Owner Comments:
Lyman Allen #11.10 (KM #170) - Reported Total Mintage: 795,000 (398 reserved for assay)
The 1914-S 20 Centavos is one of the true sleepers of the U.S. Philippine series, but why? The total mintage for this year was relatively small, but still greater than in some prior years which seem to be easier to acquire in high grades. The twenty centavo denomination was one of the most popular with Filipinos, and circulated well. In 1913, 2.5% of all surviving twenty centavos were held in treasury vaults. Beginning in 1914 and continuing through 1915 and 1916, the treasury built up a surplus. The treasury held 8.5% of all surviving twenty centavos at the end of 1914 and a high of 18% by the end of 1915. World War I gave rise to an economic boom in the Philippines and demand began to grow for circulating coinage in 1916 and the treasury holding decreased to 16%. 1917 however was the crucial year. The war and other economic conditions caused the price of silver to rise again to the point at which the bullion value of the reduced size and weight silver coinage became very close to its par value. For a brief time in September 1917, the twenty centavo coin was worth 21 centavos in bullion value. All silver coins were hoarded, and the treasury surplus of minor silver coins was virtually wiped out. By December 1917, 99.5% of all surviving twenty centavos coins of both types had been released into circulation. Even so, the government melted very few reduced size and weight twenty centavos, so why is it so difficult to find these coins even in circulated condition. World War II took it's toll on all silver coins, particularly the early ones which were widely dispersed into circulation. Much of the circulating coinage was confiscated by the Japanese and reduced to bullion. The actual extant population of these coins is very difficult to calculate, but based on the availability of even low grade examples, I would estimate it to be 75,000 or less.
The demand for circulating coinage was very high at the time, so any specimens that survive in a high grade today must have been put away by an individual. It also seems very unlikely that any mint state roles survived. All of these factors combined to make this date one of the rarest and most difficult to acquire in mint state. As of this revision, NGC has graded a total of 14 1914-S Twenty Centavos with this coin becoming only the 4th coin to achieve an uncirculated grade. I feel very lucky to have acquired this one as a raw coin in an eBay auction. The current NGC population status of this coin is (1/3). Based on the lack of detracting marks in the fields and on the devices, I'm really surprised that this coin didn't attain a higher grade.
Date acquired: 4/25/2020 (raw coin)
Date graded: 8/4/2020 (self submitted to NGC)
Rev. 9/5/2020