The 1933 Double Eagle stands as a testament to America’s rich numismatic history, embodying tales of rarity, intrigue, and unparalleled value. This $20 gold coin, designed by the renowned sculptor Augustus Saint-Gaudens, was minted but never officially released into circulation, making it one of the most coveted coins among collectors worldwide.
Historical Context and Creation
In the early 20th century, the United States sought to enhance its coinage’s aesthetic appeal. President Theodore Roosevelt commissioned Augustus Saint-Gaudens to redesign the nation’s gold coins, resulting in the creation of the Double Eagle.
The coin features Lady Liberty striding forward on the obverse and a majestic eagle in flight on the reverse, symbolizing the nation’s aspirations and strength.
The 1933 Minting and Subsequent Recall
In 1933, amidst the throes of the Great Depression, the U.S. Mint produced 445,500 Double Eagles. However, due to President Franklin D.
Roosevelt’s Executive Order 6102, which aimed to stabilize the economy by prohibiting gold hoarding, these coins were never circulated. The majority were melted down, with only a few specimens escaping destruction.
The Journey of the Surviving Coins
Among the few that survived, one coin found its way into the collection of King Farouk of Egypt in 1944. After his deposition, the coin disappeared, only to resurface in 1996 when a British coin dealer attempted to sell it in New York.
The U.S. Secret Service seized the coin, leading to a legal battle that culminated in its auction in 2002. The coin fetched $7.59 million, setting a world record at the time. In 2021, this same coin was sold again, achieving an astounding $18.9 million, reaffirming its status as the world’s most valuable coin.
Key Details of the 1933 Double Eagle
| Feature | Description |
|---|---|
| Designer | Augustus Saint-Gaudens |
| Denomination | $20 |
| Composition | 90% gold, 10% copper |
| Diameter | 34.1 mm |
| Weight | 33.431 grams |
| Minting Year | 1933 |
| Number Minted | 445,500 |
| Circulation Status | Never officially circulated; most were melted down |
| Known Surviving Coins | Approximately 13; only one is legally owned by a private collector |
| Record Auction Price | $18.9 million (2021) |
The Legal and Collectible Status
The 1933 Double Eagle holds a unique legal status. While most specimens are considered illegal to own due to their unauthorized release, the coin auctioned in 2002 was officially monetized by the U.S. government, making it the only legal tender of its kind in private hands. This rarity and the coin’s storied past contribute significantly to its immense value and allure among collectors.
Conclusion
The 1933 Double Eagle is more than just a coin; it is a symbol of historical significance, artistic excellence, and the complexities of economic policy during a tumultuous era. Its journey from the U.S. Mint to becoming the world’s most expensive coin encapsulates a narrative that continues to captivate numismatists and history enthusiasts alike.
FAQs
Why is the 1933 Double Eagle so valuable?
Its value stems from its rarity, historical significance, and the fact that it was never officially released into circulation. The intrigue surrounding its survival and legal battles also adds to its allure.
How many 1933 Double Eagles exist today?
Approximately 13 specimens are known to exist, with only one legally owned by a private collector.
Is it legal to own a 1933 Double Eagle?
Most of these coins are considered illegal to own due to their unauthorized release. However, the specimen auctioned in 2002 was officially monetized, making it legal tender.
Who designed the 1933 Double Eagle?
The coin was designed by renowned sculptor Augustus Saint-Gaudens, featuring Lady Liberty and a flying eagle.
What was the original purpose of the Double Eagle coin?
The Double Eagle was a $20 gold coin intended for large transactions and international trade, reflecting the economic stature of the United States in the early 20th century.
