1925 $20 MS63 认证号03365634, PCGS号9180

Charles Morgan

1925 Saint-Gaudens Double Eagle

By 1925, gold coins had largely vanished from daily circulation in the United States. Instead, the government utilized these issues for two primary purposes: facilitating international trade settlements and backing U.S. Gold Certificates.

While the Philadelphia Mint produced the 11th-largest issuance of the series in 1925, its output was eclipsed by the Denver and San Francisco Mints. Because a majority of these Philadelphia coins were stored in overseas vaults, they escaped the mass meltings following the Gold Reserve Act of 1934. Consequently, the 1925 Philadelphia Double Eagle (#9180) is one of the most accessible and affordable dates for modern collectors. Out of an estimated survival population of 250,000 pieces, from which more than 60,000 have been certified by PCGS.

Collecting the 1925 Saint-Gaudens Double Eagle

The 1925 Saint-Gaudens Double Eagle sits comfortably within a run of dates that are approachable for both gold bullion stackers and numismatic collectors. Exported in bulk during the early 20th century, large quantities of these repatriated coins now flow through the market, often trading for a modest "numismatic premium" over prevailing spot prices.

Collector grades typically begin at PCGS MS62 and continue through MS65. Beyond this level, conditional scarcity becomes a significant factor—though the current bullish gold market has caused some price compression, making PCGS MS66 examples comparatively affordable.

At the PCGS MS67 level, the 1925 Saint is elevated to a true connoisseur’s coin. While every specimen at this grade is beautiful, each also represents a unique balance of characteristics; serious collectors should weigh their own personal aesthetic preferences alongside our expert grading opinions.

Noteworthy Specimens

The Kutasi-Duckor-Elite specimen has been widely regarded as the finest known example of this issue for over twenty years. Initially graded PCGS MS67 during the "pre-plus" era, the coin last appeared at auction in 2022, where it realized a record-breaking $132,000. It has since been designated PCGS MS67+ and currently stands as the sole highest-graded example.

Additionally, a small hoard of Gem to Superb Gem examples surfaced around 2010. These coins are easily identifiable by a distinct die crack cluster appearing through the word LIBERTY on the obverse.

Double Die Reverse

While Saint-Gaudens Double Eagle varieties and mint errors are rare, the series features one significant Cherrypickers' Guide variety: the FS-801 Doubled Die Reverse (#145743). This variety exhibits distinct doubling on the eagle’s legs and wing feathers.

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