1923 $20 St. Gaudens (1923 Saint Gaudens) PCGS MS65. This gem, orange-gold 1923 Double Eagle glistens with bright mint luster on both sides. It is tied for second finest at PCGS. The strike is sharp with full details seen on Libertys upper gown, the Capitol building, and the eagles wings. Just a few abrasion marks in the obverse field keep this coin from a higher grade. The colorful surfaces are original and rich-looking.

The 1923 double eagle is a Motto Added type. In 1908 IN GOD WE TRUST was added to the reverse above the rising sun. President Theodore Roosevelt had been opposed to the motto because he felt that considering how a coin could be used, it was blasphemous to have the name of God on it. Coins could fall on the floor and be stepped on. They could be used for gambling or prostitution. Augustus Saint-Gaudens, the designer, agreed and the two of them planned the double eagle with no motto. In fact the mintages of the first year and half of the second had no motto. However, Congress disagreed and ordered all coins to adhere to the law that was passed in 1865. In the early part of the Twentieth Century, those who opposed having Gods name on the coinage were probably thought of as anarchists and/or Bolsheviks. Of course, Congress was more concerned with public opinion than the First Amendments principle of separation of church and state, and so the motto was mandated.

It became Charles Barbers responsibility to rework the coin adding the motto. In 1912 the coin was further modified by adding two stars for New Mexico and Arizona, the two newest states. Barber also modified the reverse by changing the tail feathers from eight to nine, and the suns rays from 34 to 33. He also made the heavier rays thinner and some of them longer.
During the Great Recall of 1933-34, there was extensive melting of double eagles. Americans were mandated to turn in their hoards of gold with an exemption of $100 in gold coin per person. Collectors of rare and unusual coins were also allowed to keep their collections, probably because certain government officials had collections of pattern coins. Not only did the act prohibit the hoarding of gold, it prohibited the increasingly extensive speculative activity abroad in foreign exchange [that] has resulted in severe drains on the Nations stocks of gold. As a result, President Franklin Roosevelt declared a national emergency and bank holiday, which he felt would be in the national interest. After confiscation of the coins, there was melting. The coins were made into gold bricks that were deposited in Fort Knox. In the period from 1933 to 1939, 66,383,444 double eagles were melted.

Despite Charles Barbers tinkering with the design, it has retained its appeal over the years. In fact the gold American Eagle bullion program, first issued in 1986, makes use of the design in a somewhat modified form.

The original design of Saint-Gaudens double eagle shows a full figure of standing Liberty. She wears a loose, flowing gown that allows her left leg to be exposed as she rests it on a rock. In her right hand she carries a long torch and in her left, an olive branch. Behind her are the rays of a rising sun. To the left of her right foot there is a small Capitol building, and to the right of her left ankle is the date. She is encircled by forty-eight stars, one for each state in the Union at the time of issue. The edge is lettered E PLURIBUS UNUM, divided by stars. The reverse shows a large eagle, reminiscent of Gobrechts, flying towards the left over a stylized rising sun. Some of the suns rays touch the opposite rim. IN GOD WE TRUST is on the circular edge of the sun. The inscription UNITED STATES OF AMERICA is in an arc at the top of the coin. Just beneath the legend is the denomination, TWENTY DOLLARS. All of the words in the legends on the reverse are separated by dots.

The low relief Saint-Gaudens double eagle coins were issued beginning in 1907. They continued until 1933, when all gold production stopped. The low relief coins had Arabic numerals for the date instead of the Roman numerals seen on the previous two issues.

Mass melting of this issue took place in the 1930s, but many survived in overseas hoards. Considering how available this date is, only 3 are graded MS66 at PCGS and only 1 is an MS66 at NGC.