The Box of 20 concept dates back to at least the mid-1990s. I first saw it in print in a Coin World ad by the Kansas City firm The Mint who, at the time, had—by far—the most impressive inventory in all of American numismatics. Their marketing angle was that instead of owning hundreds of so-so coins—or assembling a specialized collection of, say Liberty Head quarter eagles—a savvy collector would assemble a group of 20 great coins. The number “20” was not arbitrary; it represented the exact number of coins which would fit into a PCGS or NGC shipping box.

The Box of 20 isn’t for everyone. It takes an incredibly disciplined collector to stick to buying just 20 coins; especially if he is a coin weenie who not only likes coins but also enjoys the thrill of the hunt.

I’m a fan of this collecting methodology. It forces a collector to become highly selective and, in turn, a better numismatist. While my own personal collection(s) have always been focused on assembling date sets, the Box of 20 is more relevant in 2021 than ever before due to the prohibitive cost of most high-end U.S. gold coins and the difficulty of acquiring fresh, choice coins in a market which currently (and maybe indefinitely) has a broken supply chain.

Here are my suggestions for three different price points for Boxes of 20. The first is for a moderate U.S. gold coin budget; say around $5,000 per coin for a total of $100,000 invested. The second is for $250,000 which represents an average of around $12,500 per coin. The third is for $1,000,000 which works out to an average of $50,000 or so per coin.

Before I get specific on these three boxes, here are a few basic parameters for all the coins. The first is that the coins have to be really nice for the assigned grade. A 20 collection should have no duds, so we can rule out coins which have been scrubbed or which are excessively abraded or which have funky color.

Wherever possible, the coins should be CAC approved, but this isn’t a 100% requirement for legitimately scarce/rare coins which are nice but just miss the CAC parameter for that specific issue. Finally, there should be something exceptional about the coin. It may be that the coin is a scarce, underappreciated date. Or, it may be that the coin has great color or amazing luster. It can even be some sort of numismatic significance where each coin in the Box of 20 has a very low mintage, or is a first-year-of-issue or is a one-year type.

1. THE $100,000 BOX OF 20

The collector with a budget of approximately $5,000 per coin is not going to be able to purchase any pre-1834 issues or Proof gold (with the possible exception of a common date Type Three gold dollar in PR63 or PR64). The focus of this set will be better Liberty Head issues and high quality 20th century issues.
My choices for the $100,000 Box of 20 start with some interesting branch mint issues. I’d certainly want to include at least one each of the following:

Charlotte, Dahlonega and New Orleans half eagles. For the first two, I’d focus on a nice quality AU55 to AU58 slightly better date. I’d budget around $4,000 to $6,000 for each. For the New Orleans issue, I’d want to buy either a slightly better date such as the 1845-O, 1846-O or 1851-O in AU55 or a more available date such as an 1844-O in MS61 or MS62. I’d budget around $5,000-6,500 for this coin.

Underrated Philadelphia and San Francisco half eagles. There are numerous underrated half eagles from both of these mints. For the Philadelphia issue, I’d look at a low mintage issue such as an 1867, 1869, 1870-72, 1874, or 1876 in nice Extremely Fine. I like these enough that I’d consider more than one and they will cost around $5,000-6,000 for the right coin. It should be noted that these dates are extremely hard to find with CAC approval. For the San Francisco issue, I’d consider dates such as the 1858-S, 1859-S, 1861-S, 1865-S, 1867-S, 1873-S, or 1876-S. These will need to be in the EF-AU range to fit the budget requirements of this Box of 20, and I’d suggest at least one, if not two, at $5,000-6,000 each. These are very hard to locate with CAC approval but less so than the P mints.

Charlotte and Dahlonega quarter eagles. A nice addition to the Box of 20 would be one quarter eagle from each of these mints in AU55 to AU58. I’d suggest holding out for a really nice coin with original color and choice surfaces in the AU55 to AU58 range. I’d budget around $5,000-6,000 per coin.

