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FUN Signature US Coin Sale 1251 4-6 & 8-9 Jan 2017
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Saint-Gaudens Double Eagles
1931 $20 MS65 PCGS. The Philadelphia Mint achieved a large mintage of more than 2.9 million double eagles in 1931. If original mintage were the only factor in a coins rarity, the 1931 Saint-Gaudens double eagle would be a common coin indeed. However, as numismatists have long known, mintage statistics are meaningless when discussing the rarity of the later issues of this series. Distribution is the true key to their rarity; the great majority of the 1931 production was melted and transformed into ingots in 1937, after the Gold Recall of 1933.
The actual number of 1931 Philadelphia Mint double eagles available today is a source of some disagreement. Q. David Bowers calls the 1931 "one of the key issues in the series" and estimates a surviving population of 80-120 Mint State specimens, with half a dozen or so examples in circulated grades still extant. This agrees well with recent research by Roger W. Burdette, who concludes the surviving population numbers about 110 coins in all grades, with the great majority in Mint State. Earlier estimates range from the 45 examples postulated by Dr. Charles W. Green in 1947, which was based on earlier (probably incomplete) Mint records, to the 200-300 examples suggested by Jeff Garrett and Ron Guth, in their Encyclopedia of U.S. Gold Coins. Currently, PCGS and NGC have certified a total of 113 coins in all grades, including an unknown (but probably small) number of resubmissions and crossovers (11/16).
The first auction appearance of a 1931 double eagle probably occurred in the Needham, Herrick and Other Collections (Thomas Elder, 9/1937), lot 1393. Elder's description stated, "1931. $20. Of the U.S. St. Gaudens type. A very rare year. First ever offered at auction sale! Value $350. Brilliant Uncirculated. Of greatest rarity." We have been unable to discover the price realized, but Elder's estimate is an indication of how great the demand was for this date in 1937. While Elder's estimate certainly seems high, it is small compared to the $1,250 Col. James Flanagan paid for the 1933 double eagle he purchased from B. Max Mehl just two months later. Clearly, the late date double eagles were exciting coins in the late 1930s.
The rare Gem offered here displays richly frosted surfaces and exhibits a delightful cartwheel effect when rotated slowly under a light. The strike is sharp, with crisp detail present on all design elements. The surfaces are an attractive, bright greenish-yellow, with a faint undertone of red. Both sides show a scattering of insignificant handling marks and luster grazes, entirely consistent with the grade. Overpowering luster is the standout feature of this specimen. The combination of high technical grade and intense visual appeal makes this offering a rare opportunity for the discerning collector. Population: 27 in 65, 11 finer (11/16).
Ex: FUN Signature (Heritage, 1/2010), lot 2338.
From The Renz Family Collection of $20 Gold Coins.
1931 $20 MS65 PCGS. The Philadelphia Mint achieved a large mintage of more than 2.9 million double eagles in 1931. If original mintage were the only factor in a coins rarity, the 1931 Saint-Gaudens double eagle would be a common coin indeed. However, as numismatists have long known, mintage statistics are meaningless when discussing the rarity of the later issues of this series. Distribution is the true key to their rarity; the great majority of the 1931 production was melted and transformed into ingots in 1937, after the Gold Recall of 1933.
The actual number of 1931 Philadelphia Mint double eagles available today is a source of some disagreement. Q. David Bowers calls the 1931 "one of the key issues in the series" and estimates a surviving population of 80-120 Mint State specimens, with half a dozen or so examples in circulated grades still extant. This agrees well with recent research by Roger W. Burdette, who concludes the surviving population numbers about 110 coins in all grades, with the great majority in Mint State. Earlier estimates range from the 45 examples postulated by Dr. Charles W. Green in 1947, which was based on earlier (probably incomplete) Mint records, to the 200-300 examples suggested by Jeff Garrett and Ron Guth, in their Encyclopedia of U.S. Gold Coins. Currently, PCGS and NGC have certified a total of 113 coins in all grades, including an unknown (but probably small) number of resubmissions and crossovers (11/16).
The first auction appearance of a 1931 double eagle probably occurred in the Needham, Herrick and Other Collections (Thomas Elder, 9/1937), lot 1393. Elder's description stated, "1931. $20. Of the U.S. St. Gaudens type. A very rare year. First ever offered at auction sale! Value $350. Brilliant Uncirculated. Of greatest rarity." We have been unable to discover the price realized, but Elder's estimate is an indication of how great the demand was for this date in 1937. While Elder's estimate certainly seems high, it is small compared to the $1,250 Col. James Flanagan paid for the 1933 double eagle he purchased from B. Max Mehl just two months later. Clearly, the late date double eagles were exciting coins in the late 1930s.
The rare Gem offered here displays richly frosted surfaces and exhibits a delightful cartwheel effect when rotated slowly under a light. The strike is sharp, with crisp detail present on all design elements. The surfaces are an attractive, bright greenish-yellow, with a faint undertone of red. Both sides show a scattering of insignificant handling marks and luster grazes, entirely consistent with the grade. Overpowering luster is the standout feature of this specimen. The combination of high technical grade and intense visual appeal makes this offering a rare opportunity for the discerning collector. Population: 27 in 65, 11 finer (11/16).
Ex: FUN Signature (Heritage, 1/2010), lot 2338.
From The Renz Family Collection of $20 Gold Coins.