1897-S $20 Liberty Gold Coin PCGS Mint State 63(MS63) CAC

The primary distinction between this Type and the previous one lies in how the denomination is presented. In earlier Types, the denomination appeared as TWENTY D. However, on this Type, it is depicted as TWENTY DOLLARS. In 1900, a minor modification was made to the smoothness of the back of the eagle's neck on the reverse side.

This Type is notably the most prevalent among the three variations of Liberty Head Double Eagles, with a staggering production exceeding 64 million pieces. In 1904, the Philadelphia Mint alone struck 6,256,699 coins, marking it as the second-highest mintage of any U.S. circulating gold coin, surpassed only by the 1928 Double Eagle, which boasted a mintage exceeding eight million. The coin was minted not only in Philadelphia but also in San Francisco, New Orleans, Carson City, and Denver.

Type 3 Liberty Head Double Eagles were extensively utilized for international transactions, as foreign parties favored gold coins over paper currency. Literally, millions of Type 3 Liberty Head Double Eagles found their way overseas. Even today, the majority of Liberty Head Double Eagles newly introduced to the market have been imported from Europe.

Most collectors pursue this particular issue as a Type, opting for a single high-grade example to add to their collections. A handful of determined enthusiasts embark on the ambitious journey of building a complete date and mintmark set. However, this undertaking demands a considerable amount of patience and financial resources, as a few of the date variations are quite costly, although not exorbitantly so, even in lower grades. Bullion investors are also drawn to this Type as a hedge against inflation. Given its relatively large mintages, the numismatic premium for Type 3 Double Eagles, especially in lower grades, is comparatively modest. Consequently, common-date, low-grade Type 3 Double Eagles have long served as a preferred alternative to purely bullion pieces like Krugerrands.