In the world of numismatics, few coins hold as much intrigue and value as the 1933 Double Eagle. Known for its dramatic history, this $20 gold coin has become a symbol of American financial history, political intrigue, and rare artistry. Valued at over $20 million today, the 1933 Double Eagle stands as one of the most famous and expensive coins in the world. Its journey from the U.S. Mint to the auction block has captivated collectors and historians alike, creating a legendary status that transcends coin collecting.
The Birth of the 1933 Double Eagle
The 1933 Double Eagle was minted during the Great Depression, a period of economic instability that would shape the future of American currency. Produced by the U.S. Mint in Philadelphia, this $20 gold coin was designed by renowned sculptor Augustus Saint-Gaudens. The coin’s obverse featured Lady Liberty holding a torch and olive branch, while the reverse depicted a majestic eagle soaring in flight.
Weighing nearly one ounce of pure gold, the 1933 Double Eagle was a masterpiece of both design and craftsmanship. The coin’s creation was part of the U.S. Mint’s efforts to modernize the country’s gold currency, but its fate would take an unexpected turn before it ever saw public circulation.
Roosevelt’s Gold Recall – The Twist in the Tale
In 1933, President Franklin D. Roosevelt took office during one of the darkest times in U.S. history—the Great Depression. In an effort to stabilize the economy, Roosevelt enacted Executive Order 6102, which prohibited gold hoarding. Citizens were required to turn in their gold coins, bullion, and certificates in exchange for paper currency. This move effectively ended the use of gold as a circulating currency in America.
The U.S. Mint, which had already produced 445,500 1933 Double Eagles, was forced to halt the distribution of these coins. Most of the coins were melted down to comply with the new law, and the 1933 Double Eagle was effectively doomed before it ever had a chance to enter circulation.
The Coins That Escaped
Despite the government’s efforts to recall and melt all 1933 Double Eagles, a small number of coins managed to escape the process. Whether through human error, theft, or other means, a few of these highly sought-after coins found their way into private hands. As word spread that some 1933 Double Eagles had slipped through the cracks, the U.S. government took swift action, launching an investigation led by the Secret Service to recover and destroy these unauthorized coins.
Over the years, the government managed to seize nearly all of the surviving 1933 Double Eagles. However, one coin—a lone survivor—would become the stuff of legend.
The Coin That Survived – The King Farouk Connection
The lone surviving 1933 Double Eagle surfaced years later in the possession of King Farouk of Egypt. The coin had been legally acquired by the king through diplomatic means before the U.S. government realized its mistake. When King Farouk was deposed in 1952, the coin disappeared, vanishing from the public eye for nearly four decades.
In the 1990s, the coin reappeared during a sting operation involving a British coin dealer. This discovery led to a series of legal battles between the U.S. government and private collectors. Eventually, an agreement was reached that allowed the coin to be legally owned and sold—becoming the only 1933 Double Eagle to ever legally enter private hands.
In 2002, the 1933 Double Eagle was sold at auction for a record-breaking $7.59 million, including auction fees (often quoted as $6.2 million before fees). The buyer’s identity remains confidential, adding to the coin’s mystique and intrigue.
Why the 1933 Double Eagle Is So Valuable?
The astronomical value of the 1933 Double Eagle comes from several factors that make it truly one-of-a-kind in the world of numismatics:
Key Factors Contributing to Its Value:
- Extreme Rarity: Only one 1933 Double Eagle is legally owned by a private individual.
- Historical Significance: It marks the end of the U.S. gold standard and represents a pivotal moment in American financial history.
- Artistic Excellence: The design by Augustus Saint-Gaudens is considered one of the finest examples of American coinage.
- Mystery & Intrigue: The coin’s journey from minting to legal battles and its eventual rediscovery has only added to its allure and mystique.
Collectors view the 1933 Double Eagle not just as a coin, but as a historical artifact—a symbol of America’s past and the complexities of its monetary system.
Modern Value of the 1933 Double Eagle
The value of the 1933 Double Eagle has only grown over time. The last known sale of the coin was in 2002, where it fetched an incredible $7.59 million. However, with the increasing interest in rare coins and the rise in the price of gold, experts estimate that the 1933 Double Eagle could now fetch more than $20 million if it were to be sold again.
Here’s how it compares to other famous historic coins:
| Coin Name | Estimated Value | Key Feature |
|---|---|---|
| 1933 Double Eagle | $6.2 million – $20 million | Only one coin legally in private hands |
| 1794 Flowing Hair Dollar | $10 million | First silver dollar ever minted |
| 1804 Silver Dollar | $7 million | Known as the “King of American Coins” |
| 1913 Liberty Head Nickel | $5 million | Only five known examples |
| 1787 Brasher Doubloon | $9.36 million | First privately minted U.S. gold coin |
The Double Eagle’s Enduring Legacy
The 1933 Double Eagle is more than just a coin. It’s a symbol of the changing tides in American financial history. From the artistic triumphs of Augustus Saint-Gaudens to the dramatic political shift under President Roosevelt, this coin represents the intersection of art, law, and economic policy.
As one of the most recognized and valuable coins in the world, the 1933 Double Eagle continues to capture the imagination of collectors, historians, and treasure hunters alike. Its enduring legacy reminds us that even the most carefully crafted works of art can become entangled in the complexities of political and financial history.
FAQs
President Roosevelt’s 1933 Executive Order required citizens to turn in their gold, which led to the recall and melting of nearly all Double Eagles.
Only one 1933 Double Eagle is legally owned by a private individual. Other examples are considered illegal and were confiscated by the government.
The 1933 Double Eagle was designed by Augustus Saint-Gaudens, a renowned American sculptor.
The coin was sold in 2002 to an anonymous buyer. The identity of the owner remains undisclosed.
While it’s possible that a previously unknown 1933 Double Eagle could appear, any such discovery would likely lead to government confiscation unless proven to have legal origins.
