1931-D $20 MS66 PCGS. CAC....

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1931-D Saint-Gaudens Twenty, MS66 CAC
The Spectacular Price-Morse Specimen
Among the Finest Known

1931-D $20 MS66 PCGS. CAC. Ex: Price. With hindsight and a smidgen of knowledge about American history, one could easily predict that there would be little demand for twenty dollar gold pieces in 1931. That year was two years into the Great Depression, and as it turned out, 1931 was also the nadir of that massive economic downturn. Demand for all denominations was minimal; while cents and dimes were struck in all three mints, nickels were only produced in San Francisco, and twenties were struck only at Philadelphia and Denver. The 1931-D double eagles marked the end of a quarter-century of gold coin production at that Mint; they would be the last gold coins struck there until the Olympic ten dollar commemoratives of 1984.

With 106,500 pieces struck of the 1931-D twenty, one would assume that these coins were produced for export. But it appears that few were actually shipped overseas, as no substantial hoards have been found in Europe. Rather, almost the entire mintage was held in Treasury vaults as backing for paper gold certificates circulating domestically, later being melted in 1937, and converted into gold ingots. It has long been thought that only 100 to 150 examples survive of the 1931-D, and Roger Burdette's most recent research presented in Saint-Gaudens Double Eagles supports that estimate with a suggest survival of about 125 pieces in all grades. That low survival rate places the 1931-D at the top of both absolute and condition rarities in the Saint-Gaudens series. The only hoard of note was a group of 15 to 20 pieces that turned up in the Midwest in 1984. There is also the tantalizing story of four other pieces that is mentioned in Dave Bowers' American Coin Treasures and Hoards:

"In 1960 a Sidney, New York, businessman took from his bank safety deposit box four 'ordinary' $20 pieces and brought them to a coin dealer [Bowers], for he had heard there was a premium above face value for all gold coins.
"The dealer glanced at them, found they were all of the extremely rare 1931-D variety and in blazing gem Mint State, showed him the listing in The Guide Book, and expected that the finder would be delighted. Just the opposite occurred. Uncertainty set in--what were they really worth? Could they be sold for more elsewhere? Maybe they shouldn't be sold after all.
"Back into the safe deposit box the rare 1931-D $20 pieces went. Had they been common dates they would have been sold for the current market value at the time, which would have been between $40 and $50."

What happened to those four coins? The story remains unresolved. However, regardless the number of high-end survivors known today is shockingly small, with the finest pieces being those reported in MS66, of which only three are CAC endorsed (7/25).

The present piece is tied for the finest known in the combined certified population. The data from the two foremost services states that NGC has just one listing in MS66, while the PCGS Population Report shows four such pieces (7/25). The Garrett-Guth reference states that "The finest known examples are a pair that PCGS graded MS-66, and one of each in the collections of the American Numismatic Society and Smithsonian." This is the Price/Morse coin and this magnificent piece realized $184,000 in its first Heritage offering in November 2005. It had formerly sold for $79,750 when Dr. Thaine Price's collection sold in May 1998. Most recently, it appeared in our 2008 ANA Signature, where it realized $253,000, and has been off the market ever since. Now, one of the finest known examples makes its reappearance, and it is a truly beautiful coin.

The 1931-D is one of the best-produced issues in the Saint-Gaudens series, and this exemplary survivor showcases the 1931-D at its best. The lovely surfaces on this coin are bright and the mint luster shows a mixture of light rose and lilac on each side. Fully struck throughout. The only flaw of any significance is shallow and located between the TY of LIBERTY and the arm of Liberty. Any impact on the overall visual appeal is minimal.

