The 1933 Double Eagle, a $20 gold coin, is among the most coveted pieces in numismatic history. Its rich backstory, legal battles, and unprecedented value make it an extraordinary coin, recently sold at auction for a staggering $18.9 million, solidifying its place as one of the most valuable coins in the world.
This article will explore why this coin holds such value, diving into its unique history, design, and the series of events that led to its prominence.
The Fascinating History of the 1933 Double Eagle
The 1933 Double Eagle was originally minted during the Great Depression, a period when the U.S. government shifted its monetary policy. In March 1933, President Franklin D. Roosevelt signed Executive Order 6102, which required American citizens to turn in their gold coins to combat the economic crisis.
The aim was to prevent hoarding and stabilize the economy by moving off the gold standard. Nearly 445,500 Double Eagles were minted, but none were legally circulated. Instead, most of them were melted down by the U.S. Mint.
Despite these efforts, a few Double Eagles escaped destruction, finding their way into the hands of collectors. These coins sparked legal battles and investigations led by the Secret Service, with only a handful remaining today.
In a dramatic twist, one particular Double Eagle legally remained in private hands after a complex legal settlement in 2001, setting the stage for its incredible auction success.
Why Is the 1933 Double Eagle So Valuable?
Several factors contribute to the extraordinary value of the 1933 Double Eagle. First, its scarcity plays a significant role—almost all of the minted coins were melted down, leaving only a few surviving specimens. Of these, only one is legally allowed to be privately owned, making it a unique asset.
Its historical significance is another key element. The coin symbolizes a pivotal moment in U.S. history when the nation moved away from the gold standard. This transition, combined with the Great Depression’s economic backdrop, gives the coin immense historical value.
Finally, the coin’s design, crafted by renowned sculptor Augustus Saint-Gaudens, adds artistic value. The obverse of the coin features Lady Liberty holding a torch and an olive branch, symbolizing enlightenment and peace. The reverse displays an eagle in flight with rays of sunlight emanating from below, an image that represents America’s aspirations during a challenging era.
The 2021 Record-Breaking Auction
In June 2021, Sotheby’s auctioned the only privately owned 1933 Double Eagle for a record-breaking $18.9 million. The coin’s previous owner, luxury shoe designer Stuart Weitzman, purchased it in 2002 for $7.6 million. After holding onto it for nearly two decades, Weitzman decided to sell the coin, cementing its status as the most valuable coin ever sold at auction.
Legal Battles and Ownership Controversies
The journey of the 1933 Double Eagle is fraught with legal battles and controversy. After President Roosevelt’s gold recall, many Double Eagles that had escaped the melting pot were deemed stolen. A well-known case involved King Farouk of Egypt, who purchased a Double Eagle in 1944.
Following his deposition in 1952, the U.S. government sought the return of the coin. However, it disappeared for decades before resurfacing in the 1990s, leading to a series of legal proceedings.
Eventually, the U.S. government settled the case, allowing one coin to be privately owned. This coin, after being transferred from the World Trade Center’s vault just before 9/11, was the one sold at auction in 2021.
| Feature | Detail |
|---|---|
| Year Minted | 1933 |
| Original Mintage | 445,500 |
| Melted Down | Most coins were melted under Executive Order 6102 |
| Legal Status | Only one coin is legally allowed to be privately owned |
| 2021 Auction Price | $18.9 million |
| Design | Augustus Saint-Gaudens; Lady Liberty on obverse, eagle in flight on reverse |
| Historical Significance | Symbol of America’s departure from the gold standard during the Great Depression |
Identifying a Genuine 1933 Double Eagle
To identify a real 1933 Double Eagle, collectors should look for key design elements. The coin’s obverse features Lady Liberty striding forward with a torch and olive branch.
The reverse side depicts an eagle in flight, with rays of sunlight emanating from behind. Additionally, the coin is known for its bright yellow-gold color, thanks to its 90% gold composition.
Conclusion
The 1933 Double Eagle’s extraordinary value lies in its unique intersection of rarity, history, and artistry. A symbol of America’s economic struggles during the Great Depression, this coin has survived legal battles and international intrigue, ultimately becoming a numismatic treasure.
Its record-breaking auction price of $18.9 million in 2021 solidifies its place as one of the most valuable and historically significant coins in existence. Collectors and historians alike view the 1933 Double Eagle as more than just a piece of currency—it represents a defining moment in U.S. financial history.
FAQs
1. How many 1933 Double Eagles are there?
There were originally 445,500 minted, but most were melted down. Today, only a handful remain, with one coin legally allowed for private ownership.
2. Why was the 1933 Double Eagle never circulated?
Due to President Franklin D. Roosevelt’s Executive Order 6102, gold coins were no longer part of U.S. circulation as the country transitioned off the gold standard.
3. Why did the 1933 Double Eagle sell for so much?
Its value comes from its rarity, historical significance, and the fact that it is the only Double Eagle from 1933 legally available for private ownership.
4. Who designed the 1933 Double Eagle?
The coin was designed by Augustus Saint-Gaudens, one of the most famous sculptors of the era, known for his contributions to American coinage.
5. What is the legal status of other 1933 Double Eagles?
All other surviving 1933 Double Eagles, apart from the one sold at auction, are either held by the U.S. government or deemed illegal to own.
References
- Sotheby’s Auction House.
- Smithsonian Magazine.
- CoinWeek.
- Wikipedia.
- Most Expensive Coins.