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Saint-Gaudens $20 Gold Coin 1907: America's Most Beautiful Numismatic Masterpiece
An Artistic Masterpiece Created by Sculptor Saint-Gaudens
Image: Wehwalt for image, coin designed by Augustus Saint-Gaudens — https://commons.wikimedia.org/wiki/File:1907_ultra_double_eagle.jpg (Public domain) / Wikimedia Commons — Public domain
Prologue
The $20 gold coin (Double Eagle) designed by America's great sculptor, Augustus Saint-Gaudens, is an enduring masterpiece minted from 1907 to 1933. The 1907 coin, in particular, representing the initial year of mintage, embodies the ultimate design that Saint-Gaudens painstakingly brought to fruition, boasting the highest aesthetic value among gold coins produced by the United States Mint. Its three-dimensional representation through high relief, the meticulously engraved figures, and its bold composition are revered by many collectors and investors today as a work of art that transcends mere currency. The 1907 edition had a limited mintage of approximately 360,000 pieces, and high-grade MS (uncirculated) examples are exceptionally rare.
At a Glance
- Country
- United States
- Year
- 1907
- Denomination
- 20 Dollars (Double Eagle)
- Designer
- Augustus Saint-Gaudens
- Diameter
- 34 mm
- Weight
- 33.44 g
- Fineness
- .900 gold
- Grade
- NGC MS67
- Mintage
- Approximately 361,667 pieces
- Condition
- MS
The Historical Background of the Saint-Gaudens $20 Gold Coin
The Vision of Designer Augustus Saint-Gaudens
Augustus Saint-Gaudens (1848-1907) was a leading American sculptor of the late 19th and early 20th centuries. At the request of President Theodore Roosevelt, he undertook a revolutionary reform of America's gold coinage design. At the time, American gold coins were dominated by classical and uninspired designs, but Saint-Gaudens was determined to create a completely new aesthetic that fused European classical art with American dynamism. He produced multiple sketches and, after several years of consideration, finally completed the design in 1907. Unfortunately, Saint-Gaudens passed away on August 3, 1907, making the $20 gold piece his final great work and legacy. This coin is not merely currency, but a monument symbolising the artistic will of Saint-Gaudens.
The Technical Innovations and High Relief of the 1907 Version
The 1907 version of the Saint-Gaudens $20 gold coin is known for its initial 'Ultra High Relief' design. This is characterised by the extremely high contours of the engraving on its surface, which cause the shadows to change dramatically depending on how the light strikes it. The obverse depicts Liberty striding forward, while the reverse shows an American eagle powerfully spreading its wings. This high relief design presented many difficulties in its actual striking. The pressure of the press was too great for the metal to flow properly into the die, creating problems with consistent quality. For this reason, from the following year, 1908, the design was changed to the 'Ostrich Relief (Hurwitz Relief)' and adjusted to a more practical form. In other words, the 1907 issue is the only date to feature the full high relief, making it an extremely unusual coin from a technical standpoint.
Coin Specifications and Physical Characteristics
Dimensions, Weight, and Metal Purity
The 1907 Saint-Gaudens $20 gold coin has a diameter of 34 millimetres and a weight of 33.44 grams, making it a large and substantial piece for an American gold coin of its era. Its metal purity is 900/1000 (90%) gold, with the remaining 10% being copper. This means the actual gold content is approximately 30.09 grams. Based on current gold prices of around 7,000 to 8,000 yen per gram, its baseline value as bullion alone is about 210,000 to 240,000 yen. However, its value as a collector's item far exceeds this. The surface features intricate relief, and on high-grade specimens, the details can be observed with great clarity. The balance of its weight and size provides a convincing heft when held, physically demonstrating this gold coin to be a truly valuable asset.
Design Symbolism and Aesthetics
The figure of Liberty depicted on the obverse is in an elegant pose reminiscent of an ancient Greek goddess, striding forward from left to right. She carries a laurel branch, and the intricacy of the engraving and richness of her expression maximises the three-dimensional effect unique to high relief. The word "LIBERTY" is at the lower left, with the date "1907" inscribed next to it. The reverse depicts a powerfully spread-winged American eagle, shown with a shield and arrows held to its breast, symbolizing America's strength and pride. At the top is the inscription "UNITED STATES OF AMERICA", and at the bottom, "TWENTY DOLLARS". This design is a masterpiece that perfectly harmonizes classicism with American nationalism, and the philosophy of Saint-Gaudens is imbued in every detail.
Mintage, Grade, and Market Rarity
1907 Mintage and Circulation Status
The mintage for the 1907 Saint-Gaudens $20 gold coin from the Philadelphia Mint (no mint mark) is 361,667 pieces. While this is a moderate mintage for an early 20th-century American gold coin, many were later recalled by the government due to the Gold Confiscation Order (President Franklin Roosevelt's 1933 prohibition on gold ownership). The majority of gold coins held by individuals before the war were lost, making the 1907 issue circulating on the market today extremely scarce compared to its original mintage. Coins that exist in Mint State condition are particularly fortunate survivors, having been preserved for over a century. For grade evaluation, certification by third-party services like NGC (Numismatic Guaranty Company) and PCGS (Professional Coin Grading Service) is important. High-grade examples of MS67 or higher are estimated to number only a few hundred across the entire market and are very highly regarded by collectors.
