The 1933 Double Eagle is much more than a piece of currency. It stands as a symbol of artistic beauty, historical intrigue, and one of the rarest coins in the world, valued at over $30 million.
This coin’s journey is as intricate as its design, with a rich backstory that has captivated collectors for decades. Let’s explore the fascinating story behind the 1933 Double Eagle, its history, and the legal battles that surround it.
The Birth of the 1933 Double Eagle
Minted during the Great Depression, the 1933 Double Eagle coin was part of the Gold Eagle series created by the U.S. Mint in Philadelphia. Designed by the famous sculptor Augustus Saint-Gaudens, the coin featured a beautiful depiction of Liberty on one side and a soaring eagle on the other.
Although it was meant to be part of a regular coin issue, most of the coins were melted down following President Franklin D. Roosevelt’s decision to take the U.S. off the gold standard. However, a few escaped destruction, making them incredibly rare and highly sought after by collectors.
The Great Gold Recall
In 1933, as part of efforts to stabilize the economy, President Roosevelt called for all gold coins to be returned and melted. This move was intended to prevent individuals from hoarding gold during the economic crisis.
While most of the 1933 Double Eagle coins were destroyed, a few were somehow smuggled out of the Mint, beginning a decades-long mystery surrounding their whereabouts.
King Farouk’s Double Eagle
One of the smuggled coins ended up with King Farouk of Egypt, who was known for his extensive coin collection. The U.S. government unknowingly approved an export license for this coin.
When they discovered the error, they tried to retrieve it, but King Farouk refused. After he was overthrown in 1952, the coin disappeared, only to resurface decades later in the possession of a private coin dealer.
Legal Battles Over the Coin
When the coin reappeared, it triggered a legal battle between the U.S. government and various collectors. The government claimed ownership of all remaining 1933 Double Eagles, insisting they were never officially released to the public.
After years of litigation, one of the coins was allowed to be privately owned and was sold in 2002 for over $7 million, a record-breaking sale at the time.
The Record-Breaking Auction
The 1933 Double Eagle once again made headlines in 2021 when it sold for a staggering $18.9 million at a Sotheby’s auction, setting a new record. This coin’s allure isn’t just its rarity or historical value—it represents a piece of U.S.
history and symbolizes the economic struggles and recovery efforts of the 1930s. Collectors and historians alike continue to be fascinated by its story.
1. Why is the 1933 Double Eagle so valuable?
The coin’s value comes from its rarity, historical significance, and the mystery surrounding it. Only a few coins survived the gold recall, making it extremely rare and valuable.
2. How did the coin end up with King Farouk?
A 1933 Double Eagle was legally exported to Egypt and became part of King Farouk’s collection. It remained there until the U.S. government sought its return, sparking a long-standing dispute.
3. How many 1933 Double Eagles exist today?
There are 13 known surviving 1933 Double Eagles, with one privately owned, another held by the U.S. Treasury, and others in the Smithsonian and other collections.
4. Why did President Roosevelt recall gold coins in 1933?
The gold recall was part of an effort to stabilize the U.S. economy by removing gold from private hands and moving away from the gold standard during the Great Depression.
5. What makes the 1933 Double Eagle different from other gold coins?
Aside from its design by Augustus Saint-Gaudens, the coin is significant for its limited number and the legal and historical disputes it has caused, adding to its allure and mystery.