Significant 1931-D Double Eagles (roster provided by Ron Guth)
1. MS66+ PCGS CAC. Amon G. Carter, Jr. Family Collection (Stack's, 1/1984), lot 1081, $26,400; Dr. & Mrs. Steven L. Duckor Collection (Heritage, 1/2012), lot 4651, $230,000.
2. MS66+ PCGS. Springdale Collection (American Numismatic Rarities, 6/2006), lot 2789, $169,625; Bob R. Simpson Collection; Elite Collection (PCGS Set Registry).
3. MS66 PCGS CAC. Dr. Thaine B. Price Collection (David W. Akers, 5/1998), lot 121, $79,750; Phillip H. Morse Collection (Heritage, 11/2005), lot 6713, $184,000; John Kutasi Collection / FUN Signature (Heritage, 1/2007), lot 3309, $230,000; Warren Collection / Milwaukee ANA Signature (Heritage, 8/2007), lot 2087, $210,000; Stephen Stokely Collection, Part V (Heritage, 7/2008), lot 2132, $253,000. The present coin.
4. MS66 PCGS. Ralph P. Muller Collection (Heritage, 1/2010), lot 2340, $172,500; Nam Waj Collection; Galtros Collection (Heritage, 1/2018), lot 5184, $156,000; ANA Signature (Heritage, 8/2024), lot 4443, $360,000.
5. MS65+ PCGS CAC. Rollo Fox Collection (Heritage, 1/2020), lot 4052, $132,000.
6. MS65+ PCGS. Americana Sale (Stack's, 1/2008), lot 9364, $109,250; D.L. Hansen Collection.
7. MS65+ PCGS. Museum of Connecticut History Sale (Heritage, 6/1995), lot 6033, $41,800; Phillip Morse Collection of Saint-Gaudens Coinage, Part II (Heritage, 12/2005), lot 2081, $126,500; Jay Brahin Collection (Heritage, 1/2010), lot 2339, $149,500; Bella Collection (PCGS Set Registry); A&A Saints Collection (Stack's Bowers, 8/2019), lot 5390, $120,000.
8. MS65 PCGS. FUN Signature (Heritage, 1/2007), lot 3831, $126,500; Central States Signature (Heritage, 5/2007), lot 2820, $115,000; FUN Platinum Night (Heritage, 1/2012), lot 5121, $97,750; Long Beach Signature (Heritage, 5/2012), lot 5395, $97,750; Central States Signature (Heritage, 5/2022), lot 4117, $228,000.
9. MS65 PCGS. Public Auction of U.S. Gold, Silver & Copper Coins (Stack's, 6/2006), lot 1704, $65,550; Pre-Long Beach (Goldberg Auctions, 9/2009), lot 3562, not sold; Pre-Long Beach (Goldberg Auctions, 2/2010), lot 2703, $103,500; Philadelphia Americana Sale (Stack's, 9/2010), lot 3879, $109,250; Pannonia Collection (Heritage, 9/2014), lot 3514, $129,250; FUN Platinum Session II (Heritage, 1/2025), lot 4975, $168,000.
10. MS65 PCGS. Tampa FUN (Heritage, 1/2011), lot 5323, $109,250.
11. MS65 PCGS. FUN Signature (Heritage, 1/2004), lot 7795, $59,800; Donald E. Bently Collection (Heritage, 3/2014), lot 30511, $96,938; Fox Collection.
12. MS65 PCGS. ANA Signature (Heritage, 8/1999), lot 8313, $46,000.
13. MS65 PCGS. Bob R. Simpson Collection; Noel Thomas Patton Collection / Central States Platinum Night (Heritage, 5/2023), lot 3360, $180,000.
The National Numismatic Collection at the Smithsonian Institution contains three high-grade 1931-D Double Eagles, one of which was assigned an estimated grade of MS66 by Jeff Garrett.(Registry values: N1)
From The Alymaya Collection.

Coin Index Numbers: (NGC ID# 26GP, PCGS# 9193, Greysheet# 10187)

Weight: 33.44 grams

Metal: 90% Gold, 10% Copper

Note for clients in the European Union: This lot is considered by the European Union to be “investment gold”. We believe that it meets the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC and thus should be exempt from import VAT regardless of the selling price. Any questions or concerns about VAT should be addressed to your accountant or local tax authority.

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