Historic Double Eagle Gold Coin Brings Over $1.9 Million In NACT Sale

IRVINE, CALIF.

:A rare 79-year-old gold coin that was exhibited at the US Mint in Philadelphia during the 1976 Bicentennial has been sold for in excess of $1.9 million by North American Certified Trading (NACT), a division of Spectrum Numismatics.

The buyer of the coin is described as "an anonymous East Coast collector," according to Andrew Glassman, NACT's president.

The historic gold piece is one of the finest of the approximately 15 known surviving examples of the 180,000 $20 denomination "Double Eagles" minted in 1927 at the Denver Mint.

The coin's design, depicting "Miss Liberty" holding a torch in one hand and an olive branch in the other, was created in the early 1900s by acclaimed sculptor Augustus Saint-Gaudens at the request of President Theodore Roosevelt. Collectors today often describe this popular coinage series simply as "Saints" in reference to Saint-Gaudens.

"Time and again over my 15 years in the numismatic marketplace I've seen how the true rarities continue to gain value over the years. Numismatic history has been made; this is the highest price ever paid for a 1927-D Saint, in excess of $1.9 million," Glassman said.

The 1927-D Double Eagle was certified authentic and graded gem-quality Mint State-66 (on a 70-point scale) by Professional Coin Grading Service (PCGS).

Earlier, the coin was owned for decades by Baltimore, Md., banker Louis E. Eliasberg Sr (1896- 1976), the only person to ever assemble a complete collection of United States coins. Selected items from his fabled collection, including this coin, were displayed at the Philadelphia Mint as part of the Bicentennial celebration.

In addition to its pedigree from the legendary Eliasberg collection, the coin also was previously owned by another prominent collector, Fred C.C. Boyd, a mid-Twentieth Century New York City news media executive.

"The 1927-D 'Saint' was very exciting for us to place in the collection of one our customers. This is one of the all-time rare coins of the Saint-Gaudens Double Eagle series, and the buyer is delighted to now own this historic gold piece," said Gene Nesheim, NACT sales manager.

In his reference book, A Handbook of Twentieth Century United States Gold Coins, 1907-1933, author David Akers stated, "It is difficult to pick out one piece as the 'finest;' but that accolade most likely should go to the Eliasberg specimen."

The 1927-D Saint-Gaudens Double Eagle is widely regarded as the rarest regular-issue Twentieth Century US gold coin that can be owned legally. Federal records indicate the Denver Mint struck 180,000 Double Eagles in 1927, but the Great Depression resulted in most of those being melted.

In order to help alleviate the effects of this financial crisis in American history, President Franklin D. Roosevelt issued the Gold Recall Act in March 1933. By the terms of this act, the president banned all further gold releases by the US Mint. Those coins still on hand at that time, including almost the entire mintage of the 1927-D Double Eagle, were destroyed.

"In the middle of the Twentieth Century, numismatic researchers recognized the rarity of the 1927-D, but did not rate it as highly in this regard as such other issues in the Saint-Gaudens Double Eagle series as the 1924-D and 1926-D. Beginning in the 1950s and 1960s, small quantities of '24-D and '26-D Double Eagles were repatriated from European or Central American banks," explained Glassman.

"While this has happened with several other issues in this series, the 1927-D has never been represented in any overseas holdings of US gold. The result is that the '27-D is now recognized as the rarest regular-issue Twentieth Century US gold coin that can be owned legally."

Writing in 1988, Akers estimates just 12 to15 surviving pieces, and in 2004 Q. David Bowers estimated approximately 15 survivors. Two of the coins are held by The Smithsonian Institution.

PCGS and NGC have certified a combined total of ten 1927-D Double Eagles, but that figure may include resubmissions.

The Eliasberg specimen was sold at auction for $176,000 in 1982. It subsequently changed hands privately several times and was acquired by NACT in 2006.

For information, 800-359-4255 or www.natcoin.com.