The Wells Fargo Coin Hoard was one of the most significant American numismatic finds of the 20th century. This collection of 19,900 1908 No Motto $20 Saint-Gaudens Double Eagle gold coins elevated the issue from a lesser-known coin to one recognized for its numismatic value.
Historical Background of the Wells Fargo Hoard
The 1908 No Motto $20 Saint-Gaudens Double Eagle is part of a remarkable series crafted by Augustus Saint-Gaudens. It is celebrated for its stunning design, which many consider one of the finest in U.S. coin history. The term “No Motto” highlights the absence of the inscription “In God We Trust,” which was later added to coin designs due to public and congressional advocacy.
In 1907, President Theodore Roosevelt tasked the talented sculptor Augustus Saint-Gaudens with redesigning gold coins from the U.S. Mint, as he felt the existing designs lacked artistic value. Roosevelt specifically asked Saint-Gaudens to leave off “In God We Trust,” regarding it as unsuitable for coinage. Yet, after the first gold coins were released, widespread protest prompted Congress to legislate the return of the motto to later editions by the end of 1908.
Until the 1990s, the 1908 No Motto Double Eagle was not particularly sought after within the Saint-Gaudens Gold Double Eagle series. Because of its greater availability and less striking appearance, it was often overlooked. Many examples displayed a lack of luster and sharpness in striking that typically attracts collectors.
Discovery of the Wells Fargo Hoard
The Wells Fargo Hoard was uncovered in the early 1990s, tracing its origins back to 1917 when it was securely sealed in bank bags. This impressive collection comprised 19,900 individual 1908 No Motto Gold Double Eagles, remaining untouched until the 1960s. During that decade, the original deteriorating bags were replaced, and the coins were re-bagged and sealed once more.
The coins were discovered in the vault of a Nevada Wells Fargo bank in the early 1990s. By the mid-1990s, dealer Ron Gillio, who is now the Numismatics Acquisitions Coordinator at Stack’s Bowers Galleries, introduced these coins to the market. Known as the “Wells Fargo Discovery” or the “Wells Fargo Hoard,” this extraordinary collection offered thousands of remarkable gems to numismatics, many of which boasted unprecedented quality.
The exact origins of the hoard remain a topic of speculation. One theory suggests these coins were part of an international payment made during World War I, kept in the U.S. for decades to evade the gold melt of the 1930s. Another theory postulates the hoard may have belonged to a foreign government, securely stored in the U.S. until it was uncovered. Regardless of its true background, the survival and condition of the hoard are indeed impressive.
Preservation and Storage
The vaulted storage conditions of the Wells Fargo Hoard played a pivotal role in the preservation of these coins. The original Mint bags, though deteriorated, were replaced, ensuring the coins remained protected from further damage. This helped ensure that the coins maintain their exceptional luster and sharpness, in stark contrast to the typically “ratty” appearance of other 1908 No Motto Saints.
Grading and Quality
In 1997, when the hoard was sent to the Professional Coin Grading Service (PCGS) for grading, the findings left the numismatic community in awe. After every coin was graded, some of the most remarkable examples of Saint-Gaudens Double Eagles ever were cataloged:
- MS-66: Thousands of coins were graded at this level, with about 9,000 PCGS-certified examples attributed to the hoard.
- MS-67: Nearly 1,000 coins reached this grade, accounting for the majority of the 896 pieces at this level in PCGS population reports.
- MS-68: An impressive 101 coins from the hoard reached this grade, with all but one of the known MS68 Saint-Gaudens coins coming from this cache.
- MS-69: The crowning glory of the hoard included ten coins graded MS69, making them the first and only Saint-Gaudens Double Eagles to reach this pinnacle as of 2009.
During their evaluation process, David Hall, a PCGS grader, reflected on how the team diligently searched for a coin deserving of the MS-70 grade. After consideration, they focused on three nearly flawless coins, ultimately concluding that none reached the flawless MS-70 condition. Nonetheless, they identified ten MS-69 coins that stood out as “virtually perfect gems,” with the graders proclaiming them to be the most remarkable Saints they had ever seen. One particular coin was designated “Wells Fargo–The Best One,” emphasizing its exceptional quality.
Notably, Stack’s Bowers Galleries continue to showcase exceptional examples from the hoard, such as an MS-68 piece featured in the November 2023 Whitman Expo Auction. This coin, described as having “vivid medium golden-apricot surfaces” and “a boldly struck and exceptionally well-preserved appearance,” ties for the finest-known example in NGC’s census.
Impact on Numismatics
The discovery of the Wells Fargo Hoard greatly changed how the 1908 No Motto Double Eagle is viewed in the world of numismatics. Once considered common and unremarkable, this coin has now gained significant respect and desirability among collectors. With the hoard revealing some of the best examples available, the coin’s reputation and market value have soared. Furthermore, this discovery not only changed the perception of this particular coin but also emphasized the need for proper storage and preservation practices. It opened eyes to the potential hidden treasures in numismatics, sparking inspiration among collectors and dealers alike.
Notable Sales and Auctions
The coins from the Wells Fargo Hoard have commanded impressive sums at auction. Some highlights include:
- “Wells Fargo–The Best One”: Sold in 2005 as part of the Phillip H. Morse Collection for $94,875, this coin held the auction record for over a decade.
- Fox Specimen: In January 2020, another MS-69 coin set a new record, selling for $96,000 at Heritage’s FUN sale.
Out of the ten MS-69 coins from the hoard, only four have been offered at public auction. The remaining six are highly sought after and are expected to achieve record-breaking prices when they eventually appear on the market.
Legacy and Significance
The Wells Fargo Coin Hoard remains a landmark discovery among coin hoards and numismatics. It not only brought to light some of the finest examples of the 1908 No Motto Double Eagle but also transformed the way collectors and dealers approach this series. The hoard’s impact extends beyond its coins, serving as a reminder of the enduring allure of numismatic treasures and the stories they tell. For collectors and historians alike, the Wells Fargo Hoard is a testament to the importance of preservation, the excitement of discovery, and the timeless appeal of gold coins.