The Grading System and the Meaning of MS67
In the coin market, a standardized grading system is used to evaluate condition. Mint State (MS) indicates an uncirculated coin, and the subsequent number (MS60 to MS70) further distinguishes its precise condition. MS67 signifies a 'magnificently beautiful uncirculated piece' and is a condition of a very high standard. At the MS67 level, only minuscule marks, unnoticeable to the naked eye, may be present, and the coin generally retains its original metal lustre (the brilliance of new gold). In the case of the Saint-Gaudens $20 gold coin, its complex high-relief design made it difficult to achieve perfect quality at the time of striking (minting). Therefore, examples reaching MS67 are truly scarce, and even an MS65 is already a high-level grade. It is not uncommon for a single grade point difference to create a price gap of several hundred thousand yen, which is why accurate grading is vital for coin investors.
Market Value, Investment Perspective, and Collectibility
Current Market Prices by Grade
As of 2024, NGC-certified examples of the 1907 Saint-Gaudens $20 gold coin are trading in the following price ranges. Coins in MS60 to MS62 grades often trade for approximately 500,000 to 800,000 yen, MS63 for about 900,000 to 1,300,000 yen, MS65 for 1,800,000 to 2,500,000 yen, MS66 for 3,500,000 to 5,500,000 yen, and MS67 in the range of 6,000,000 to over 10,000,000 yen. These market prices are conversions of international, dollar-denominated transaction values into Japanese yen and are subject to currency fluctuations at the time of an actual transaction. Examples in the highest grades, such as MS68 and MS69, are of a rarity level that sees them appear at auction only once every few decades and can be sold for record-breaking prices. Pricing factors include the intrinsic value as gold bullion (with a gold content of approximately 30 grams), the historical and artistic importance of the Saint-Gaudens design, the technical peculiarities of the 1907 issue, and above all, the combination of market rarity and buyer demand.
Long-Term Investment Characteristics and Outlook
Antique coins, and the Saint-Gaudens $20 gold coin in particular, are recognised by institutional investors and high-net-worth individuals as a vehicle for long-term asset preservation. Unlike stocks and bonds, they possess physical asset value and have characteristics that make them resistant to inflation. While their value moves in tandem with upward trends in the gold market, additional returns can be expected due to their rarity and collector value. Market statistics from the past 30 years show that high-grade Saint-Gaudens gold coins have recorded an average annual increase in value of 3-5%, and market demand increases rapidly, especially when the gold market is in an uptrend. Given the strength of the gold market in 2024, investment appetite for scarcer coins in grades of MS65 and higher is expected to continue. However, considering market liquidity (the ease of finding a buyer), coins in the MS63 to MS65 range are recommended as a practical investment target. For long-term storage, preservation in a suitable protective case and the use of NFTs for proof of authenticity are becoming increasingly important.
Value & Rarity
The market value of the 1907 Saint-Gaudens $20 gold coin is shaped by a complex interplay of several factors. Firstly, there is a fundamental value as gold bullion, estimated at approximately 210,000 to 240,000 yen, which forms the lower price floor. Secondly, the artistic value as the final masterpiece in the lifetime of the historically significant sculptor, Saint-Gaudens, is added. Thirdly, the technical uniqueness of the 1907 ultra-high relief design enhances its rarity. Fourthly, the drastic reduction in circulation due to gold confiscation orders means that existing uncirculated pieces are extremely limited. From an investor's perspective, in a period of rising gold prices (which were high at 7,000 to 8,000 yen per gram in 2024), the entire antique coin market is experiencing a boom, and strong demand for high-grade items is a positive factor. Many coins graded MS65 or higher have seen their value more than triple over the past decade, making them attractive to investors seeking inflation hedging and asset diversification. Conversely, in the collector's market, the combination of rarity and aesthetic value is prioritized, making grade improvement and perfect preservation condition extremely crucial evaluation factors.
In Summary
The Saint-Gaudens $20 gold coin of 1907 is America's most celebrated antique coin masterpiece. It is a true investment and collectible, where artistic merit, historical significance, technical uniqueness, and rarity are perfectly harmonized. High-grade specimens, such as MS67, are assets worth preserving for a lifetime and cultural heritage passed down through generations. For collectors, owning one offers the joy of directly experiencing art and history, while for investors, it holds a unique position promising stable appreciation in asset value. In today's rising gold market, scarce MS63 or higher graded items are particularly noteworthy.
Where this coin sits
Age of Empire United States 1907
Struck in the same age
Sources & Verification
- Research
- GNJ Numismatic Research Desk
- Last updated
- 5 September 2026
- Image source
- Wehwalt for image, coin designed by Augustus Saint-Gaudens — https://commons.wikimedia.org/wiki/File:1907_ultra_double_eagle.jpg (Public domain)（Wikimedia Commons — Public domain）
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