The 1933 Double Eagle coin possesses a remarkable value exceeding $30 million, making its status as one of the most costly and renowned coins throughout history.
This particular coin symbolizes a fascinating era in numismatics, intertwined with elements of international intrigue, legal disputes, and historical significance.
Nevertheless, the question remains: what attributes contribute to the exceptional value of this coin? Let us delve into this enigmatic puzzle.
The History of the 1933 Double Eagle
Augustus Saint-Gaudens created the $20 gold Double Eagle coin, first produced in 1907. When the Great Depression hit the United States in 1933, President Franklin D. Roosevelt removed the nation from the gold standard.
As part of this process, the government ordered the melting down of most gold coins, including the recently produced 1933 Double Eagles. Almost all 445,500 struck coins were melted down before they could be used in daily commerce.
A small number of coins, meanwhile, managed to avoid this fate—some via theft, others via unintentional legal loopholes. With the exception of a few that collectors acquired via legal disputes, the U.S. government proclaimed these coins illegal to possess.
Why Is the 1933 Double Eagle So Valuable?
Several factors influence the astronomical importance of the 1933 Double Eagle:
- Rarity: Most of the 445,500 coins that were first struck were melted down. These coins are very rare because very few of them managed to escape. There are just 13 known surviving instances of the 1933 Double Eagle.
- Historical Significance: Roosevelt’s decision to remove the United States from the gold standard is symbolized by the 1933 Double Eagle, marking a turning point in the nation’s economic history. The Double Eagle came to represent the time when legal currency was no longer issued in gold coins.
- Legal Battles and Intrigue: The coin’s rising value was influenced by decades’ worth of legal disputes.The U.S. government aggressively pursued any examples that were not legally obtained, leading to international diplomatic endeavors and seizures. One of these coins, for example, belonged to King Farouk of Egypt and was exported lawfully but was later the focus of legal disputes.
- Record Sales: At auction, the 1933 Double Eagle broke previous records. One sold for $7.59 million in 2002, the highest price ever paid for a coin. In 2021, the identical coin was up for auction and sold for an incredible $18.9 million, making it the most expensive coin ever sold.
Key Sales and Valuation
| Year | Event | Sale Price |
|---|---|---|
| 2002 | First legal auction sale | $7.59 million |
| 2021 | Sotheby’s auction | $18.9 million |
The Controversy and Legal Status
Except for one coin that was lawfully sold in 2002, most of the 1933 Double Eagles still in circulation are thought to belong to the U.S. government.
There may be legal repercussions if privately held 1933 Double Eagles are not turned over to the government. For this reason, the few coins still in private ownership—such as the one Stuart Weitzman sold in 2021—are highly precious.
More than just a coin, the 1933 Double Eagle is a piece of history, a representation of a change in the economy, and a treasure encased in secrecy and legal intrigue.
With collectors and historians fighting for a piece of this famous numismatic legend, its value has skyrocketed over time. The coin’s standing as the most valuable coin in the world is uncontested as long as its legacy endures.
FAQs
1. Why is the 1933 Double Eagle illegal?
The majority of the 1933 Double Eagles were melted down by government order, and the U.S. declared any remaining coins to be illegal for private ownership, except for one legally sold in 2002.
2. How many 1933 Double Eagles exist today?
There are 13 known examples of the 1933 Double Eagle, two of which are in the Smithsonian Institution, and the rest are either in government custody or private collections.
3. Why is the 1933 Double Eagle so valuable?
The combination of its rarity, historical significance, and the legal battles surrounding its ownership has driven the coin’s value to over $30 million.
