In the world of numismatics, few coins carry the allure and intrigue of the 1933 Double Eagle. Often hailed as the holy grail of American numismatic treasures, this particular coin is shrouded in mystery, controversy, and a touch of scandal. With a value that surpasses $30 million, it’s not just its rarity that makes it exceptional; it’s the stories woven around its existence that add to its mystique.
The tale of the 1933 Double Eagle begins with the United States Mint’s production of twenty of these gold coins. Designed by acclaimed sculptor Augustus Saint-Gaudens, these Double Eagles were intended for circulation during the height of the Great Depression. However, before they could be officially released, President Franklin D. Roosevelt issued an executive order, effectively halting the circulation of gold coins and ordering their return to the Mint for melting.
While most of the Double Eagles met this fate, a handful managed to escape destruction through various channels, primarily through the actions of a Philadelphia Mint cashier, George McCann. McCann reportedly facilitated the distribution of several Double Eagles to collectors and dealers, leading to their dispersal into the numismatic underworld.
The legality surrounding the ownership and transfer of the 1933 Double Eagle has been a matter of contention for decades. The US government maintained that the coins were never officially released and, therefore, were stolen property. This led to numerous legal battles and seizures, with the US Secret Service aggressively pursuing any 1933 Double Eagles that surfaced.
The most famous legal battle involving the 1933 Double Eagle occurred in 2002 when the coin’s ownership was contested between the US government and the family of King Farouk of Egypt. The coin in question had been part of Farouk’s extensive collection, which was confiscated by the Egyptian government after his overthrow in 1952. Decades later, the coin resurfaced in a 1996 auction, leading to a legal battle that ultimately resulted in a settlement between the US government and the coin’s anonymous owner, allowing it to be sold at auction.
Today, the 1933 Double Eagle remains one of the most sought-after coins in the world of numismatics. Its rarity, combined with its colorful history, has cemented its status as an iconic symbol of American coinage. Only a handful of these coins are known to exist, with most of them residing in private collections or museums.
