The 1933 Double Eagle is not just a coin; it’s a piece of American history wrapped in mystery, controversy, and jaw-dropping value. This legendary gold coin, originally worth $20, became one of the world’s most valuable and sought-after collectibles, fetching millions at auctions.
we’ll dive into the fascinating story of the 1933 Double Eagle, exploring its history, design, legal battles, and why it’s worth a staggering $6.2 million. Let’s uncover why this coin captivates collectors and historians alike.
What Is the 1933 Double Eagle?
The 1933 Double Eagle is a $20 gold coin minted by the United States in 1933. Designed by the renowned sculptor Augustus Saint-Gaudens, it’s considered one of the most beautiful coins ever created. The coin gets its name from the “eagle,” a term used for U.S. gold coins, with the “double” indicating its $20 value—twice that of a standard $10 eagle coin.
Despite being minted, most of these coins never entered circulation due to a historic economic decision. In 1933, President Franklin D. Roosevelt issued an executive order banning private ownership of gold to stabilize the economy during the Great Depression. As a result, nearly all 1933 Double Eagles were ordered to be melted down, making surviving examples incredibly rare.
Key Features of the 1933 Double Eagle
| Feature | Description |
|---|---|
| Year Minted | 1933 |
| Designer | Augustus Saint-Gaudens |
| Material | 90% gold, 10% copper |
| Face Value | $20 |
| Weight | 33.43 grams |
| Diameter | 34 mm |
| Rarity | Only a few known examples exist due to the 1933 gold ban |
| Auction Record | Sold for $6.2 million in 2002; another fetched $18.9 million in 2021 |
The History Behind the 1933 Double Eagle
The Great Depression and the Gold Ban
In 1933, the United States was in the grip of the Great Depression. To prevent people from hoarding gold and to stabilize the economy, President Roosevelt signed Executive Order 6102. This law made it illegal for individuals to own large amounts of gold, including coins. The U.S. Mint had produced 445,500 1933 Double Eagles, but most were melted down into gold bars before they could circulate.
However, a small number of these coins mysteriously escaped destruction. Some were stolen, others were legally retained, and a few ended up in private hands, sparking decades of intrigue and legal battles.
The Design That Stunned the World
The 1933 Double Eagle was the final creation in a series designed by Augustus Saint-Gaudens, a celebrated American sculptor. His design was first used for the $20 gold coin in 1907 and is still admired for its artistry. The front (obverse) of the coin features a standing Lady Liberty holding a torch and an olive branch, symbolizing enlightenment and peace. The back (reverse) shows a majestic eagle in flight, with the sun’s rays in the background.
Saint-Gaudens’ design was revolutionary for its time, moving away from the stiff, formal designs of earlier coins. Its beauty and craftsmanship make the 1933 Double Eagle a masterpiece in numismatics (the study of coins).
Why Is the 1933 Double Eagle So Valuable?
The 1933 Double Eagle is valuable for several reasons, combining rarity, historical significance, and stunning design. Here’s why it commands such a high price:
1. Extreme Rarity
With most of the 445,500 minted coins destroyed, only a handful of 1933 Double Eagles are known to exist today. The exact number is uncertain, but estimates suggest fewer than 20 survive, with only one legally owned by a private collector. This scarcity drives its value sky-high.
2. Historical Significance
The coin is a tangible link to a pivotal moment in U.S. history—the Great Depression and the end of the gold standard. Its connection to Roosevelt’s gold ban adds a layer of intrigue, making it a collector’s dream.
3. Artistic Beauty
The 1933 Double Eagle is celebrated for its breathtaking design. Collectors and historians admire Saint-Gaudens’ work, which elevates the coin beyond mere currency to a piece of art.
4. Auction Blockbusters
The 1933 Double Eagle has set records at auctions. In 2002, one sold for $6.2 million, a staggering sum at the time. In 2021, another fetched $18.9 million, making it the most expensive coin ever sold. These high-profile sales have cemented its status as a numismatic legend.
The Legal Battles Over the 1933 Double Eagle
The Theft and Recovery
After the 1933 gold ban, owning a 1933 Double Eagle was illegal, yet some coins slipped through the cracks. In the 1940s, the U.S. Secret Service began tracking down these coins, suspecting they were stolen from the Mint. One famous example surfaced in 1944 when a Philadelphia jeweler, Israel Switt, sold several to collectors. The Secret Service seized most of them, but one coin made its way to King Farouk of Egypt.
