The 1933 Double Eagle gold coin, originally minted with a face value of $20, has become a symbol of immense historical significance and rarity in the numismatic world. Today, it stands as the most expensive coin ever sold at auction, fetching an astounding $18.87 million in a Sotheby’s auction in 2021.
Here’s everything you need to know about the story behind this record-breaking coin and the reasons for its high value.
Origins and Design of the 1933 Double Eagle
The Double Eagle coin was designed by renowned sculptor Augustus Saint-Gaudens at the request of President Theodore Roosevelt in the early 20th century.
This gold coin was part of a broader effort to elevate American currency with an artful design. Saint-Gaudens’ creation featured Lady Liberty holding a torch and olive branch on the obverse, while the reverse displayed a majestic eagle in flight, symbolizing peace and freedom. This design is considered one of the most beautiful in U.S. coin history.
The 1933 Gold Recall and Rarity
In 1933, President Franklin D. Roosevelt removed the United States from the gold standard to address the economic challenges of the Great Depression. As part of this move, the government ordered the melting down of all gold coins, including the 1933 Double Eagles, to prevent their circulation.
Although 445,500 Double Eagles were originally minted, nearly all were destroyed. The decision to melt these coins transformed the surviving few into extraordinary rarities.
The Sole Privately Owned Double Eagle
While most 1933 Double Eagles were melted, some managed to escape destruction. A handful of these coins, around 20 in total, found their way into private collections over the decades. Legal battles ensued to reclaim these “lost” coins, and today, only one 1933 Double Eagle remains legally available for private ownership.
This particular coin, often referred to as the “Weitzman Specimen” after its former owner, fashion designer Stuart Weitzman, has a unique provenance and legal status that adds to its allure.
Record-Breaking Sale at Sotheby’s Auction
In June 2021, the Weitzman Specimen was sold at Sotheby’s for an eye-watering $18.87 million, breaking previous auction records and setting a new benchmark for rare coins. The sale price far exceeded its pre-auction estimate of $10 to $15 million, underscoring the coin’s immense value and desirability.
Collectors and investors alike bid fervently for the chance to own this piece of history, further solidifying its legacy as the most valuable coin ever sold.
Historical Timeline of the 1933 Double Eagle Coin
| Year | Event |
|---|---|
| 1907 | Double Eagle design by Augustus Saint-Gaudens |
| 1933 | 445,500 Double Eagles minted |
| 1934 | Government orders the melting of all 1933 Double Eagles |
| 1944 | King Farouk of Egypt legally acquires one coin |
| 2002 | First legal private sale of the coin for $7.59 million |
| 2021 | Sotheby’s sells the coin for $18.87 million |
Reasons Behind the Coin’s Exceptional Value
- Extreme Rarity: With nearly all 1933 Double Eagles destroyed and the U.S. government actively reclaiming any that emerge, the rarity of this coin is unparalleled.
- Historic Significance: The coin represents a critical moment in American history when the country abandoned the gold standard.
- Beautiful Design: Saint-Gaudens’ artistry is celebrated, and the coin’s design has become iconic in U.S. numismatics.
- Legal Status: The Weitzman Specimen’s unique position as the only privately owned 1933 Double Eagle adds significant value, as it is the only one a private individual can legally hold.
- Auction Record: The $18.87 million sale price at Sotheby’s not only broke records but also elevated the coin’s prestige and desirability among collectors.
The 1933 Double Eagle is not just a coin; it is a piece of American history, an artwork, and a treasure that tells a story of economic policy, artistic ambition, and legal battles. Its journey from near destruction to the world’s most valuable coin makes it an irreplaceable gem in the world of numismatics.
FAQs
1. Why was the 1933 Double Eagle destroyed?
The U.S. government ordered the melting of gold coins to prevent hoarding and stabilize the economy during the Great Depression as part of moving away from the gold standard.
2. How many 1933 Double Eagles still exist?
It is believed that around 13 coins remain today, with two in the Smithsonian Institution, 10 held by the U.S. Mint, and only one privately owned.
3. Why is the Weitzman Specimen so valuable?
Its legal status as the only privately owned 1933 Double Eagle, combined with its rarity and historic significance, has made it the most valuable coin in the world.
4. What is the record price for the 1933 Double Eagle?
The coin sold for $18.87 million in a Sotheby’s auction in 2021, setting the record for the highest price ever paid for a coin.
5. Who designed the 1933 Double Eagle?
The coin was designed by Augustus Saint-Gaudens, an acclaimed sculptor, at the request of President Theodore Roosevelt to enhance U.S. coinage aesthetics.