DESCRIPTION Outstanding Gem 1929 Saint-Gaudens $20 A Significant Condition Rarity1929 Saint-Gaudens Double Eagle. MS-65 (PCGS).
This is a radiant Gem struck on the cusp of the Great Depression, representing a major rarity in the Saint-Gaudens series. The surfaces are bathed in pleasing golden-wheat hues with accents of tangerine-orange glowing in the protected areas. The strike is delightful and sharp for the issue, complementing the smooth and untroubled fields on both sides. A visually stunning example that matches superior preservation with exceptional eye appeal. It ranks among the finest survivors of this issue and only 6 coins have been graded finer by PCGS.
While the 1928 double eagle is a common Saint-Gaudens $20, the same cannot be said for the six dates that came after. Together, these six issues from 1929 through 1933 represent a coveted period of rarity called the "late-dates" by specialists of the series. October 1929 saw the American stock market crash that set off a chain of events plunging the world's economy into a severe depression. While production of gold coins continued, double eagles were no longer released into general circulation in any meaningful quantity.
Even though the Philadelphia Mint struck 1,779,750 double eagles in 1929, most sat in Treasury vaults. Only small quantities were released and most of these were sent overseas to European bank vaults where they would remain for years. Almost the entire mintage ended up melted down and cast into ingots that were shipped to the United States Bullion Depository at Fort Knox. Beginning in the late 20th century, very small groups of 1929 $20 gold pieces were discovered and repatriated. However, these quantities remained insignificant relative to demand. PCGS estimates that only 900 1929 double eagles remain in all grades, and only about 45 coins survive at the Gem level. This MS-65 (PCGS) is among the most desirable examples and is surely destined for a world-class Registry Set of double eagles or 20th Century gold. PCGS# 9190
.NGC ID: 26GL
PCGS Population: 27; only 6 finer through MS-66+.