Lot 1132
1929 $20 St. Gaudens. PCGS graded MS-65 Premium Quality. An important gem of this very rare date! The devices are fairly sharp, and we discern no distracting marks or ticks, keeping this coin solidly in the gem class. Virtually the entire mintage was recalled and melted, perhaps never released into circulation as well, as the American and world economy fell off the credit binge bandwagon in 1929 and mother of all 20th century bubbles started to collapse. Curiously, we have now experienced a similar bubble, with similar results today. PCGS has graded 17 this high, and importantly just 1 coin graded higher of this date, as MS-66. PCGS has graded a total of 155 of this date, and thus it is reasonable to assume that about 200 to 300 exist in all grades. In PCGS holder #50019999.
Long ago in 1933 the then current President of these United States saw fit to call in all the gold coins and break the old promise of having a fully convertible paper currency. No longer would gold certificates or gold coins be available to business transactions or contractual obligations. The realm converted to a paper and this contagion spread around the world quickly as governments opted for inflation over gold. Inflation defined by Webster's is "an increase in the volume of money and credit relative to available goods resulting in a substantial and continuing rise in the general price level". After comparative centuries of monetary stability, the course of paper backed promises took hold. Using the a dollar bill as a yard stick, inflation has the effect of cutting a little bit off each year, but always stating the shorter length is still "a dollar". The more cut off each year, the more dollars it takes to measure the value of a house, or other goods. As history foretold, more and more dollar bills would be printed and spent by needed government programs, and under the iron hand of the rules of inflation, soon the dollar would fall in value. Since 1933 the value of a dollar bill has inflated away to approximately 3 cents of 1933 value. Remarkably the duped population believes they are better off, as they see the paper value of their assets, especially their homes, rise year after year as the standard unit of measure, the dollar, grew shorter with each measurement. And so, the paper experiment unfolds before us, as it has so many times before.
Estimated Value $25,000-UP.
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