Actual Market for type II $20s in MS63

[Nutmeg Coin]

What's the real market for type II $20 Liberty gold coins in MS63? It looks like auction results for non-CAC coins is going for way under GS bid.

 

http://coins.ha.com/itm/liberty-double-eagles/double-eagles/1873-20-open-3-ms63-pcgs/a/1231-6665.s?ic4=GalleryView-ShortDescription-071515

[BillJones]

I think that the Gray Sheet numbers are too high for the Type II double eagle, but that piece falls short of MS-63 in my opinion. There are way too many marks on the cheek to qualify for the grade.

[RWB]

To me, many gold coins seem to be "generously" graded. This seems to be one of them.

[BillJones]

The Type II $20 gold is very hard to find in true Mint State for a couple of reasons. First, back in the day $20 was too much for the collectors of the period to set aside and not spend in a collection. For that amount of money they could buy MANY collectable coins. Second no large hoards of these coins have recovered in sea salvage operations like, for example, the 1857-S coins from the SS Central America.

 

Therefore while some dates, like the 1876-S $20 gold, are common in Choice AU, the strictly Mint State coins are illusive. The 1873 $20 gold that is in my type set just barely makes MS-63 IMO. I bought it for less than Gray Sheet "bid" in a Heritage sale a few years ago. The "real Uncs." in MS-64 and better are very hard to find. That is borne out by the grading service population reports.

 

[Nutmeg Coin]

Something I was struck with in the type II $20s, in MS62 they all had a similar look in terms of condition, field chatter or other tics. It was so unusual to find MS 63 type IIs (66-76) and the price differential was a major barrier. But even if the coin is CACd it does not mean that they will offer current CDN bid price, but usually they are behind it.

[BillJones]

When I bought the 1873 Type II $20 at auction, there was a similar 1873 $20 in the same sale that that was graded MS-63, CAC. I passed on it because I thought the one I was bidding on was better. The CAC approved coin also sold for less than Gray Sheet bid in the auction.