NOT SOLD (BIDDING OVER)
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This item WAS NOT SOLD. Auction date was 2006 Feb 07 @ 18:00UTC-8 : PST/AKDT
A satin-fresh beauty. Level, rolling gold luster with splashes of richer orange-gold mingle on the satiny gem surfaces of this popularly collected 1932 date.
It may seem strange that the 1932's mintage is as large as it is. After all, this was a year of deep business depression in America and throughout much of Europe, Great Britain, and the Far East. However, the explanation is simple, if sad: Americans were frightened by all the bank closings that had been going on since the 1929 stock market crash. In order to defend their savings, thousands upon thousands of everyday men and women went to their banks and withdrew their savings in the form of real money. That meant gold money. The demand for gold worked its way through the Federal Reserve system to the federal mints. As the flight to gold increased, the need for increased coinage to meet the demand increased with it. Finally, incoming President Roosevelt put a stop to the panic in the only politically feasible way. He put up police blocks and stole the remaining gold that was still in storage in the banks and the mint and the federal reserve pipeline. So those who were lucky enough to withdraw their funds in time showed their wisdom. No one can say when it will happen again that people turn to the timeless value of gold, but to say it can never happen again is the opposite of wisdom.
Auction Location:
9478 W. Olympic Blvd, Beverly Hills, California, United States
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