1909-D $20 Saint-Gaudens Double Eagle NGC MS65. This is an outstanding example of this very scarce, very low mintage issue. It is one of the finest examples that most likely came from a small hoard distributed by MTB in the early to mid-1980’s. It is very sharply struck with full luster under a delicate haze, very clean fields, and superb medium orange and greenish-gold toning. The surfaces on both sides are very clean with one small nick on the eight ray in the left obverse field. This specimen is not only one of the two or three best from the MTB hoard, it is also distinctly surpassed in overall quality at NGC by only a few specimens, including the Eliasberg-Duckor-Morse example – last seen in 2008 and selling for $218,500 – and the Kutasi and Newman specimens.
David Akers discussed the Central America hoard in A Handbook of 20th-Century United States Gold Coins 1907-1933, published in 1988:
“Nearly all known Mint State examples come from a hoard of several hundred pieces that was discovered in Central America in 1983 … Until the group was discovered in Central America, this issue was extremely rare in any Mint State grade and all but unobtainable in MS-63 or better condition. Now, however, the 1909-D can only be considered scarce in Mint State and, since many of the coins in the hoard were in choice condition, it is now fairly available up to and including the MS-63 grade. MS-64 examples remain rare, however, and gems are still nearly impossible to find.”