1929 $20 MS65 PCGS....

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1929 Saint-Gaudens Double Eagle, MS65
Extravagant Color and Luster
A Major Rarity in Gem Condition

1929 $20 MS65 PCGS. The post-WWI era saw only one country return to the fully convertible gold standard -- the United States. As such, U.S. gold coinage became the target of hoarders from countries whose governments had ceased backing their currency with the yellow metal. Numismatic author and research Roger Burdette writes in a soon-to-be-published work on double eagles:

"The immediate post-war period saw a large increase in trade with South America through about 1920. Demand sagged once European competitors re-entered the markets although the United States maintained much of its gains in new markets. This commercial activity accounted for a substantial part of American gold coin exports that were later repatriated and made available to coin collectors."

Major players in the importation of United States gold hailed from France, Switzerland, Belgium, and the Netherlands, and by the early 1930s as much as $5 million in U.S. gold was being imported per week into those countries and elsewhere. An entire trade had developed whereby European banks and dealers would buy up coinage from American banks for face value and sell them the intermediates for a premium of about 5%. Those intermediaries would in turn sell the United States gold to private individuals building up their own personal gold stocks and willing to pay 20% over face value for the privilege.

The gold trade had no direct effect on production in the United States, but it was one of the factors that lead to a tightening of monetary policy, which increased the number of eagles and double eagles struck, and it minimized the demand for money. This dichotomy (high mintages, low demand) explains why millions of gold coins remained in Treasury and bank vaults at the time of the 1933 Gold Recall.

Of the 1.7 million twenty dollar gold pieces struck at Philadelphia in 1929, only a tiny fraction were released by the Mint. Roger Burdette suggests merely 1,176 double eagles were ever made available to the public, and the certification totals at the leading grading services indicate that just 300 to 400 examples of this very scarce date survive. Gem-graded coins near the top of the population chart are decidedly rare.

The present piece displays fiery tangerine-orange color on the obverse amid frosty, glowing luster, while the reverse showcases lighter orange-gold, peach-yellow, and mint-green hues. The strike is razor-sharp, and the only higher-grade-preventative is a pair of marks in the field above Liberty's right (facing) shoulder. Population: 28 in 65, 5 finer (9/16).
From The Cherny Collection.(Registry values: N7079)

Coin Index Numbers: (NGC ID# 26GL, PCGS# 9190, Greysheet# 10152)

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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