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The Collectors' Auction 2008
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Please Note: A 15% Buyers' Premium is added to the hammer price of all lots in this sale.

(About The Images)

1930-S Saint-Gaudens double-eagle, NGC MS-65 Eliasberg.

Lot Title:	1930-S Saint-Gaudens double-eagle, NGC MS-65 Eliasberg.
Description:	The monster had three heads, and though each had been growing in strength over the past decade, all three chose the same moment to erupt with vengeance and vent economic disaster across the land. On one hand, to an ever-growing extent, America’s wealth had become concentrated in the hands of very few men. Those who lacked the great wealth of this elite group came more and more to rely on installment purchasing, and their personal savings rate was abysmal. Indeed, most consumers had reached the limit of their purchasing ability earlier in the decade, and credit was stretched to the breaking point. A worker who lost his job, or a farmer that lost his crops, could be instantly plunged from the ranks of middle class society to those lowest reaches of economic despair that we call: poverty. On another hand, rampant stock speculation had sent the value of blue chip stocks soaring. Volume on the New York Stock Exchange quadrupled between 1923 and 1929, and insatiable demand caused stock prices to rise sharply. Borrowing to finance additional stock purchases became standard practice, financed by the very stock brokers who wanted to stimulate more trading, and therefore drive up commissions. In 1925, the total value of all call loans amounted to some $1.5 billion, but by late 1929, had ballooned to a staggering $8.5 billion. And still, the investors borrowed, essentially backing their loans with the anticipated future value of their stocks. Deep debt was one step away for most ordinary American citizens, as they joined the nation’s wealthiest citizens in playing the market. Then, there was the American farmer who fared worst of all, much of the cause of their plight resting in their own hands. During the Great War, the government had subsidized crop production and encouraged tremendous growth in agricultural output, as the goal of feeding a starving Europe became synonymous with patriotic duty. But by the beginning of the “Roaring Twenties”, output far exceeded worldwide market demand as Europeans began again to grow their own food and fend for themselves. Rather than limit production, a huge government corporation was formed to buy unlimited surplus U.S. grain and livestock at a fixed high price and either stockpile it - or “dump” it on world markets at a loss. Between October 24 and October 29, 1929 – Black Monday – the monster seized control of the American economic engine. By April 1930, unemployment had tripled to 9%, and entire farming communities were wiped out. Despite 1,028 economists signing a petition against it, the Smoot-Hawley Tariff Act was signed into law on June 17, 1930. Much of its purpose was to protect domestic farmers from competition with imported agricultural products by raising U.S. tariffs on over 20,000 imported goods to record levels. This resulted in retribution by foreign governments that drastically lowered their imports of U.S. products, with the severely declining demand depressing even further the prices for farm goods. These competitive international economic policies severely eroded U.S. imports from a high of $1.3 billion in 1929 to just $390 million by 1932, worsening an already beleaguered world economy. Smoot-Hawley signaled U.S. “isolationism” and contributed to early loss of confidence in Wall Street. Retaliation by foreign counties caused the failure of banks worldwide, restricted the flow of money and caused bank failures in the U.S. and overseas. The massive crisis that unfolded was not the cause of the Great Depression, but certainly contributed to its devilish staying power and hampered efforts to shake off the effects of deteriorating confidence in the American economic system. The Eliasberg 1930-S gold double-eagle allows to revisit a troubled time, and see whether we have learned our lessons today regarding easy credit, poorly managed government subsidies and protectionism. Eliasberg (Bowers & Ruddy, Oct. 1982, Lot 1071) Although NGC shows only a single 1930-S double-eagle in a finer grade than the Eliasberg specimen, it is a little surprising that PCGS indicates at least five certified at higher numerical levels. Nonetheless, these statistics cannot deny the present coin its place among the finest known. It should be noted that the vast majority of examples of 1930-S are not only uncirculated, but generally choice – the usual symptoms of a hoard coin, and Breen asserted that most examples survived due to inclusion in a small European hoard, continuing with mention that most are bag marked. It is interesting to note also that the Eliasberg 1930-S is honored with specific mention in Breen’s Encyclopedia. Most known examples have a thin, near-horizontal die scratch in the far right obverse field, as well as a die lump within the final digit of the date, and both diagnostics are present on the Eliasberg coin. Although the strike is only average by comparison to the majority of uncirculated Saints, with typically deficient facial features from the nose to the mouth, the eagle’s head and wingtips are noticeably detailed. Finely matte surface texture is illuminated by the soft, glowing mint luster that has been associated with the issue by aficionados of the series. From the standpoint of desirability, few other regular issues within the Saint-Gaudens series can compete with the 1930-S for sheer rarity and value. Ignoring the 1933, only the 1920-S and the 1921 and 1927-D trump the 1930-S for top honors in “gem” grades. Very few of the 74,000 coins produced entered commercial channels, most being destroyed (along with subsequent issues ) during early 1933 by presidential order, thus accounting for the rarity of late-date Saints. There are probably only fifty to sixty examples known to have survived the Depression years.
Low Estimate:	$1.00
High Estimate:	$1.00
Lot Status:	Bidding has been closed for this lot.
Hammered Price:	$170,000.00
Price Realized:	$195,500.00

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786