The 1933 Double Eagle coin is more than just a rare piece of metal; it’s a symbol of history, artistry, and mystery. Valued at over $30 million, this coin has captivated collectors and historians alike with its unique story and exceptional rarity.
Genesis of a Myth
Struck in 1933 during the Great Depression at the United States Mint in Philadelphia, the 1933 Double Eagle was part of the Gold Eagle series designed by Augustus Saint-Gaudens. Although it was intended for general circulation, most of these coins were never released and were melted down, making the few that survived incredibly valuable.
The Gold Recall Saga
In 1933, President Franklin D. Roosevelt recalled gold coins to stabilize the economy and move away from the gold standard. As a result, most 1933 Double Eagles were melted, but a few managed to escape, setting the stage for decades of intrigue.
The Farouk Affair
One notable 1933 Double Eagle ended up in King Farouk of Egypt’s collection. Despite its illegal status, the U.S. government initially approved its export. After Farouk’s overthrow, the coin disappeared, only to resurface in the 1990s.
Legal Confrontations
The rediscovery of the 1933 Double Eagle led to legal disputes between the U.S. government and collectors. After a lengthy legal battle, one coin was allowed to be privately owned and sold for over $7 million in 2002.
A Monumental Auction
In June 2021, the 1933 Double Eagle made headlines again, fetching a record $18.9 million at a Sotheby’s auction. This sale highlighted the coin’s immense value and solidified its status as both a historical and cultural icon.
The 1933 Double Eagle coin is much more than a rare collector’s item; it’s a testament to a fascinating period in history, legal battles, and the world of numismatics. Its record-breaking auction prices reflect not only its rarity but also the compelling stories it embodies.
1.Why is the 1933 Double Eagle coin so valuable?
The 1933 Double Eagle coin is extremely valuable due to its rarity and historical significance. Most of the coins were melted down, leaving only a few in existence. Its unique history and legal battles have also increased its value.
2.How many 1933 Double Eagle coins are known to exist?
Only a few 1933 Double Eagles are known to exist today. Most were destroyed due to a gold recall, making the surviving coins extremely rare and highly sought after by collectors.
3.What happened to the 1933 Double Eagle coins that were not melted down?
Some 1933 Double Eagle coins that were not melted down ended up in private collections, with a few escaping the Mint illegally. These coins have been the subject of legal disputes and high-profile auctions.
4.Why did President Franklin D. Roosevelt recall gold coins in 1933?
In 1933, President Franklin D. Roosevelt recalled gold coins to stabilize the U.S. economy and move away from the gold standard during the Great Depression. This led to the melting down of most 1933 Double Eagles.
5.What is the significance of the 1933 Double Eagle’s record auction prices?
The record auction prices for the 1933 Double Eagle coin reflect its extreme rarity, historical value, and the intrigue surrounding its past. The high prices also highlight the coin’s importance as a cultural and numismatic treasure.
