Finding Double Eagle Auctions in the Wild: A Cherry Picker’s Guide

Historical Significance

The Saint-Gaudens Double Eagle, minted from 1907 to 1933, represents one of America’s most iconic gold coins. These twenty-dollar pieces, featuring Augustus Saint-Gaudens’ magnificent Liberty design, were produced during a transformative period in American history. The series includes both Type 1 (1907-1908) and Type 2 (1908-1933) designs, with common dates like 1904 and 1924 offering accessible entry points for collectors.

Identifying Key Markers

When searching through circulation or bulk lots, look for these distinguishing features:

• Date Ranges: Focus on 1904-1924 for common dates that still hold collector value
• Condition Indicators: MS64 and MS65 specimens command premiums, though current market conditions have compressed these spreads
• Authentication Markers: CAC-stickered examples are particularly scarce and command strong premiums
• Type Distinctions: Type 1 (no motto) and Type 2 (with motto) designs have different collector bases

Market Analysis

Current market conditions show interesting dynamics. While gold trading above $3,350 per ounce has impacted numismatic premiums, certain segments remain strong. CAC-approved Saints are particularly hot, with even common dates in 66+ condition approaching $8,000. However, non-stickered common dates are trading closer to melt value.

Circulation Finds vs. Bulk Lots

When examining bulk lots or estate sales, pay attention to:

• Older Holders: Coins in vintage slabs (OGH, Rattlers) often carry numismatic premium
• Variety Potential: Look for overdates or mintmark varieties that might be cherry-picked
• Surface Quality: Original surfaces command higher premiums than cleaned examples

Value Guide

Current pricing trends show:

• MS64 Common Dates: 3-5% premium over melt
• MS65 Common Dates: 10-15% premium over melt
• CAC-Stickered Examples: Significant premiums, often 50% or more above non-stickered counterparts
• Type 1 Coins: Higher premiums, especially in AU grades

Where to Search

Successful cherry picking requires knowing where to look:

Local coin shops often buy at flat rates ($2,750) regardless of grade, creating opportunities for informed collectors to identify undervalued specimens.

Authentication Tips

When examining potential finds:

• Weight Verification: Genuine Double Eagles should weigh 33.436 grams
• Diameter Check: Measure 34mm across
• Edge Inspection: Look for reeded edges without seams
• Mint Mark Location: Type 2 coins have mint marks above the date

Current Market Challenges

The market faces several pressures:

• Melting Pressure: When coins trade at or below melt, refinery offers become attractive
• Inventory Levels: High inventory of non-stickered common dates
• Premium Compression: MS64 and MS65 spreads have narrowed significantly

Conclusion

While the Double Eagle market shows signs of softness in common-date material, opportunities exist for knowledgeable collectors. CAC-approved specimens and coins in older holders continue to perform well. The key to successful cherry picking lies in understanding current market dynamics, knowing where to search, and being able to identify undervalued specimens in bulk lots and estate sales. Whether you’re examining rolls from circulation or large estate accumulations, the potential for finding overlooked treasures remains very real in today’s market.

Related Resources

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