20 Dollar    (sold for $2100.0)

1927 $20 St. Gaudens. PCGS graded MS-65. A delicate touch of golden-orange toning adds to its appeal. During the 1920s and up until President Franklin Roosevelt abrogated the gold standard in 1933, the public rarely used gold coins in day to day transactions. However, under the rulse of the gold standard, back checking accounts, the dominant means of payment for large sums even in 1927, could be converted into gold. A person could cash a check at a local bank and receive a dollar of coin for each dollar in a checking account. Banks held reserves in the form of "lawful money," gold coin or Treasury currency, to insure that they could pay out each on demand. Thus checking deposits could be exchanged for gold at the rate of $20.67 per ounce in 1927, either directly, by receiving a double eagle from the bank, or indirectly, by exchanging the Treasury paper currency received at the bank into gold at the local subtreasury office. Banks were required to hold only a fraction of their deposits in reserves, 25 percent for the large New York banks (PCGS # 9186) . Estimated Value $1,800 - 1,900. Categories:
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This coin has been sold for   $2100.0

Notes: http://www.goldbergcoins.com/view-auctions/catalog/id/3/lot/11639/ $1,800 - $1,900 2010-05-30

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Posted by: anonymous
Coin Group
 Denomination: 20 Dollar
 Metal: Gold
 State: USA (1776 - )
Description:   English
Coin variations: 181 instance(s)
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