Heritage to Offer Two Saint-Gaudens 'Melting' Rarities In Their October Dallas Signature Auction!

DALLAS, TEXAS: Two important double eagles in the Saint-Gaudens series are being auctioned by Heritage Auction Galleries in their Oct. 24-26 Signature Auction being held in Dallas, Texas.

"Both the 1921 and 1932 Saints," enthused Heritage President Greg Rohan, "are survivor rarities. Despite relatively high initial mintages, most of the coins struck were melted, leaving few examples for specialists to pursue. With initial mintages of approximately one-half million and one million, respectively, only around 100 examples of each date survive today. These rarities demonstrate the meaninglessness of original mintage figures other than as numismatic trivia. Both of these important twentieth century gold rarities came from the holdings of an astute connoisseur."

1921 $20 MS63 PCGS

The 1921 Saint-Gaudens double eagle is one of the major rarities in the series, despite an abundant-sounding mintage of 528,500 coins. This was the only gold coin struck by the United States Mint during that year, but none were exported for international trade, and neither did they circulate within the U.S. The end of the Great War witnessed a general deterioration of economic conditions in the U.S. that had become evident by the spring of 1920. Economic dislocation had followed the signing of the Armistice as wartime programs were ended or modified. U.S. manufacturers had built up large inventories of goods, but the consuming public was unable to absorb them domestically at the same time that American exports were dropping. The results of the recession were high unemployment, falling wages, business bankruptcies, and falling farm prices.

Mint production reflected this general unease in 1921. Several issues were produced in quantity, such as cents and nickels from Philadelphia, while Branch Mint strikings generally showed low mintages. A relatively large number of double eagles were struck the limited demand from either domestic or foreign markets. The bulk of the 1921 $20s remained locked in U.S. Treasury vaults until sometime in the early 1930s, when they were almost certainly melted; perhaps 99% of the mintage was melted, with around 100 examples surviving today in all grades (40-60 in Mint State condition).

1932 $20 MS65 PCGS

The 1932 Saint-Gaudens double eagle is another examples of the meaninglessness of original mintage figures. More than 1.1 million pieces were struck, but nearly all were melted in the years that followed the Recall Act of 1933. Following the Crash of 1929, there was little call for circulating gold coins, despite some rather large mintages. Those 1932 Saints that were released generally did not circulate. This is the final obtainable Saint date (ignoring the 1933 rarity).

Current thought is that around 100 pieces still exist in all grades, with MS64 examples most frequently encountered. Earlier, even a smaller population had been suggested. In his Complete Encyclopedia, Walter Breen suggested about 20 to 25 survivors. In his 1982 analysis, David Akers suggested that 50 to 60 examples survive. In Q. David Bowers' 2004 A Guide Book of Double Eagle Gold Coins, a total population of 60 to 80 coins is suggested. Such rarities tend to be held in major collections and we generally auction only one or two examples annually. Generally well struck, the 1932 is especially eye-appealing in Gem grades.

Heritage Auction Galleries will present these twentieth century gold rarities in their upcoming October 24-26, 2006 Signature Auction at their Dallas world headquarters.

Images, descriptions, and prices realized from all of Heritage's previous auctions are available in the Permanent Auction Archives at the Heritage website, www.HA.com.

To reserve your copy of a catalog for any upcoming Heritage auction, please contact Nicole Jewell, c/o Heritage Auction Galleries, 3500 Maple Avenue, 17th Floor, Dallas, TX 75219, or call 1-800-872-6467, ext. 272.