The 1927-D Double Eagle, minted in Denver, is one of the most coveted coins in American numismatic history. This $20 gold coin, part of the Saint-Gaudens series, holds a special place in the hearts of collectors due to its rarity and the fascinating history that surrounds it.
Historical Context
The Saint-Gaudens double eagle series, named after its designer Augustus Saint-Gaudens, was produced from 1907 to 1933. President Theodore Roosevelt commissioned Saint-Gaudens to redesign American coinage, aiming to bring a sense of artistry to U.S. currency. The double eagle, which featured Lady Liberty striding forward on the obverse and a majestic eagle in flight on the reverse, is considered one of the most beautiful American coins ever produced.
The 1920s were a prosperous time for the United States, and gold coin production was relatively high. However, the 1927-D double eagle stands out due to its extremely limited mintage and the subsequent destruction of most examples.
Mintage and Rarity
In 1927, the Denver Mint struck 180,000 double eagles. Despite this seemingly significant number, very few of these coins survived. The reason lies in the dramatic shift in U.S. monetary policy that followed the stock market crash of 1929 and the onset of the Great Depression.
In 1933, President Franklin D. Roosevelt signed Executive Order 6102, which required Americans to turn in their gold coins, gold bullion, and gold certificates to the Federal Reserve in exchange for paper currency. This order was part of an effort to stabilize the economy and combat hoarding. Consequently, millions of gold coins, including the 1927-D double eagles, were melted down and converted into gold bars.
Surviving Specimens
It is believed that only a few specimens of the 1927-D double eagle escaped the melting pots. Estimates suggest that fewer than a dozen exist today, making it one of the rarest and most valuable coins for collectors. The rarity is further underscored by the fact that these coins were not widely recognized as rare until many years later, making them even more elusive.
Collecting and Value
The 1927-D double eagle is a highly sought-after treasure in the numismatic world. Its value is driven by its scarcity, historical significance, and the beauty of its design. In recent auctions, this coin has fetched millions of dollars, reflecting its desirability and the competitive nature of high-end coin collecting.
The exact value of a 1927-D double eagle depends on its condition, with well-preserved examples commanding the highest prices. Coins graded by professional grading services like the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC) provide assurance of authenticity and quality, further enhancing their market value.
The 1927-D double eagle is more than just a piece of currency; it is a relic of a bygone era and a symbol of American artistry and history. For collectors, owning this coin is akin to possessing a piece of the nation’s past, encapsulating a time of economic upheaval and governmental transformation. As such, the 1927-D double eagle remains a fascinating subject of study and a pinnacle of numismatic achievement.
