Coin of the Day

1929 Saint-Gaudens Double Eagle, MS65+
Heavily Melted Late-Series Key
Extremely Rare Any Finer

There was little commercial demand for double eagles in the domestic economy of the United States after World War I, as even the hard-money holdouts in the western part of the country had become accustomed to using the more convenient paper money in the years between 1916 and 1920, when no gold coinage was issued. The large denomination gold coins were still convenient for settling large accounts in foreign trade, however, and the government was required to back its paper currency with a substantial gold reserve, so the Mint continued to produce large numbers of double eagles in later years, through the end of the series.

Accordingly, the Philadelphia Mint struck a substantial production of nearly 1.8 million Saint-Gaudens double eagles in 1929. Analysis of Mint records by Roger Burdette indicates 1.75 million examples of the issue never left Mint vaults, and 74 pieces were destroyed in assay testing. The remaining 29,676 coins were either stored in the Mint Cashier's safe or were delivered to the Treasurer's office for use in paying depositors or supplying sales to collectors. Significantly, 28,500 undistributed coins from the Treasurer's office, the Cashier's vault, and untested assay remainders were returned to the Mint in 1931 to await melting with the bulk of the mintage, leaving a total of just 1,176 1929 double eagles that were ever released into private hands. Of these, probably no more than 350 examples have survived, with most examples seen in lower Mint State grades. The 1929 is definitely rare at the MS65 grade level, and finer coins are virtually unobtainable. PCGS has graded five numerically finer examples, while NGC has seen none finer (2/24).

This Plus-graded Gem exhibits razor-sharp definition on all design elements, with fine detail evident on the Capitol and Liberty's facial features. The virtually pristine orange-gold surfaces radiate vibrant mint luster from both sides and overall eye appeal is terrific. This coin will be a welcome addition to the finest collection or Registry Set. Population: 32 in 65 (4 in 65+), 5 finer