Lot 2119
1932. NGC graded MS-67. Rich golden mint bloom color adds to its appeal. A gorgeous example, ideal for a top quality type set. Agreed, more than 4.4 million eagles were produced at the Philadelphia Mint in 1932 and, as such, this issue has little trouble edging out the 1926 as the most common Indian eagle in all grades. All the same, low grade Uncirculated survivors seem the most plentiful and Gems, while obtainable, are nevertheless scare. Primarily frosty, the surfaces show a tendency toward satiny texture with mesmerizing cartwheel effects. Every last design element is crisply defined. The rich vivid gold color swirls have to be seen to be fully appreciated. Pop 7; 1 finer in 67* (PCGS # 8884) .
It may seem counter-intuitive that 1932's gold coinage is as large as it is. After all, this was a year of grinding business depression in America and throughout much of Europe, Great Britain, and the Far East. However, the explanation is clear-cut, if sad: Americans were frightened by all the bank closings that had been spreading since the 1929 stock market crash. In order to defend their savings, thousands upon thousands of everyday men and women rushed to their banks to withdraw their savings in the form of hard money. Foreigners too wanted to repatriate their funds. That meant gold money. The demand for gold worked its way through the Federal Reserve system to the federal mints. As the flight to gold worsened in 1931-32, the need for increased coinage to supply the demand increased with it. Finally, incoming President Roosevelt put a stop to the panic in the only politically feasible way. He stopped legal ownership of gold by the citizens [April 1933], and then rather brazenly confiscated the remaining gold that was in the banks and the mint, as well as that in the federal reserve’s pipeline. The ones who were quick-witted enough to extract their funds in time showed good judgment. Those with less foresight did not. No one can say when it will happen again that people turn to the timeless quality of gold for protection from uncertainty, but to say it can never happen again is the opposite of good judgment.
Estimated Value $16,000 - 17,000.
|
| |
| Realized $22,425 |
