The 1933 Double Eagle stands as one of the most iconic and valuable coins in American numismatic history. Minted during the Great Depression, this $20 gold coin never saw public circulation due to a pivotal executive order.
Today, only one legally owned specimen exists, having sold at auction for a staggering $18.9 million in 2021, setting a world record for the most expensive coin ever sold.
Coin Specifications
| Feature | Details |
|---|---|
| Minted | 1933 |
| Designer | Augustus Saint-Gaudens |
| Composition | 90% gold, 10% copper |
| Weight | 33.431 grams |
| Diameter | 34.1 mm |
| Edge | Lettered: “E PLURIBUS UNUM” |
| Design | Obverse: Lady Liberty; Reverse: Bald eagle in flight |
Historical Context
In 1933, amid the economic turmoil of the Great Depression, President Franklin D. Roosevelt signed Executive Order 6102, which prohibited the hoarding of gold coins, bullion, and certificates. This led to the recall and melting of most gold coins, including the 1933 Double Eagles.
However, approximately 20 coins were illicitly removed from the U.S. Mint, setting the stage for a tale of intrigue and legal battles.
The King Farouk Connection
One of these stolen coins found its way to King Farouk of Egypt, a renowned collector of rare artifacts. In 1944, he purchased the coin, and despite diplomatic efforts, it remained in his collection. After Farouk’s deposition in 1952, the coin resurfaced and was eventually seized by U.S. authorities in 1996 during a sting operation.
Legal Battles and Ownership
Following its seizure, the coin became the subject of extensive legal proceedings. In 2001, a unique agreement was reached: the coin was monetized, issued by the U.S. Mint, and sold at auction. This process made it the only 1933 Double Eagle legally available for private ownership.
Auction History
- 2002 Auction: Sold for $7.59 million, setting a record at the time.
- 2021 Auction: Sold for $18.9 million, breaking its own record and becoming the most expensive coin ever sold.
Current Status
The 1933 Double Eagle is now part of a private collection, with its exact location undisclosed. It remains a symbol of American history, artistry, and the complexities of legal ownership in the realm of numismatics.
The 1933 Double Eagle is more than just a coin; it’s a testament to a pivotal moment in American history, encapsulating the challenges of the Great Depression, the complexities of legal ownership, and the enduring allure of rare artifacts.
Its journey from minting to becoming the most expensive coin ever sold is a saga that continues to captivate collectors and historians alike.
FAQs
Why was the 1933 Double Eagle never released into circulation?
Due to Executive Order 6102, most gold coins were recalled and melted down. The 1933 Double Eagles were struck but never issued for public use.
How many 1933 Double Eagles exist today?
Approximately 13 specimens are known to exist, with only one legally owned by a private individual.
What makes the 1933 Double Eagle so valuable?
Its rarity, historical significance, and the legal complexities surrounding its ownership contribute to its immense value.