1921 Saint-Gaudens Double Eagle. AU-55 (PCGS).This is a lovely coin for the grade, both sides with warm rose-orange patina to near-fully lustrous surfaces. Overall definition is bold in the absence of all but minor rub to a few isolated high points. A light planchet streak is well concealed within the suns rays near the lower left obverse border, the same being said for a few faint alloy spots in the date area. Minimally marked for a large size gold coin that saw limited commercial use, this is a handsome piece whose rarity is sure to result in spirited competition among advanced double eagle collectors.The 1921 was produced to the extent of 528,500 pieces, a respectable total for a circulation strike double eagle from the early to mid Saint-Gaudens series. As with so many issues of this type, however, it is not the number of coins struck that determines rarity in todays market, but rather the manner in which the coins were distributed after striking. Many double eagles produced during the 1920s were exported in quantity, predominantly to Europe where the post-World War One economy was starved for gold bullion. The issues most widely represented in this export trade were the 1920, 1922, 1922-S, 1923, 1923-D, 1924, 1925, 1926, 1927 and 1928. Tightly held by European financial institutions for decades, these coins were eventually repatriated during the later decades of the 20th century, accounting for most of the examples in todays market. On the other hand, the 1920-S, 1921, mintmarked issues from 1924 to 1931, and Philadelphia Mint issues from 1929 to 1932 were largely retained in federal vaults, primarily as backing for gold certificates. Limited quantities of these issues were exported or otherwise released from storage before the government stopped paying out gold coins at face value in April 1933. Beginning the following year the government began to call in gold coins from the public, excluding those of recognized numismatic value. These recalled pieces were destroyed through melting in 1937, along with the millions of undistributed double eagles and other gold coins that had never left government storage. With only 150 or so coins extant in all grades, virtually the entire mintage for the 1921 double eagle met this fate. This attractive Choice AU, a prized survivor of a rare key date Saint-Gaudens issue, is sure to have no difficulty finding its way into an advanced cabinet of double eagles or 20th century U.S. gold coinage.
