(Irvine,
California) – The Eliasberg specimen 1927-D Saint-Gaudens Double Eagle has
been sold for “in excess of $1.9 million” by North American Certified
Trading (N.A.C.T), a division of Spectrum Numismatics (an Escala Group Company,
NASDAQ: ESCL). The coin is graded PCGS MS-66.
The buyer is described as
“an anonymous East Coast collector,” according to Andrew Glassman,
President of N.A.C.T.
 “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.
In addition to its pedigree from the
legendary collection of Baltimore banker, Louis E. Eliasberg Sr., the coin also
was previously owned by another prominent collector, F.C.C. Boyd.
“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, N.A.C.T Sales Manager.
In his reference book, “A Handbook of 20th 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 20th
century United States 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 of 1933. By the terms
of this act, the President banned all further gold releases by the United
States 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 20th 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 have been 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 U.S. gold. The result is that the ’27-D is now recognized as
the rarest regular-issue 20th century U.S. 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 N.A.C.T. in 2006.
For additional information, contact North
American Certified Trading, 18022 Cowan, Suite 107, Irvine, California 92614.
Phone: (800) 359-4255. E-mail: info@NACTcoin.com Online:
www.NACTcoin.com.
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