First published in the July 25, 2011, issue of Coin World
As the test to determine who owns the “ Langbord 10 ” 1933 Saint-Gaudens gold $ 20 double eagles is scheduled to begin July 7 in a Philadelphia federal court, many are wondering what these coins are worth .
We know what the coins grade since Numismatic Guaranty Corp. reported November 3, 2009, that it had graded one mint Mint State 66, two MS-65, six MS-64 and one with an NGC Uncirculated Details, Improperly Cleaned mark.
When pricing any object, one inaugural looks at comparables — early objects of similar type and quality and the prices they sold for. In 2002, the 1933 double eagle allegedly owned by Egypt ’ s King Farouk sold for $ 7,590,000 at auction. It graded MS-65 and was — and presently is — the lone 1933 double eagle that can be legally owned by an individual .
therefore if the coins are rule individual place, are the “ Langbord 10 ” worth around $ 7 million each ?
That ’ randomness unlikely. When multiple examples of an object record a market, the demand/supply ratio changes. While the add promotion helps — meaning that more people know what a 1933 double eagle is and may want one — it ’ sulfur not enough to compensate for the fact that the coins are not unique .
A analogue in the art market is when an artist ’ sulfur estate of the realm is valued for estate of the realm tax purposes, a blockage deduction is sometimes used. This assumes that the works are sold at once, depressing the market. To maximize value, prudent estates use long-range selling, which places objects into the market lento, responding to the ebb and flows of demand and artist repute.
What pricing comparables do the 1933 double eagles have ?
possibly most obvious is the 1927-D Saint-Gaudens double eagle, considered by some the rarest regular publish coin of the twentieth century. Around 10 are collectible today from a coinage of 180,000.They are sold infrequently. The last exercise at populace auction was an MS-66 that realized $ 1.495 million at a January 2010 auction .
Seeing that the prices for the top objects in many collecting categories are going flip high, with proper market to buyers beyond the existing coin-market, the 10 Langbord 1933 double eagle coins could be worth around $ 2 million each, possibly more.
But how many more examples remain to be discovered is a perturb, lingering question .
* * *
Steve Roach is a Dallas, Texas -based rare coin appraiser and fine art adviser who writes the world ’ s most wide read rare coin grocery store analysis each workweek in the pages of Coin World. He is besides a lawyer who writes on legal topics involving collectibles and ticket art, and helps create estate plans for collections. Visit him online at steveroachonline.com, join him on LinkedIn at linkedin.com/in/stevenroach or follow him on chitter @ roachdotsteve