New Orleans No Motto eagle(s). There are a number of interesting possibilities for these Box of 20 entrants. I’d look for two coins: one from the 1840s (not an 1847-O), and another from the 1850s (not an 1851-O unless the coin was exceptional). From the 1840s, I’d lean toward an 1844-O, 1845-O, 1846-O, 1848-O, or 1849-O in EF45 to AU55, and budget around $4,000-6,000 for a coin. For the 1850s date, I’d look for one the following: 1852-O, 1854-O Small Date, 1855-O, 1856-O, or 1858-O and budget around $5,000-6,000.

At this point, the Box of 20 contains around 11 coins. Let’s finish it off strong.

Philadelphia No Motto eagle. I’d select one interesting date of this type. You can either go for a scarcer date in EF45 to AU55, or a nicer more available date in AU58 to MS62. For the former, I like the 1840, 1841, 1843, 1845, 1846, 1850 Small Date, 1857, 1859, or 1860. You’ll need to budget $5,000-7,000 for one of these and note that CAC approved coins are challenging but not impossible. For the more available but higher grade dates, I’d look for an 1848, 1850 Large Date, 1851, 1855, or 1856.

Three Dollar gold piece. I’d actually include two of these in my Box of 20. First, I would look for a common date (1854, 1874, 1878, or 1889) in MS63 to MS64 with CAC approval. I would supplement this with either a nice San Francisco or New Orleans coin in EF40 to AU55. The most affordable San Francisco issue is the 1856 and for around $5,000-6,000 a nice AU58 should be available. The 1854-O is a popular one-year type and it is currently out-of-favor. $5,000 will buy a pleasing CAC approved EF coin. You can be very fussy with these two issues as they come nice.

Carson City half eagle and eagle. The common dates from this facility are overpriced but they are mega-popular and everyone loves the history and romance of this mint. The 1891-CC is the most available date for both denominations and this Box of 20 could include both in PCGS/CAC MS63 at around $10,000-12,000 for the pair. I’d insist on CAC approved coins as they are plentiful.

With four coins remaining, I’d suggest we focus on double eagles. I’d buy a nice PCGS MS64 1857-S from the first SSCA recovery as my first member of the box. I’d probably stick with another Type One and might focus on a nice AU55 to AU58 1850 (a popular first-year-of-issue). Or, I might look for an affordable 1851-O or 1852-O in CAC approved EF45. With just two coins left, I’d go for a non-1904 Type Three in CAC approved MS65 or MS65+, and I would hold out for a really exceptional just-missed-MS66 coin. I’d also buy a PCGS/CAC common date St. Gaudens in MS66 or even MS66+.

2. THE $250,000 BOX OF 20

A $250,000 Box of 20 will allow a collector more latitude when it comes to buying coins. Two areas which he will be able to dabble in which were out-of-reach in the $100,000 Box of 20 are early gold and Proof gold.

Three early half eagles. With a budget of around $15,000 per coin, the collector will be able to acquire high-end, CAC approved AU58 examples of the Capped Bust Right type and the Capped Bust Left type as well as an 1813 to represent the popular Capped Head Left (or “Fat Head”) design. If you want to stretch on one of the coins, why not take a run at a 1798 or 1799 half eagle in AU55 at $20,000 or so?

Heraldic Eagle ten dollar. This is the largest size early US gold coin and it is extremely popular. I’d suggest looking for a 1799 as everyone loves an 18th century date. An AU55 will be available in the high 10s/low 20s. If possible, buy a CAC approved coin even if it is a lower grade piece (EF45 to AU53).

Classic Head quarter eagle and half eagle. This design is very interesting as it bridges the gap between old gold and the newer Liberty Head design. I’d look for any date other than the common 1834 in MS63 and CAC approved if possible.

