1931 $20 MS66 Certification #-22250, PCGS #9192

Charles Morgan

1931 Saint-Gaudens Double Eagle

A total of 2,938,250 Saint-Gaudens Double Eagles were struck in 1931. Despite this high mintage, none were distributed to the Federal Reserve Bank. Instead, nearly the entire production remained in Treasury storage, making them easy to round up when the Treasury Department recalled all U.S. gold coinage in 1933. Consequently, almost the entire mintage was melted down, with destruction beginning in 1937.

United States Mint records indicate that only 310 coins were ever made available to collectors; of those, 141 were held by the Mint cashier at the close of 1931. Various experts estimate that only 100 to 120 specimens survive, making it one of the rarest issues in the entire series.

Technical Characteristics: "How They Come"

Surviving examples are typically of high quality. Among the "late-date" Saints (1929–1932, excluding the unique 1933), the 1931 is the second rarest overall, surpassed only by the 1930-S (#9191). However, it is more common in Gem condition than the 1930-S, 1931-D (#9193), or, by a very slim margin, the 1929 (#9190).

• Strike: Usually very sharp, though some examples exhibit flat stars below the Capitol building.
• Luster & Surface: Surfaces are consistently frosty. While the luster and color are generally excellent, they rarely equal the brilliance of the 1932.
• Die Break: Some specimens feature a long, vertical, slightly curved die break running through the eagle's beak on the reverse.
• Coloring: Most specimens display a light-to-medium orange or coppery-gold hue. A rare few exhibit a deep yellow-gold color with a light greenish tint. Copper spots are relatively common.

Vintage Market Snippets

Collectors in the mid-to-late 1920s could not have predicted that the gold coins of their era would soon become major rarities. Were it not for the efforts of local Philadelphia dealers like Israel Switt, this issue would likely be even more elusive.

The market began to realize the scarcity of late dates when Thomas Elder offered a specimen in his September 1937 auction. However, the market did not truly accelerate until the 1940s, when uncirculated examples fetched $200 to $300 at auction—on the rare occasions they were offered. Notably, the finer of the two Philip H. Morse 1931 Double Eagles has remained at the top of the PCGS Census for over 20 years.

* * *