coins that were struck in November and December 1907. Mintage estimates indicate between 11,250 and 12,367 pieces were struck, despite Mint Director Barber's sabotage and protests. Soon Barber would win out, and the relief was greatly reduced again in mid-December 1907, and that design continued through 1933 when gold production ceased until more recent times.
Paul Song, director of the Los Angeles based department, states, "This coin is an old friend of sorts. Earlier in my career in 1992, I discovered this coin variety for the first time at an East Coast estate and sold it at auction for $143,000. Almost 25 years later, I am pleased to place it on auction again. Close examination of the edge revealed lettering without serifs—the same style that was used in 1906 to create the Judd-1992 $20 gold pattern. No one had ever thought to look at the edge or the collar of an Ultra High Relief before."
As indicated by the Proof 58 designation by NGC, this piece shows evidence of light wear (rubbing) on the highest points of the design. The light rubbing on the surfaces could easily be the result of this coin being personally examined by Mint officials and even by Theodore Roosevelt himself, just after striking. The coin itself, is concave due to multiple blows of the medal press, with the edges appearing sharp and knife-like. The color is bright yellow-gold throughout with only the slightest breaks in the luster on the aforementioned highpoints. There are no other singular distractions or pedigree identifiers. This will prove to be a truly remarkable opportunity to purchase one of the first two (if not the very first!) Ultra High Relief Saint-Gaudens double eagles produced in early 1907.
Source: Bonhams Auction
