The 1933 Double Eagle coin is one of the most famous and controversial pieces of American currency in history. Not only is it highly sought after by collectors and numismatists, but it also carries a fascinating and legally complex story.
While its beauty and historical significance are undeniable, the 1933 Double Eagle coin is illegal to own, and the reasons behind this ban are tied to both legal and historical factors.
Let’s explore why this iconic coin remains out of reach for most collectors and the legal hurdles that keep it from being a legitimate part of anyone’s collection.
What Is the 1933 Double Eagle Coin?
The 1933 Double Eagle was a gold coin with a denomination of $20 that was designed by the famed American sculptor Augustus Saint-Gaudens. The design features a powerful depiction of Lady Liberty holding a torch and an olive branch, while an eagle in flight is on the reverse side. It was intended to replace the older $20 gold coins in circulation at the time.
However, the 1933 Double Eagle was never legally released to the public. Only a small number of the coins were struck, and a series of events would lead to its legal status as a forbidden piece of currency.
Why Was the 1933 Double Eagle Coin Never Released?
The 1933 Double Eagle coin was created during a period of great financial instability. In 1933, the United States was deep into the Great Depression, and President Franklin D. Roosevelt had recently implemented measures to address the financial crisis. One of these measures was the Gold Reserve Act of 1934, which required the public to turn in their gold coins, gold bullion, and gold certificates in exchange for paper currency. The goal was to remove gold from circulation and devalue the dollar to stabilize the economy.
While the U.S. Mint had already produced a small number of 1933 Double Eagles, they were never released to the public, as Roosevelt’s actions made gold coins illegal for Americans to own. Instead, the government decided to melt down the majority of the 1933 Double Eagles, and only a handful managed to escape destruction.
The Legal Ban on Owning the 1933 Double Eagle
Though a few 1933 Double Eagle coins survived, they became the subject of fierce legal battles. The U.S. government has maintained that any remaining 1933 Double Eagles belong to the Treasury and were never legally released into circulation. As a result, they are considered to be government property.
In 1937, a small number of 1933 Double Eagles were found in the hands of a few individuals, and they were quickly seized by the government. For many years, the coins remained in the possession of the U.S. Treasury, with officials claiming they were not legally distributed and therefore could not be owned by private citizens.
Despite the coins being illegal to own, a few managed to make their way into the private market, often through illicit means. This prompted further legal actions, as the government maintained that anyone in possession of the coin was violating U.S. law.
A Historic Legal Case: The 2002 Auction
In 2002, a significant legal battle over the 1933 Double Eagle coin took place. The coin in question had been sold at an auction, where it fetched a record-breaking price of over $7 million. However, this auction sparked a legal controversy when the U.S. government intervened and claimed that the coin had been illegally obtained.
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The buyer, a New York coin dealer named Stephen Fenton, had purchased the coin in good faith. However, the U.S. Mint argued that the coin was stolen property and that the government was the rightful owner. The legal dispute continued for several years, but in 2005, the courts ruled in favor of the U.S. government. The coin was returned to the Treasury, and the buyer was compensated with a cash settlement.
This case highlighted the complexity of the 1933 Double Eagle’s legal status and cemented the idea that owning one of these coins is illegal. The legal precedent established that all remaining 1933 Double Eagles are considered government property, and any private ownership of the coin is a violation of federal law.
What Makes the 1933 Double Eagle So Special?
Despite its legal complexities, the 1933 Double Eagle is widely regarded as one of the most valuable and historically significant coins in American history. Its rarity and controversy have only added to its allure. Only a few specimens are known to exist, and these coins have fetched astronomical prices at auctions.
The coin’s design, crafted by Augustus Saint-Gaudens, is considered one of the finest examples of American coinage. It was originally intended to symbolize the country’s strength and resilience, and the fact that it never circulated adds an element of mystery and intrigue to its legacy.
The Future of the 1933 Double Eagle
While the legal battles surrounding the 1933 Double Eagle coin may have settled, the debate over its ownership remains ongoing. It is clear that the U.S. government will continue to assert its claim to these coins, and private ownership remains illegal under current law.
However, the 1933 Double Eagle’s status as a forbidden treasure has only added to its mystique and value. It remains a symbol of both the financial uncertainty of the Great Depression and the complexities of U.S. monetary history. As long as the legal framework remains in place, this iconic coin will remain largely inaccessible to private collectors, and its rarity only adds to the fascination surrounding it.
Conclusion
The 1933 Double Eagle coin is one of the most significant and controversial pieces of U.S. coinage. Due to the government’s claim of ownership and the coin’s illegal status, it remains one of the few coins in American history that is impossible for collectors to possess legally.
While its design and historical importance continue to make it highly coveted, the laws surrounding the 1933 Double Eagle ensure that it will forever be a forbidden treasure.
Table: Key Facts About the 1933 Double Eagle
| Feature | Details |
|---|---|
| Designer | Augustus Saint-Gaudens |
| Year Minted | 1933 |
| Composition | 90% Gold, 10% Copper |
| Weight | 33.436 grams |
| Diameter | 34 mm |
| Number Minted | 445,500 (all but a few melted down) |
| Auction Record | $18.9 million (2021) |
FAQs
1. Why is the 1933 Double Eagle so valuable?
The coin is incredibly rare because most were melted down during the Gold Recall of 1933. Its artistic design and historical significance also add to its value.
2. Is it legal to own a 1933 Double Eagle?
Most 1933 Double Eagles are considered illegal to own, except for one coin that was sold at auction in 2002 under a legal agreement with the U.S. government.
3. How many 1933 Double Eagles still exist?
It is believed that 13 specimens survive, but only one is legally owned by a private collector.
4. What makes this coin a numismatic treasure?
Its rarity, historical context, and stunning design by Augustus Saint-Gaudens make it highly desirable among collectors.
5. Where can I see a 1933 Double Eagle?
Some examples of the 1933 Double Eagle are held in museums or government collections, such as the Smithsonian Institution.
Jon King is an experienced journalist with 3 years of experience in the field. With a strong background in investigative reporting, Jon is known for his in-depth coverage of crime news, finance news, local news, and USA news. Currently working with Mikeandjonpodcast, Jon brings his sharp investigative skills, where he provides timely updates and analysis on a wide range of topics. His commitment to delivering accurate and impactful news has earned him a reputation for providing insightful and comprehensive stories that resonate with his audience.
