The 1933 Double Eagle is a famous and valuable coin from American history. It was created during the Great Depression, a time when the country was struggling financially. Despite being minted over 90 years ago, the 1933 Double Eagle is still one of the most sought-after and expensive coins in the world. Its story includes government actions, legal battles, and its rarity, making it one of the most interesting coins in American numismatics.
A Brief History of the 1933 Double Eagle
The 1933 Double Eagle was designed by a talented artist named Augustus Saint-Gaudens. His design for the coin was first used in 1907, and it showed Lady Liberty holding a torch and an olive branch, with an eagle flying on the back. The coin was originally made to symbolize strength and freedom.
In 1933, as the Great Depression worsened, the U.S. government decided to make more of these coins to follow the gold standard, which was a system where the U.S. dollar was backed by gold. However, that same year, President Franklin D. Roosevelt ordered all gold coins, including the Double Eagle, to be turned in to the government, ending the gold standard in the United States. This meant that most of the Double Eagles from 1933 were never released to the public.
The Controversial Recall and Destruction of the 1933 Double Eagles
After President Roosevelt’s order, most of the 1933 Double Eagles were melted down to prevent people from keeping gold coins. However, a few coins were secretly taken from the U.S. Mint and sold to collectors. These coins were not allowed to be sold or kept, making them illegal to possess.
Over time, the U.S. government tried to find and take back these unauthorized 1933 Double Eagles. Many were confiscated, but a few coins were hidden and remained in private collections, far from the government’s reach.
The Discovery and Legal Battle
The first major discovery of a 1933 Double Eagle happened in 1996, when one of these rare coins was found in a private collection in London. When the U.S. government learned about it, they claimed that the coin was illegally owned and took it. The coin’s owner, a well-known coin dealer named Stephen Fenton, argued that he had bought the coin legally and should be able to keep it.
This disagreement led to a long legal battle that lasted for many years. In 2002, a deal was made, and the coin was sold at a public auction for a stunning $7.59 million. This made the 1933 Double Eagle the most expensive coin ever sold at the time.
The 1933 Double Eagle Today
Today, the 1933 Double Eagle is a rare and highly valued coin. Only a few of these coins are known to exist, with some still kept by the government in vaults. The coin sold in 2002 is now in a private collection, and its value has only increased over the years. For collectors, historians, and investors, this coin is a true treasure because of its scarcity, historical significance, and unique past.
The 1933 Double Eagle is not only worth a lot of money but is also a reminder of the time when the United States faced great economic struggles during the Great Depression. Its history reflects a major turning point in the country’s financial system, where gold was no longer the basis of money.
Conclusion
The 1933 Double Eagle is much more than just a coin. It is a rare piece of American history that tells the story of the country’s challenges during the Great Depression and the end of the gold standard. Its beauty, rarity, and historical importance have made it one of the most valuable and coveted coins in the world today. Whether it’s for its investment value, its place in history, or its unique design, the 1933 Double Eagle will always be remembered as one of the most significant coins in American numismatic history.
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