1931 Double Eagle MS66 NGC

A Classic Double Eagle Rarity

The 1931 issue, like its brethren the 1930-S, the 1931-D, and 1932, is a classic rarity issued late in the history of the Saint-Gaudens double eagle series.

The original mintage figure of 2.9 million-plus pieces is meaningless; the low survival rate, after the great Gold Recall of 1933, makes this issue among the rarest series issues.

In our The Coinage of Augustus Saint-Gaudens as Illustrated by the Phillip H. Morse Collection, we made the following comments about the 1931: “Among late date (1929-1932) issues of Saint-Gaudens double eagles, the 1931-P is probably the one with the least clearly-defined relative rarity ranking. Some numismatists rank it second in overall population rarity only to the 1930-S, a step ahead of the 1932 and 1931-D and, of course, the 1929. Others believe the 1931, while rarer than the 1929, is less available than the other three late-date issues. Our experience leads us to side with the former camp regarding the relative rarity of the 1931.”

The present example is not only rare in the absolute sense, but its phenomenal preservation also makes it a conditional rarity of the first order. Most of the Mint State survivors are in the ranges from MS61-MS64, although Gems are occasionally available as well. Premium Gems are another story altogether, as NGC and PCGS combined have certified 14 submissions at that level, a figure that almost certainly includes duplications.

Only a single coin, an MS67 PCGS example, has been certified finer at either service. This MS66 coin possesses delightfully appealing surfaces, with consistent, rich orange-gold coloration throughout. We note for pedigree purposes a couple of minor ticks on Liberty’s left (facing) thigh, and a contact mark that passes through several rays of the sun in the obverse left field.

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