Proof gold dollar and quarter eagle. By budgeting around $20,000 on each of these, the Box of 20 will get two interesting, low mintage dates. A really rare gold dollar struck prior to 1880 should be available in PR64 to PR64+ at this price point (or lower) while a low mintage pre-1890 quarter eagle should be available in PR63 to PR64 for $15,000-20,000. For a ninth coin for the Box of 20, let’s budget $20,000 for an interesting Three Dollar or Liberty Head half eagle (pre-1900) in the PR63 to PR64 range.

Rare date three dollar. For around $12,500-15,000 a very nice CAC approved 1858, 1865, or 1877 in the AU55 to AU58 range might be available. This would make a good addition to this Box of 20 as would a nice Uncirculated sub-1,000 mintage issue such as the 1881, 1883, or the 1885 (the 1884 and the 1886 with mintages of exactly 1,000 might be a good addition as well).

Uncirculated Charlotte and Dahlonega half eagles. Figuring a cost of around $15,000 per coin, the Box of 20 will benefit from the presence of an MS62 half eagle from each of these two Southern mints. No date is “common” in this grade, and this is compounded if the coins are CAC approved.

Civil War half eagle. There are some affordable but very popular issue from this subset which fit well into this Box of 20. A solid AU 1861-C is a possibility as are nice mid-range AU examples of the 1861-S, 1863-S, or 1865-S.

Important No Motto eagles. I would include at least two coins from this category; one which is popular and which still offers good value in many areas. I would definitely add a high grade (AU58 to MS61) New Orleans issue; maybe something like an MS60 1860-O or an 1844-O in AU58 with outstanding surfaces and eye appeal. I would also look for a San Francisco Civil War issue such as the 1861-S or the 1862-S in EF45 to AU53.

Liberty Head double eagles. I’d want to put at least three different Liberty Head double eagles into this Box of 20. First, I would choose an interesting Type One. I’d either buy a solid collector grade 1854-S, 1859, 1862, or 1863 (all key dates) or an especially PQ AU55 or AU58 common date New Orleans which means either an 1851-O or an 1852-O. I would most certainly include at least one—if not two—Carson City double eagles.

The budgeting for this box won’t allow for a better date such as an 1878-CC, 1879-CC, 1885-CC, or 1891-CC in Choice AU, but if a super choice, CAC approved EF45 or AU50 came around, it would be an interesting coin to consider. I would certainly also add a more common date such as an 1875-CC, 1876-CC, 1883-CC, 1884-CC, 1889-CC, 1890-CC, or an 1892-CC in CAC approved MS61 or even MS62.

Gem Indian Head half eagle. In properly graded MS65, this is the scarcest 20th century type coin. At current price levels (mid 10s) I think they are great value so long as they are PCGS/CAC coins.

Gem Indian Head eagle. In my opinion, this is the single most beautiful regular issue US gold coin design. A PCGS/CAC approved MS66 or even a 66+ is a supremely attractive coin, and while not rare in the sense of most of the others coins in this Box of 20, I believe that it would make a good candidate for inclusion.

3. THE $1,000,000 BOX OF 20

At this price point, a Box of 20 will consist of exceptional coins. I would tend to shy away from Trophy Coins (with the exception of a Gem High Relief) and focus on outstanding examples of types which are cosmetically appealing, popular with collectors, and readily liquid.

Four or five choice early gold coins. I would want an 18th century coin or two and the best candidates include a choice PCGS/CAC AU 1795 half eagle, a 1799 eagle in PCGS/CAC MS62 or a 1798/1799 half eagle in lower Uncirulated grades. I’d include a nice MS63 to MS64 Reduced Size Capped Head quarter eagle if I could locate one for around $40,000-50,000. I’d also include at least one PCGS/CAC MS64 Capped Bust Right half eagle (which should be available at around $50,000) and an MS63 Fat Head half eagle (likely an 1818, 1820, or 1823) at around $50,000-60,000.

