LOT Old Heritage Auctions  /  2007 May/June Long Beach, CA Sig. US Coin #438  / 

2819

1929 $20 MS65 PCGS. The 1929 double eagle is the epito

Currency:USD Category:Coins & Paper Money / US Coins Start Price:60,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1929 $20 MS65 PCGS. The 1929 double eagle is the epito
<B>1929 $20 MS65 PCGS.</B></I> The 1929 double eagle is the epitome of why recorded mintage figures should be used cautiously when contemplating the rarity of any particular coin issue. Of the mintage of nearly 1.8 million 1929 double eagles, an astonishingly low 300 or so examples survive to this day--a survival rate of only one out of every 6,000 pieces struck. Just one year before, 8.8 million 1928 twenty dollar gold pieces were minted, the highest figure of any U.S. gold coin struck for circulation, yet more than 75,000 are believed to exist in all grades--a survival rate of 1 in 117, in stark contrast to the 1929 issue.<BR> Economic turmoil precipitated by the stock market crash of October 29, 1929, or Black Tuesday, resulted in the hesitation of the U.S. Government to release gold coinage into circulation. Most coins minted after 1928 were stored in Treasury vaults. In April 1933 President Roosevelt issued Executive Order 6102, prohibiting the use of gold as a form of monetary exchange. Subsequently, U.S. gold coins minted from 1929 through 1933 were removed from Government vaults and melted.<BR> Fortunately for collectors and numismatists today, two small hoards of 1929 twenties, about 50 pieces, have been repatriated in the past three decades, but the likelihood of other mini-hoards surfacing is slim. Major dealers and investors have aggressively pursued European holdings since the 1970s, with diminishing results. Collectors must be thankful to own a 1929 double eagle in any grade. A privileged fraternity of less than 30 members can own an example of this issue in Gem or better grade at any given time, given the combined NGC and PCGS populations.<BR> This handsome specimen offers mellow apricot-gold surfaces with radiant cartwheel luster emanating from each side. The strike is unabashedly sharp throughout. Perusal with a loupe reveals numerous swirling die polish lines prominent in the reverse field, along with a few trivial abrasions on each side that are unworthy of singular mention. This coin is among the most challenging of all Saint-Gaudens issues save for a handful of legendary rarities, a coin that is as appealing as it is elusive. Population: 21 in 65, 5 finer (4/07).<BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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