1933 Double Eagle – A Coin Shrouded in Mystery: Valued at over $30 million :- Few coins in the field of numismatics are as enigmatic and mysterious as the 1933 Double Eagle. Despite having a $20 face value, this fairly commonplace gold coin is worth much more than that, selling for over $30 million at auction.
1933 Double Eagle – A Coin Shrouded in Mystery: Valued at over $30 million
Why does this coin catch the interest of both collectors and historians, and what makes it so exceptional? The United States Mint at the start of the 20th century is where the story starts.
President Theodore Roosevelt commissioned renowned sculptor Augustus Saint-Gaudens to redesign numerous denominations, notably the Double Eagle ($20 gold piece), in an effort to breathe new life into American currency in 1907.
The Saint-Gaudens Double Eagle, a work of numismatic art by Saint-Gaudens, depicted Lady Liberty firmly walking forward while carrying an olive branch and a torch, with the sun’s rays in the background.
The Saint-Gaudens Double Eagle was manufactured from 1907 until 1933
However, the start of the Great Depression in 1933 signaled a crucial turning point in American history. President Franklin D. Roosevelt issued Executive Order 6102 during the economic crisis, outlawing American citizens’ “hoarding” of gold coins, bullion, and certificates.
This decree essentially made it illegal to own gold coins, such as the Double Eagle, and forced citizens to convert their gold holdings into bills.
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Executive Order 6102 instructed the U.S. Mint to stop producing gold coins, including the 1933 Double Eagles, and directed that millions of gold coins be melted down into gold bars. Nonetheless, under unknown circumstances, a tiny number of 1933 Double Eagles were able to escape the melting pot.
George McCann, a cashier at the US Mint in Philadelphia, was one of the major characters in the 1933 Double Eagle scandal. Israel Switt, a Philadelphia jeweller, is said to have received multiple 1933 Double Eagles illegally through McCann’s assistance. It is thought that these coins were sneaked out of the Mint and were never formally put into circulation.
When the Secret Service discovered the 1933 Double Eagle’s existence, the narrative dramatically changed. The Secret Service located and seized several of the coins, including those that Switt was holding, in a series of clandestine operations.
The mystery surrounding the 1933 Double Eagle coin was heightened by the fact that a small number of them were missing. The 1933 Double Eagles’ appeal was further enhanced by the legal disputes surrounding their ownership. The US government attempted to retrieve the coins on the grounds that they were stolen.
The Langbord family, descended from Israel Switt, found 10 1933 Double Eagles in their late father’s safe deposit box, which is one of the most well-known incidents. The American authorities resisted the Langbords’ attempts to sell the coins, claiming that they had been acquired illegally.
More than ten years passed throughout the ensuing legal battle, with numerous court decisions and appeals. In the end, a federal appeals court declared in 2011 that the United States government was rightful owner of the coins.
The 1933 Double Eagle’s appeal persisted in spite of the legal disputes and scandals. A single coin that sold for almost $7.5 million in 2002 set a new world record for the highest price ever paid for a coin. The few specimens that did come up for sale at auction brought enormous prices.
Collectors and historians are enthralled with the story of the 1933 Double Eagle, which stands as a testament to America’s turbulent past as well as the attraction of rare and priceless relics. The remaining specimens are now kept as mementos of a bygone period in renowned private collections and institutions.
In summary, one of the most mysterious and sought-after coins in numismatic history is the 1933 Double Eagle. Its turbulent transition from the U.S. Mint’s halls to the auction block has only increased its mystique, transforming it into a figure of curiosity and fascination for future generations. The 1933 Double Eagle, whose value significantly above its face value, is proof of the timeless appeal of rare and valuable items.
