LOT #3218 |
Current Bid: $190,000
1931 $20 MS66 PCGS....
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Description
1931 Twenty Dollar, MS66
One of the Finest Known
Ex: Duckor/Eliasberg
1931 $20 MS66 PCGS. Ex: Duckor/Eliasberg. The five
collectible late-date Saint-Gaudens twenties are among the rarest
and most celebrated of all 20th century coins. The 1931 is
generally regarded as third rarest of this group, only trailing the
1930-S and 1932. In 1982 David Akers' survey of auction appearances
of double eagles covered the major auctions from 1944 through 1981,
with scattered coverage in the earlier years. Heritage cataloger
David Stone has extended this survey back another 10 years, and he
has examined 152 auction catalogs by 14 firms between 1935 and
1944. The 1931 twenty was offered 12 times in those catalogs. What
is remarkable is out of those 12 offerings, the 1931 and 1932
double eagles were offered 11 times in the same auctions. This
common pairing of the 1931 and 1932 suggests a common source, and
in fact recent findings support such a claim. Philadelphia coin
dealer Israel Switt, whose holdings included at least 10 of the
famous 1933 double eagles, may have been a source for many of the
1931 and 1932-dated coins sold to collectors in this era.In David Tripp's 2004 reference on the 1933 twenties, Illegal Tender, he explores Special Agent Lipson's inquiries of Brooklyn coin dealer Joseph Barnet and his near involvement with the sale of a 1933 double eagle to collector Charles Williams:
"Staring through his thick lenses, Barnet added that he had almost sold one [1933 twenty]. Charles M. Williams of Cincinnati had called him and, as Barnet regularly advertised to sell 1931 and 1932 double eagles, asked if he might have a '33. Old Joe got in touch with [James] Macallister, who offered him one at $800. Barnet, however, advised Williams not to buy it as he suspected 'that more of these coins would appear on the market' and drive the price down. In the middle of 1936, for example, 1931 and 1932 double eagles, once exceptionally rare, had started showing up in quantity (from dealer Israel Switt), and had become increasingly less expensive. Barnet had first advertised them in 1938 for $150 and $175 respectively, but within four years they had become a drug on the market, and Barnet was having a hard time moving them, even as he dropped the price. By 1942 they were being offered for as little as $80 and $85 each, with few takers."
The low point in price for the 1931 and 1932 was in Morgenthau's May 1939 auction of the New York Collection, Part II. The 1931 brought $61, and the 1932 realized only $76. Switt's coins were slowly absorbed into the market, and by 1944 the price of a 1931 double eagle jumped to $220 in the J.F. Bell auction and $300 for the 1932. No hoards were ever found in Europe, and the price of the 1931 has climbed steadily since the late 1930s. Louis Eliasberg had acquired both his 1931 and 1932 twenties by the time he purchased the Clapp Collection in 1942. After he bought the Clapp holdings, he used Charles E. Green's Mint Record and Type Table, United States to formulate a want list of the coins he still needed to acquire in order to achieve a complete set of U.S. coins (the only such set ever assembled). The 1931 twenty was not on Eliasberg's want list, so he must have purchased it earlier, either directly from the Mint or through a well-connected coin dealer. According to Roger Burdette, it is possible that the maximum number of pieces ever available to collectors was just 310 coins. In fact, so few examples ever made it into private hands that we know the names of those who purchased about 20% of the coins known today. Per Burdette:
"We know from the Treasurer's documented sales that 22 coins were sold to individuals and museums, so our number of unaccounted for coins is reduced to 288. Another 50 can be identified as having been sent to the Treasury Cashier in Washington, D.C. July 28, 1932. This leaves a remainder of 238 double eagles that were either paid out for bullion deposits or exchanged for gold coin by the Philadelphia Mint Cashier. ..."
Burdette estimates the surviving population of 1931 double eagles at about 110 pieces, while PCGS CoinFacts provides a similar estimate of 100 to 150 survivors in all grades. The issue is almost always found in Mint State. PCGS and NGC have certified 119 examples between them,including an unknown number of resubmissions and crossovers (8/25). The majority of those pieces (83 coins) are in the MS64 to MS65 grade range. The issue is rare at the MS66 level, with 16 examples certified, including one in MS66+. Only a single MS67 PCGS coin has been certified in higher numeric grade, making the present coin a prime Registry Set contender (8/25). In recent decades the 1931 has always been treated as a featured attraction in its infrequent auction appearances, and record prices often attend those offerings. Recent sales include the MS66 PCGS example in lot 4115 of the Central States Signature (Heritage, 5/2022), that realized $312,000.
The coin offered here is the Eliasberg specimen. The remarkably high grade of this piece is attested to not only by its overall high state of preservation as seen by the vivid mint luster, but it is also evident in the uncommonly strong strike details. When encountered, the 1931 is often seen with weak stars below the Capitol building. This piece is sharply defined in that area, and the Capitol also exhibits complete detailing on the columns. The figure of Liberty has an overlay of light lilac patina with the remainder of that side showing bright reddish-gold. The eagle also shows intermittent streaks of the same lilac with the same bright reddish patina elsewhere. Neither side has any of the often-seen alloy stains. The surfaces are remarkably free from abrasions with only the tiniest marks on the lower reverse and on the rim.
This magnificent 1931 is one of the finest examples known. The fact that it was in Louis Eliasberg's complete collection of U.S. coins and is also the piece Dr. Duckor selected for his set speaks volumes about the state of preservation, originality, and eye appeal of this exceptional coin. This coin is pictured on PCGS CoinFacts, in the Condition Census section. Population: 11 in 66 (1 in 66+), 1 finer (8/25).
Ex: Louis E. Eliasberg, Sr.; Eliasberg Estate; The United States Gold Coin Collection (Bowers and Ruddy, 10/1982), lot 1072, purchased by David Akers for $17,600; Dr. and Mrs. Steven L. Duckor Number One PCGS Registry Set; FUN Signature (Heritage, 1/2012), lot 4650; Long Beach Signature (Heritage, 5/2012), lot 5394.(Registry values: N10218)
From The Alymaya Collection, Part II.
Coin Index Numbers: (NGC ID# 26GN, PCGS# 9192, Greysheet# 10153)
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.
View all of [The Alymaya Collection, Part II. ]
Auction Info
2025 October 2 - 5 GACC US Coins Signature® Auction #1386 (go to Auction Home page)
Proxy Bidding Ends
October
2nd
Thursday
12:50 pm CT
Auction Dates
October
2nd-5th
Thursday-Sunday
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5h 36m 22s
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This lot is in: 1 -
Signature® Premier Floor Session - PREMIER (Live Floor, Live Phone, Mail, Fax, Internet, and Heritage Live):
(Lots 3001-3238) - 1:00 PM Central Time, Thursday, October 2, 2025.
[Proxy bidding ends ten minutes prior to the session start time. Live Proxy bidding on Heritage Live now starts within 2 hours of when the auction opens for proxy bidding and continues through the live session.]
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Additional Location Info:
Heritage Auctions
2801 W. Airport Freeway
Dallas, TX 75261
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