United States $20 Liberty
Grade: Mint State 64
Actual Gold Content: .9675 troy ounce
Mint State 64 is one of the most popular grades to own for the U.S. $20 Liberty gold coins. Given that the Liberty gold cons were minted prior to St. Gaudens, and are therefore older and experienced broader use and circulation, specimens from each conditional grade are a fair bit scarcer than a St. Gaudens counterpart. To the point, price performance in the MS 64 Liberty is most closely mirrored by the MS 65 St. Gaudens, though it is traditionally valued slightly higher due to a lower population. According to PCGS (Professional Coin Grading Company), about 60,000 $20 Liberty gold coins exist in MS64. By comparison, MS65 $20 St. Gaudens have a known population of slightly less than 160,000 coins.
MS64 $20 Liberties, like their counterparts, are near cycle lows in terms of their premiums to underlying gold value. Their highest rarity levels were achieved in the 1980’s and shouldn’t be necessarily expected to repeat. In interpreting the accompanying graphs, the price graph above shows the nominal value history for the MS64 $20 Liberty over the past fifteen years. The graph below shows the premium relative to underlying gold content. The premium as listed on the y (vertical)-axis should be read as a multiplier of the gold price. In other words, a coin premium of 2 is equal to double the gold price, and a coin premium of 4 is equal to 4 times the gold price. Cycle lows have shown premiums as low as 1.80 (80%) over gold, while recent highs in 2009 saw premiums at 3.5x gold.