LOT Heritage Rare Coin Galleries  /  2006 November Signature Coin Auction #420  / 

2887

1929 $20 MS64 PCGS. The year 1929 is a significant one

Currency:USD Category:Coins & Paper Money / US Coins Start Price:13,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1929 $20 MS64 PCGS. The year 1929 is a significant one
<B>1929 $20 MS64 PCGS.</B></I> The year 1929 is a significant one, both for numismatics as well as American history. The stock market crashed in October of that year, and this was also the beginning of the end of readily available gold coins in the U.S. The only common gold coin produced after this year was the 1932 ten dollar. The Great Depression bottomed out in 1932-1933, and it is probably not coincidental that with unemployment at historic highs during this period, Americans did not have any significant need for twenty dollar gold pieces. And yet, these large-value coins continued to be produced, almost as if by habit left over from the prosperous years of the 1920s. From 1929 through 1933, mintages varied from a low of 74,000 pieces in 1930 to almost 3 million coins for the 1931-P. The vast majority of these coins were not needed in the channels of commerce and most were melted under the Gold Recall Act of 1933.<BR> In 1929 there were almost 1.8 million double eagles produced, but few were sent to Europe as in previous years. The coins held in this country were melted in the 1930s, and the only sizable hoard of this date was a group of 40 coins that Jeff Garrett discovered in England in 1984. Today, fewer than 300 pieces have been certified in all grades, and while this hoard of 40 coins may have increased the overall availability of the 1929 it has not made this date significantly more accessible (or affordable) in the better grades of Uncirculated.<BR> This coin is an exceptionally attractive near-Gem 1929 twenty. The surfaces show the usual rich mint frost with an overlay of reddish-orange patina and lilac accents in the center. While alloy spots are often seen on this issue, this particular coin shows none on either side. The striking details are strongly brought up on both obverse and reverse, and there are no singularly mentionable abrasions on this memorable, late-date twenty.<BR><BR><b>Shipping:</b> Coin/Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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