The 1933 Double Eagle coin is more than just a piece of metal—it’s a fascinating piece of history and a masterpiece of art. Valued at over $30 million,
this coin’s journey is as complex and intriguing as its design. Let’s explore what makes the 1933 Double Eagle one of the most sought-after and mysterious coins in the world.
The Birth of a Legend
The 1933 Double Eagle was minted during the Great Depression, a time of severe economic crisis in the United States. Struck at the Philadelphia Mint, it was part of the Gold Eagle series, which had been in circulation since 1907.
The coin was designed by Augustus Saint-Gaudens, featuring Liberty on one side and a soaring eagle on the other. Although this coin was intended to be a regular issue, only a few managed to escape the Mint, making them extremely rare.
The Great Gold Recall
In 1933, President Franklin D. Roosevelt introduced measures to stabilize the economy, including recalling gold coins to move away from the gold standard.
As a result, most 1933 Double Eagles were never released to the public and were supposed to be melted down. However, some coins were smuggled out of the Mint, leading to a long and mysterious saga.
The King Farouk Connection
One of the most famous 1933 Double Eagles ended up with King Farouk of Egypt, a well-known coin collector.
The U.S. government mistakenly allowed the export of this coin, only to realize the error later. The coin vanished after Farouk was overthrown in 1952, resurfacing in the 1990s in the hands of a coin dealer.
The Legal Battles
The coin’s reappearance led to numerous legal battles. The U.S. government claimed ownership, while collectors and dealers fought for their rights.
After years of legal disputes, a settlement allowed one coin to be privately owned, which was auctioned in 2002 for over $7 million—a record at the time.
The Record-Breaking Sale
In June 2021, the 1933 Double Eagle set a new record by selling for over $18.9 million at a Sotheby’s auction.
This sale underscored not only the coin’s immense value but also its significance as a cultural and historical artifact. The coin’s allure lies in its rarity, beauty, and the fascinating stories surrounding it.
The 1933 Double Eagle is more than just a rare coin; it embodies a significant era in American history. From its origins at the Mint to its record-breaking auction, the coin tells a story of mystery,
legal intrigue, and historical importance. It continues to captivate collectors and historians, symbolizing the complex relationship between money, power, and history.
1. Why is the 1933 Double Eagle coin so valuable?
The 1933 Double Eagle coin is incredibly valuable because of its rarity and historical significance. Only a few coins escaped destruction when President Roosevelt recalled gold coins in 1933, making them highly sought after by collectors.
2. How many 1933 Double Eagles were originally minted?
Approximately 445,500 1933 Double Eagles were minted, but most were melted down due to the gold recall. Only a few of these coins survived, which contributes to their high value.
3. What makes the 1933 Double Eagle unique compared to other coins?
The 1933 Double Eagle is unique due to its design by Augustus Saint-Gaudens, its historical context during the Great Depression, and the mystery surrounding how a few coins escaped destruction.
4. Who was King Farouk, and what is his connection to the 1933 Double Eagle?
King Farouk of Egypt was a famous coin collector who acquired one of the 1933 Double Eagles. The U.S. government mistakenly allowed the export of this coin, which later led to legal battles over its ownership.
5. What happened to the 1933 Double Eagle coin after its sale in 2002?
After being sold for over $7 million in 2002, the 1933 Double Eagle set a record for the most expensive coin ever sold. It was later resold in 2021 for over $18.9 million, continuing its legacy as a valuable and iconic piece of history.
