Heritage World Coin Auctions
CSNS Signature US Coin Sale 1254 26-28 Apr 2017
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Saint-Gaudens Double Eagles
1931 $20 MS64 PCGS. The Philadelphia Mint only produced cents, dimes, and double eagles in 1931, attesting to the significant decrease in demand for all denominations among the public in the middle of the Great Depression. Additionally, the 2.9 million twenty dollar gold coins struck in that year were produced strictly for reserve purposes. In September 1931, Great Britain went off the Gold Standard, going back on its promise to exchange notes for gold when the Bank of England's reserves became depleted. In light of this, many suspected (and feared) the same was destined to occur in the United States. Thus, people quickly began exchanging their Federal Reserve notes and other forms of paper currency for gold, subsequently draining gold stocks at the Treasury. Nearly 3 million double eagles were struck in response in an attempt to shore up reserves, but only a fraction of the 1931 twenties were ever paid out.
During a trip to the office of the Director of the Mint in early 1947, student of the series Dr. Charles W. Green discovered the reported totals of officially distributed coins. Of the 2.9 million-piece mintage, a paltry 45 coins were put out by demand from the public. After production ended, the Philadelphia Mint Cashier had 141 pieces remaining in his available cash. Roger Burdette has calculated that the maximum number of 1931 twenties available to collectors was 308 coins.
Ultimately, the vast majority of 1931 twenties struck were melted following Roosevelt's Executive Order 6102, prohibiting private ownership of gold and resulting in the melting of all gold coins remaining in Treasury vaults. While most pieces suffered an untimely fate, their destruction was not entirely in vain, for it generated a prime rarity and legendary issue in American numismatics.
This example has an appearance that is consistent with other 1931 twenties we have seen. The surfaces are luminous and lightly frosted with a rich orange-gold patina. The strike is strong in most areas, and only minimal abrasions are noted.
HID02901242017
1931 $20 MS64 PCGS. The Philadelphia Mint only produced cents, dimes, and double eagles in 1931, attesting to the significant decrease in demand for all denominations among the public in the middle of the Great Depression. Additionally, the 2.9 million twenty dollar gold coins struck in that year were produced strictly for reserve purposes. In September 1931, Great Britain went off the Gold Standard, going back on its promise to exchange notes for gold when the Bank of England's reserves became depleted. In light of this, many suspected (and feared) the same was destined to occur in the United States. Thus, people quickly began exchanging their Federal Reserve notes and other forms of paper currency for gold, subsequently draining gold stocks at the Treasury. Nearly 3 million double eagles were struck in response in an attempt to shore up reserves, but only a fraction of the 1931 twenties were ever paid out.
During a trip to the office of the Director of the Mint in early 1947, student of the series Dr. Charles W. Green discovered the reported totals of officially distributed coins. Of the 2.9 million-piece mintage, a paltry 45 coins were put out by demand from the public. After production ended, the Philadelphia Mint Cashier had 141 pieces remaining in his available cash. Roger Burdette has calculated that the maximum number of 1931 twenties available to collectors was 308 coins.
Ultimately, the vast majority of 1931 twenties struck were melted following Roosevelt's Executive Order 6102, prohibiting private ownership of gold and resulting in the melting of all gold coins remaining in Treasury vaults. While most pieces suffered an untimely fate, their destruction was not entirely in vain, for it generated a prime rarity and legendary issue in American numismatics.
This example has an appearance that is consistent with other 1931 twenties we have seen. The surfaces are luminous and lightly frosted with a rich orange-gold patina. The strike is strong in most areas, and only minimal abrasions are noted.
HID02901242017