Finest Known Ultra-High Relief Changes Hands Again

Price Substantially Exceeds $3 Million

One of America's greatest numismatic treasures has traded hands in a private-treaty sale. The finest-known "Ultra-High Relief," graded Proof-69 both by NGC and PCGS, was purchased by Certified Assets Management (CAMI) of Wilmington, Delaware, from Heritage Auction Galleries of Dallas, Texas acting on behalf their client-owner, who remains a significant owner and collector of American numismatic rarities.

This rarity was last offered publicly in the Heritage auction of the Philip Morse collection of St. Gaudens twenties in November of 2005, where it realized $2,990,000, a record at the time.

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While the actual price was not disclosed, both parties confirm that the new price substantially exceeds the previous auction price.

"Despite hearing about new rare coin records being set all the time, I think it's easy to make a case that this may be the single most underrated rarity in U.S. coins," said Bob Higgins, CAMI President. "It sounds crazy on the surface, but if a 1933 Saint is worth $7 million and we know that there are at least 10 more pieces in existence, this true original work of art should arguably be worth at least as much, if not more," he added. "Our company history has allowed us to handle multiples of some of the most famous rare coins, so when an opportunity like this comes up you have to pull out all the stops to seize the opportunity."

Jim Halperin, co-founder of Heritage added, "This is one of my favorite coins! We'd actually sold it three times before, including the Morse auction, and were amazed to have the chance to place it again!"

Todd Imhof, Heritage's Vice President who manages the firm's Private Treaty Sales Department and who handled the transaction added, "It was a smooth and easy transaction. The first offer was tendered and accepted with no haggling, and our client was paid immediately. Smiles all around."

"This magnificent coin bridges the world of art and numismatics like no other coin in American numismatics," Don Ketterling, CAMI Vice President and co-founder said. "Everyone who sees it, whether complete novice or jaded professional, can't help but say 'Wow!' and the fact that both grading services have endorsed the coveted '69' grade removes any doubt about its quality and standing in the world of certified coins," he added. "This coin has it all: It's big, it's gold, it's rare, it's the highest quality possible and it's unquestionably one of the most beautiful coins ever produced anywhere in the world."

24 Original proofs were struck in 1907, but only 13 are currently listed in the population reports of both major services. The finest of these is this single Proof 69 which has been graded equally by both NGC and PCGS and is still listed in both reports.

Striking Ultra-High Reliefs required seven blows from the dies, a situation that rendered them impractical for business-strike production. They were the closest to the original concept that Augustus Saint-Gaudens created, but two subsequent modifications of the design were needed to create the production coins that were eventually coined through 1933.

For more information about Heritage's auctions, and a complete record of prices realized, along with full-color, enlargeable photos of each lot, please visit www.HA.com.

To reserve your copy of any Heritage auction catalog, please contact Client Services at 1-800-872-6467, ext. 150, or visit www.HA.com/Catalog to order by email.