1921 $20 (Proof)

The 1921 Saint-Gaudens Double Eagle Proof

Counting the rare Extremely High Relief issues, the United States Mint produced Proof versions of Augustus Saint-Gaudens’ masterpiece Double Eagle design for collectors from 1907 through 1915. This new coinage, struck as part of Theodore Roosevelt’s "Pet Crime" to revitalize America’s outmoded 19th-century designs, possessed a distinctly different character than the coins that preceded it. The Mint, weary of outside designs being foisted upon it, struggled to implement the technical revisions necessary to make these artistic medallic reliefs serviceable for mass production.

What differentiated these new designs was their sculptural artistry and three-dimensionality. To accommodate these qualities, the Mint adopted French-inspired sandblast (or matte) finishes for the Proof issues. This was a radical departure from the traditional Proof style, which featured mirrored fields and, on properly prepared fresh die pairings, frosted devices.

These matte finish Proofs were struck for the Lincoln Cent and gold denominations, while the Barber silver and nickel types remained brilliant. This mismatch of styles likely contributed to the negative reaction collectors had toward the matte Proofs. Furthermore, when the finish was not applied perfectly, it tended to "soak up" light, giving the coins a darkened, unappealing appearance. When executed correctly, however, the Sandblast Proofs are both distinctive and elegant.

The Incredible Story of the 1921 Saint-Gaudens Proof

As the United States entered World War I, production of Proof coinage was suspended, not to resume in full until 1936. According to Walter Breen, sporadic Proof production occurred from 1917 to 1920, a period he dubbed the "Clandestine Years." While PCGS has not affirmed Breen’s findings for those specific dates, the service does recognize the 1921 Chapman Morgan Dollar Proofs (#7342) and the 1921 and 1922 Peace Dollar Proofs.

The context for the 1921 Saint-Gaudens Proof (#89172) is as remarkable as it is distinct. For the discovery coin, a slightly impaired Proof graded PCGS PR58, there is a direct line of ownership connecting it to Mint Director Raymond T. Baker. This specimen was reportedly struck to commemorate the birth of Baker’s nephew, Joseph Ghirardelli Baker, son of George Washington Baker Jr. and Carmen Ghirardelli Baker—the granddaughter of Domingo Ghirardelli, the famed chocolatier.

Joseph Baker served as a Second Lieutenant in the airborne infantry and was tragically killed in action during the Battle of Normandy. Following his death, the coin remained with his family for over 50 years before being consigned to Sotheby’s in June 2000. Thanks to its storied pedigree and unique surface characteristics, the coin sold to a prominent East Coast collector for $203,500, roughly eight to ten times the value of a standard 1921 strike in similar condition. (I say "standard" while acknowledging that the 1921 Saint-Gaudens is a scarce issue to begin with.) The buyer's identity remains known to only a few insiders, and I am not at liberty to disclose it at this time.

In 2006, a second example with matching characteristics appeared at a Bowers and Merena auction, then graded PCGS MS63. The piece sparked spirited bidding and was ultimately purchased for $1,495,000 by dealer Dan Ratner. Fellow dealer Brian Hendelson also competed for the coin, recognizing it as a Proof, and later entered a partnership with Ratner to co-own the piece. The coin was subsequently crossed to NGC, where it was graded Proof 64+. Years later, per their agreement, the coin was listed for sale via Heritage Auctions to allow the market to determine its fair value; Hendelson ultimately placed the winning bid to take full ownership. He now considers the piece "the highlight of his collection."

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