The Fascinating History of the 1933 Double Eagle Gold Coin

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1933 Double Eagle

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The 1933 Double Eagle is a legendary gold coin from the United States that has captivated the imaginations of coin collectors and enthusiasts worldwide. Its history is intertwined with the tumultuous events of the Great Depression and the shifting landscape of American currency.

In 1933, the United States was in the grip of economic turmoil. President Franklin D. Roosevelt took office and implemented a series of measures to combat the effects of the Great Depression. One of the significant actions he took was to suspend the gold standard, effectively making it illegal for American citizens to own gold coins.

During this time, the United States Mint produced 445,500 $20 gold coins, known as Double Eagles (on eBay), bearing the year 1933. However, due to the suspension of the gold standard, the majority of these coins were never released into circulation. Instead, plans were made to melt them down and convert the gold into bars.

Before the melting process could take place, a small number of 1933 Double Eagles managed to escape the fate of their counterparts. It is believed that a few coins were legally obtained by the United States Mint cashier, George McCann, who later sold them to collectors. However, the exact details of how these coins left the Mint are still somewhat shrouded in mystery.

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The surviving 1933 Double Eagles soon became the center of legal battles and intrigue. The United States government declared the coins illegal to own, considering them stolen property. In 1944, one of the most famous cases involving the 1933 Double Eagle unfolded when a British coin collector named Stephen Fenton attempted to sell one of the coins in Egypt.

The coin in question was previously owned by King Farouk of Egypt, who himself was a passionate collector of rare coins. However, it was determined that the coin had left the United States Mint illegally and was considered contraband. As a result, the coin was seized and returned to the United States.

The legal battles surrounding the 1933 Double Eagle continued for decades. In the 1990s, the U.S. government engaged in negotiations with several individuals who claimed ownership of the coins. Eventually, in 2002, the U.S. government decided to allow the sale of a single 1933 Double Eagle through a special auction.

The auction took place in New York City and attracted significant attention from collectors around the world. The 1933 Double Eagle fetched an astounding price of over $7.5 million, setting a new record for the most expensive coin ever sold at the time.

Since then, another example of the 1933 Double Eagle was discovered in a safe deposit box and was the subject of another legal battle. In 2021, this coin was sold at auction for a staggering price of over $18.9 million, solidifying its status as the most valuable coin in the world.

The 1933 Double Eagle's rarity, historical significance, and the intrigue surrounding its ownership have made it a coveted prize among coin collectors. Its captivating journey from intended circulation to clandestine survival has only added to its allure, cementing its place in numismatic history as one of the most fascinating and sought-after coins in existence.

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