1931 $20 MS(PCGS#9192)

December 2025 Showcase Auction - The James A. Stack, Sr. Collection Part I

Auctioneer

Stack's Bowers

Lot Number

20053

Grade

MS65

Price

312,000

Lot Description

Acquired by legendary collector James A. Stack, Sr. on September 30, 1943, as part of a transaction that also included a 1933 double eagle, this is the most exciting and significant example of the key date 1931 issue that we have ever offered either through auction or for direct purchase.<p>It is a visually stunning Gem Mint State example, with full and billowy mint luster flashing across both sides. The vivid golden-rose and orange colors are original and visually pleasing. A soft matte-like texture in the fields is enhanced by fine traces of die polishing that one will need a loupe to discern. Remarkably sharp across all regions and free of singularly mentionable or otherwise significant marks. This is a magnificent survivor from this rare and underappreciated issue that will surely go on to grace one of the finest cabinets of this series currently being formed.<p>As with several other post-1928 issues in the Saint-Gaudens double eagle series, the 1931 was not generally released into circulation. Rather, the 2,938,250 coins produced were stockpiled in Treasury vaults immediately after striking, where most remained after the Treasury Department instructed the Mint by telegram that no gold in any form was to be paid out without license after March 3, 1933, per the Prohibited Presidential Proclamation 2039. We say "most" because a few found their way into numismatists' hands when they were exchanged for common date double eagles through unofficial connections at the Mint (more on this below). In 1937, when the Treasury started melting down gold held in their possession into ingots, virtually all of the double eagles struck at the Philadelphia Mint in 1931 headed off to the melting pots. Not many more than 125 examples remain, all of which are in Mint State.<p>The primary conduit through which the few known 1931 double eagles survived was Israel Switt, who owned a shop on "Jewelers Row" in Philadelphia. In his capacity as a depositor of scrap gold, Switt had developed close ties to a number of employees at the United States Mint. It was through these connections, specifically Mint Cashier George A. McCann, that Switt was able to obtain examples of double eagle issues that had never been released into circulation, including the 1931, 1932 and, most famously, the 1933. Of this final issue - one of the rarest and most celebrated in all of U.S. numismatics - Switt admitted to selling nine when he was initially questioned by the Secret Service in 1944 However, he had earlier allegedly told Philadelphia coin dealer James G. Macallister that he once had 25 1933 double eagles but had only been able to sell 14 of them. As of this writing, and including 10 additional coins voluntarily surrendered to the Secret Service by Joan Switt Langbord in September 2004, the federal government has recovered 20 examples of the 1933 double eagle that Israel Switt clandestinely obtained from the Mint.<p>James Macallister freely recounted to Secret Service agents that he had bought five 1933 double eagles from Switt in 1937. Another Philadelphia dealer who acquired multiple 1933 double eagles from Israel Switt around the same time was Ira S. Reed who, according to the Secret Service's investigation during the 1940s, had purchased four examples from Switt between 1939 and 1941. It is one of the coins Reed acquired from Switt circa 1939, for $500, that is significant to the 1931 double eagle offered here. Reed sold this 1933 double eagle, along with the 1931 and 1932 double eagles that are being offered in this sale, to James A. Stack, Sr. on September 30, 1943. The total purchase price of $1,250 included $1,000 for the 1933 and $250 for the 1931 and 1932 combined. Mr. Stack paid with check #675, drawn on the Manufacturers Trust Company, 350 Fifth Avenue, New York City, that was endorsed and deposited by Reed the following day, October 1, 1943. We have such detailed information for this transaction because it came to light and was recorded by the Secret Service when its agents seized Mr. Stack's 1933 double eagle on June 20 1945. Mr. Stack recorded this event on the Wayte Raymond board in which his double eagles were kept for many decades, adding the handwritten note under the slot for the 1933: "secret service has mine." On August 21, 1956, the Stack 1933 double eagle was recorded as being destroyed by agents and the general counsel of the United States Treasury. Since Reed acquired the Stack 1933 double eagle from Israel Switt circa 1939, and the latter was a source for examples of other rare gold issues that had never been officially released by the Treasury Department, it is highly likely that the Stack 1931 and 1932 double eagles can also be traced to Switt and his contacts at the Mint.<p><em><strong>Stack's Bowers Galleries would like to thank David Tripp for his research assistance during preparation of this catalog description</strong></em>.