The King Farouk Coin
King Farouk, a passionate collector, acquired a 1933 Double Eagle in 1944. After his overthrow in 1952, the coin disappeared, only to resurface in 1996 when a British coin dealer tried to sell it in New York. The U.S. government seized the coin, leading to a legal battle. Eventually, a deal was struck: the coin was legalized, auctioned in 2002 for $6.2 million, and the proceeds were split between the government and the seller.
The Langbord Case
In 2003, Joan Langbord, the daughter of Israel Switt, discovered ten 1933 Double Eagles in a family safe deposit box. She turned them over to the U.S. Mint for authentication, but the government claimed they were stolen and refused to return them. A lengthy legal battle followed, with the courts ruling in favor of the government in 2016. The coins remain in federal custody, adding to the coin’s mystique.
How to Spot a 1933 Double Eagle
If you’re wondering what a 1933 Double Eagle looks like, here are its defining features:
- Obverse: Lady Liberty strides forward, holding a torch in one hand and an olive branch in the other, with rays of sunlight and stars surrounding her.
- Reverse: A soaring eagle above a rising sun, with “United States of America” and “Twenty Dollars” inscribed.
- Edge: Inscribed with “E Pluribus Unum” and 13 stars.
- Date: Clearly marked “1933” on the obverse.
However, spotting a genuine 1933 Double Eagle is nearly impossible for the average person, as most are held in secure collections or government vaults. Counterfeits exist, so authentication by experts is crucial.
Tips for Collectors
If you’re a coin enthusiast dreaming of owning a 1933 Double Eagle, keep these points in mind:
- Legality: Only one 1933 Double Eagle is legally owned by a private collector. Others are considered government property.
- Cost: Expect to pay millions if one becomes available at auction.
- Authentication: Work with reputable numismatic experts to verify authenticity.
- Alternatives: Consider collecting other Saint-Gaudens Double Eagles (1907–1932), which are more accessible and still beautiful.
The 1933 Double Eagle in Pop Culture
The 1933 Double Eagle has captured the public’s imagination, appearing in books, documentaries, and even fiction. Its story of rarity, theft, and legal drama makes it a perfect plot device. For example, the coin features in the novel Double Eagle by Thomas B. Costain, which weaves a fictional tale around its history. Documentaries on numismatics often highlight the coin as a symbol of American ingenuity and controversy.
Why Collectors Love the 1933 Double Eagle
Collectors are drawn to the 1933 Double Eagle for its unique blend of rarity, beauty, and history. Here’s a quick breakdown:
| Reason | Why It Matters |
|---|---|
| Rarity | Fewer than 20 coins exist, making it one of the rarest U.S. coins. |
| Design | Saint-Gaudens’ artistry sets it apart as a numismatic masterpiece. |
| History | Tied to the Great Depression and the gold ban, it’s a historical gem. |
| Value | Auction prices in the millions make it a status symbol for collectors. |
Where Can You See a 1933 Double Eagle?
Most 1933 Double Eagles are locked away in government vaults or private collections, but a few are displayed in museums:
- Smithsonian Institution: The National Numismatic Collection in Washington, D.C., houses two 1933 Double Eagles.
- Private Collections: The legally owned coin, sold in 2002, occasionally appears at exhibitions.
If you’re lucky, you might catch a glimpse of this iconic coin at a major numismatic event or auction preview.
The Future of the 1933 Double Eagle
The 1933 Double Eagle continues to captivate collectors and investors. Its value is likely to rise as fewer coins remain available. Future auctions could push its price even higher, especially if another coin is legalized. For now, it remains a symbol of rarity, beauty, and American history.
Final Thoughts
The 1933 Double Eagle is more than a coin—it’s a story of art, economics, and intrigue. Its journey from the U.S. Mint to million-dollar auctions is a testament to its enduring appeal. Whether you’re a collector, historian, or just curious, the 1933 Double Eagle offers a fascinating glimpse into a pivotal moment in time. If you ever get the chance to see one, you’ll understand why it’s called America’s most famous gold coin.