The 1933 Double Eagle is a coin that has captured the interest of collectors, historians, and investors alike. More than just a rare piece of gold, this coin is valued at over $30 million and has a rich history filled with mystery, legal battles, and high-profile auctions.
In this article, we will break down the story of this remarkable coin, explaining why it is so valuable and why its history continues to captivate people worldwide.
The Origins of the 1933 Double Eagle
The 1933 Double Eagle was minted during the Great Depression, a time of economic hardship in the United States. The coin was made at the United States Mint in Philadelphia and was part of the famous Gold Eagle series, which began in 1907.
Augustus Saint-Gaudens, a renowned sculptor, designed this beautiful coin. One side features Lady Liberty holding a torch, symbolizing freedom and enlightenment, while the other side depicts a flying eagle, representing America’s strength and hope.
Though the coin was meant for everyday transactions, only a handful of these coins ever left the mint, making them incredibly rare.
The reason? In 1933, President Franklin D. Roosevelt ordered the recall of all gold coins to help stabilize the American economy, which was struggling during the Great Depression.
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Why Was the 1933 Double Eagle Recalled?
During the Great Depression, President Roosevelt introduced a policy to remove the U.S. from the gold standard, a system where paper money could be exchanged for gold. To make this transition smoother, he ordered that gold coins, including the 1933 Double Eagle, be melted down.
As a result, almost all of the coins were destroyed before they could reach the public. However, a small number of these coins managed to escape being melted, making them one of the rarest coins in the world today.
The Story of King Farouk and the 1933 Double Eagle
One of the most famous 1933 Double Eagles once belonged to King Farouk of Egypt. In the 1940s, the U.S. government mistakenly granted an export license for the coin, unaware that it was one of the recalled pieces.
When they realized the error, they tried to recover it. However, King Farouk refused to return the coin, and it vanished from public view for decades. After King Farouk was removed from power in 1952, the coin reappeared in the 1990s when a dealer tried to sell it.
Legal Battles Over Ownership
The rediscovery of the 1933 Double Eagle triggered a series of legal disputes between the U.S. government and collectors who wanted to keep the coin. The government claimed the coin still belonged to the United States, while collectors argued that it had been legally purchased.
After years of court cases, a settlement allowed one private collector to own a single 1933 Double Eagle legally. In 2002, this coin was sold at auction for over $7 million, making it the most expensive coin ever sold at that time.
Record-Breaking Auction: The 2021 Sale
In June 2021, the 1933 Double Eagle broke its previous record when one of the few remaining coins sold at a Sotheby’s auction for a staggering $18.9 million.
This sale set a new record for the highest price ever paid for a coin, further cementing its place as a highly sought-after collector’s item. The 1933 Double Eagle isn’t just valuable because of its rarity; it’s a symbol of American history, artistic excellence, and economic change.
The Legacy of the 1933 Double Eagle
The journey of the 1933 Double Eagle is more than just a story of a rare coin—it is a reflection of America’s economic and legal history.
Its design, crafted by a master artist, and its association with the tumultuous years of the Great Depression make it one of the most intriguing coins ever produced. As the coin continues to fascinate both collectors and historians, it remains a timeless symbol of America’s rich numismatic heritage.
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FAQs
What is the 1933 Double Eagle coin?
The 1933 Double Eagle is a gold coin minted during the Great Depression, valued for its rarity, artistic design, and significant place in American history.
Why is the 1933 Double Eagle so valuable?
The coin’s value comes from its rarity—only a few escaped being melted down—and the legal battles that surrounded its ownership, making it one of the world’s most valuable coins.
How many 1933 Double Eagles still exist?
Only a few coins remain today, which makes them highly sought after by collectors.
What happened to the rest of the 1933 Double Eagles?
Most of the coins were melted down after President Roosevelt’s recall of gold coins in 1933 to help stabilize the economy during the Great Depression.
Who owned the most famous 1933 Double Eagle?
One of the most famous owners was King Farouk of Egypt, who unknowingly acquired the coin after it had been recalled by the U.S. government.
Ethan is a passionate rare coin collector with years of experience uncovering the stories and history behind unique coins. His insightful articles are a go-to for anyone curious about coin values or their fascinating backstories.