Four to five rare Proof gold coins. At this price point, there will be some very interesting options. There are numerous very rare low mintage gold dollars from the 1850s, 1860s, and 1870s which are available in PR65 or even PR66 at less than $40,000. The same can be said for Liberty Head quarter eagles although the grade range is more likely to be PR64 to PR65. A number of PR65 Three Dollar gold pieces are potential candidates as are a number of very rare Liberty Head half eagles in PR64. I would strongly suggest adding a nice PR64 Liberty Head double eagle. These can be found—with difficulty—in this grade for $70,000-80,000 and they are wonderful additions to a Box of 20.

Three or four Finest Known or Condition Census Liberty Head gold coins. In all denomination save for double eagles, it is possible to acquire either Finest Known or Condition Census Liberty Head gold coins for $25,000-50,000. Obviously, coins of this design type which are unquestionably Finest Known are not easily located. It is more realistic to pursue a Condition Census coin. My definition of Condition Census is a coin which ranks among the top half dozen or so best of a specific issue. It should be stressed that just a coin is among the highest graded by PCGS or NGC this doesn’t mean that it is necessarily “better” than a coin graded lower. The coins which are most likely to be available in this subgroup are Philadelphia and San Francisco quarter eagles and half eagles.

Two or three Territorial gold coins. While most of the great rarities of this broad series are priced in the six figure to seven figure range, there are some very interesting design available for around $50,000. First and foremost is a $50 Slug and there are issues from 1851 (Augustus Humbert with Lettered Edge or Reeded Edge varieties) and 1852 (US Assay Office of Gold with .884 and .900 varieties). The grade range for these is most likely going to be EF40 to AU53 and it is important to find a coin (or coins) with edges which lack the typical dents or bumps. Another issue which would fit nicely in this Box of 20 is an 1853 US Assay Office of Gold $20 in AU grades. Varieties are known with .884 and .900 on the obverse. I would also suggest an 1853 Moffat $20 and an 1854 or 1855 Kellogg & Co. $20.

Three high-quality Liberty Head double eagles. There are basically two approaches a collector can take in regards to Liberty Head double eagles. One is to focus on some of the rare Type One issues from New Orleans or some of the tough low mintage Type Three issues from Philadelphia. Given the fact that most of these coins are FUGLY, this isn’t necessarily the best option. I would, instead, veer towards Option Two which would include a nice high grade Philadelphia or San Francisco Type One in an uncommon grade (something like an 1850-P in MS62/62+ or an 1858-S in MS62) plus a good-looking slightly better date Type Three Carson City in MS62/62+ (dates to consider include the 1883-CC, 1884-CC, 1889-CC, 1890-CC, and 1892-CC) and, finally, an interesting low population Type Two date—such as the 1868, 1869, 1870, or 1871—in MS62 to MS63.

*1915-S Pan-Pac $50.00 Octagonal, PCGS MS64+*

A Trophy Coin or Two. To finish the Million Dollar Box of 20™ I would add a Trophy Coin or two. The first that comes to mind is a Gem 1907 High Relief double eagle. In my opinion, the optimal grade for this issue is a PCGS/CAC MS65 which is actually not an easy state of preservation for this popular issue; only 42 Wire Edge and 22 Flat Edge High Reliefs have been approved by CAC and in my experience at least 60% of these are in NGC holders. If you can find one, you’ll likely pay around $80,000. A nice MS64 with CAC approval is also an option; it will cost around $35,000. Another Trophy Coin to consider is an Octagonal 1915-S Panama-Pacific $50. Only 645 were struck and this massive coin is among the most beautiful coins ever struck by the US Mint. A PCGS/CAC MS64 should be available for around $100,000-110,000.

Don’t for a moment think that a Box of 20 has to contain high-priced coins. You could do one with neat coins in the $500-1,000 range (these will be mostly non-gold) and it can be as numismatically interesting as a Box of 20 with every coin worth $250,000 or more.