LOT Old Heritage Auctions  /  2008 April Rosemont, IL (CSNS) US Coin #1104  / 

2526

1932 $20 MS66 PCGS

Currency:USD Category:Coins & Paper Money / US Coins Start Price:120,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1932 $20 MS66 PCGS
<B>1932 $20 MS66 PCGS.</B></I> It is a numismatic mystery why, in the midst of the Great Depression, at a time when millions of American citizens were out of work and the song of the day was "Buddy Can You Spare a Dime?" that the Mint chose to produce more than 1.1 million double eagles and nearly 4.5 million eagles. While the 1932 eagles were stored up in hoards and are even today a ubiquitous gold type coin, nearly all of the 1932 double eagles, like all other twenties from the '30s, were melted later in the decade, after the Roosevelt Gold Recall. <BR> Today the 1932 double eagle is the final collectible issue of the Saint-Gaudens series, and without a doubt one of the most elusive. Even though a few pieces were probably saved from extinction through their exportation, the date is one that has never seen much in the way of subsequent repatriations. Since they never saw circulation, all of the certified examples of this date are Mint State, even one in the famous King Farouk sale that was billed as "Extra Fine." <BR> While NGC and PCGS together have certified a total of 135 examples of this date, most cluster around the Choice grade, with few Gems and precious few attaining the grade of the present MS66 specimen. One must take the figure of 135 Mint State specimens with more than a couple of grains of salt, as the temptation to "crack" out this date in hopes of achieving a finer grade is mighty strong. It might be conservative to estimate that as many as half of that number could be duplications, and/or undocumented crossovers from one service to another. <BR> The average grade of the 63 NGC-certified coins is about 64.1, while the 72 coins at PCGS have achieved an average grade of only 64.4. In MS65, the population thins out precipitously: NGC has certified 14 coins, while PCGS has certified 24 Gems. (Again, subtract a reasonable amount for multiple "submission events.") Finally, in MS66, NGC has graded only 13 coins, with six more at PCGS. <I>There are none certified finer at either service. </B></I>Garrett and Guth note that the Smithsonian owns a specimen which is "possibly the finest known," a coin that would likely grade MS67. <BR> The 1932 double eagles that did escape melting have a tendency to be quite attractive, and this Premium Gem example does not disappoint. Fresh, original surfaces are particularly notable for their vibrancy. The design features are exquisitely struck, with sharp definition showing on the olive branch and on Liberty and the eagle. The fields are frosty and somewhat mattelike, and the gorgeous surface coloration is predominantly greenish-gold, with a tinge of darker reddish-gold through the centers on each side. Swirling cartwheel luster is abundant. A few minor marks scattered about are consistent with the grade level, and do not distract in the least from the tremendous eye appeal that this marvelous coin projects. Population: 6 in 66, 0 finer (3/08).<BR><I>Ex: Phillip H. Morse Collection (Heritage, 11/2005), lot 6714, which realized $138,000.</B></I><BR><BR><B>Coin Engraver:</B> Augustus Saint-Gaudens<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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