The 1927-D Saint-Gaudens Double Eagle, a $20 gold coin known for its remarkable rarity and aesthetic appeal, recently sold for nearly $2 million, marking its status as one of the most sought-after pieces in American numismatics.
This coin, struck at the Denver Mint and bearing the “D” mint mark, has become a symbol of rarity due to its limited availability and the historical events that followed its creation. Below, we delve into the coin’s background, the factors driving its high value, and why it continues to be a treasured item among collectors.
The Story Behind the 1927-D Saint-Gaudens Double Eagle
The Saint-Gaudens Double Eagle series, designed by Augustus Saint-Gaudens in the early 1900s, is renowned for its elegant design featuring Lady Liberty holding a torch and an olive branch. In 1927, the Denver Mint produced around 180,000 of these $20 Double Eagle coins.
However, due to the economic policies that followed, many of these coins were melted down, making surviving specimens exceedingly rare.
Economic Context: Melting Down the Coins
The 1927-D Double Eagle’s scarcity can be traced back to the Great Depression and the federal policy shifts it prompted. President Franklin D. Roosevelt’s Executive Order 6102 in 1933 required citizens to turn in their gold coins to support the U.S. economy, leading to the melting of many gold coins, including the 1927-D Double Eagle.
As a result, few coins from this Denver Mint production run survived, adding to the 1927-D’s prestige and value in today’s market.
Recent Sales and Record Prices
The rarity of the 1927-D Double Eagle makes it a prized item at auctions, where high-grade specimens consistently attract substantial bids. For example, a 1927-D Double Eagle graded MS65+ sold for around $2.16 million in 2020.
More recently, an MS66-grade coin from the Bob R. Simpson Collection shattered records, fetching an impressive $4.44 million at auction in 2022. This record-breaking sale further cemented the 1927-D Double Eagle’s place as one of the rarest and most valuable American coins.
Table: Price History of the 1927-D Saint-Gaudens Double Eagle at Auctions
| Grade | Auction Year | Sale Price |
|---|---|---|
| MS65+ | 2020 | $2.16 million |
| MS66 | 2022 | $4.44 million |
Note: MS (Mint State) grading indicates the coin’s quality and preservation level, with higher grades translating to increased value.
Factors Contributing to Its High Value
1. Extreme Rarity
Of the 180,000 originally minted, only a fraction of 1927-D Double Eagles exists today, primarily in mint condition, due to the federal mandate to melt down gold coins during the Great Depression. This limited number makes it a highly coveted piece for collectors and investors.
2. Artistic Design
The design by Augustus Saint-Gaudens is widely admired as one of the most beautiful in American coinage history. The depiction of Lady Liberty striding forward with a torch has elevated the Saint-Gaudens series as an iconic American coin.
3. Mint State Quality
Most of the surviving 1927-D Double Eagles are in mint state, further increasing their value. Coins graded MS65+ and MS66 by Professional Coin Grading Service (PCGS) are exceptionally rare and command a premium.
4. Historical Significance
The 1927-D Double Eagle symbolizes a critical period in U.S. economic history. Its creation and subsequent destruction serve as a reminder of America’s transition away from the gold standard. This connection to history enhances its allure among collectors.
FAQs
Why was the 1927-D Double Eagle melted down?
The majority of 1927-D Double Eagles were melted due to President Roosevelt’s Executive Order 6102, which required citizens to turn in gold to stabilize the economy during the Great Depression.
How many 1927-D Double Eagles are known to exist today?
It is estimated that between 15 and 18 of these coins remain, making them exceptionally rare.
What makes the Saint-Gaudens Double Eagle so popular among collectors?
Its beautiful design, rarity, and connection to a significant period in U.S. history contribute to its popularity and value.
What is the highest price a 1927-D Double Eagle has sold for?
A 1927-D Double Eagle graded MS66 set a record when it sold for $4.44 million at a Heritage Auction in 2022.
Who designed the 1927-D Saint-Gaudens Double Eagle?
The coin was designed by Augustus Saint-Gaudens, a renowned sculptor whose design for the Double Eagle is celebrated as one of the finest in U.S. coinage.
