With a Value of $7.6 Million, the Lincoln Wheat Penny: The 1933 Double Eagle is one among the world’s most celebrated and valued coins. Although more than 445,000 of the $20 gold coins were made during the Great Depression at the U.S. Mint, nearly all of them were melted down before they ever saw actual circulation.
Only a handful have survived till the present, and even fewer have remained, so the coin is rife with tales of mystery, theft, and legal battles. Presidents of the land, kings, covert investigations, and multi-million-dollar auctions have all seen their fair share in the drama surrounding this coin.
What Is the 1933 Double Eagle?
The 1933 Double Eagle was a $20 gold coin designed by the artist Augustus Saint-Gaudens. The coin never entered circulation during the Great Depression when the gold coins were prohibited by the U.S. government for the purpose of controlling the banking crisis. Thus, the coins were ordered by Congress to be melted, yet twenty of them somehow went underground and fell into private collections.
Why Was the Coin Never Circulated?
In 1933, President Franklin D. Roosevelt enacted a law to help overcome the economic crisis. This law required the surrender of gold coins to the government. Because of this, although the Mint minted Double Eagles, they were never put into circulation. By 1934, they were melted down on nearly all counts. Only two remained officially by the U.S. Mint for historic purposes.
How Were the Coins Stolen?
These coins were not supposed to go out at all through the very cautious controls set up, but still around 20 of them managed to get stolen from the Philadelphia Mint. It is believed that one of the cashiers inside the Mint colluded with the periphery. These coins then went to Israel Switt, a local jeweler, who sold them to collectors. An investigation was launched by the U.S. Secret Service in the 1940s and many of these stolen coins were located and destroyed.
The Coin That Ended Up with a King
One stolen Double Eagle ended up with King Farouk of Egypt; the U.S. government accidentally approved an export license for it, thereby making it legally his. This coin disappeared when Farouk was ousted in 1952 and remained missing for decades.
Coin Reappears in 1996
After more than 40 years, the coin came back into the limelight when an English dealer sought to sell it in New York in 1996. After a legal tussle, the U.S. government consented to make it legal by “monetizing” it with payment in the amount of $20, after which it was auctioned in 2002 for $7.6 million to a private collector.
Record-Breaking Sale 2021
This collector turned out to be fashion designer Stuart Weitzman, who, in 2021, sold the coin at a Sotheby auction for an astonishing $18.9 million, making it the most expensive coin sold in history.
Ten More Coins Found
In 2005, Switt’s family uncovered ten 1933 Double Eagles. These coins were submitted to the U.S. government, which recognized them as genuine; however, the coins became embroiled in legal conflict for some time. The Switt family claimed ownership of the coins, but after several court rulings, they were declared property of the U.S. government and are now kept in Fort Knox.
The Legal Status of 1933 Double Eagles
Except for the one that was auctioned, it is a crime to possess a 1933 Double Eagle coin. As these coins were never really put in circulation, they are regarded as government property. The Secret Service will continue to investigate any suspected illicit operations in connection with other coins appearing.
The tale of the 1933 Double Eagle is almost a Hollywood script. From secret thefts and intriguing royal collectors to courtroom battles and record sales, the coin’s saga is unique. Today, only thirteen coins in total are known. Most are locked away, one is in a museum, and the private least is. This rare gold coin is precious, not only for the gold it contains but also for the fascinating story it is emblematic of.
FAQS:
What are some reasons for the rarity of the 1933 Double Eagle coin?
The rarity of the 1933 Double Eagle lies in the fact that over 445,000 coins were minted but not one was ever put in circulation. Almost all were melted down, destroying all evidence, save for a few, very rare cases, which happened to raise the price sky-high.
Is it legal to own the 1933 Double Eagle coin?
No; the minting of the 1933 Double Eagle is illegal unless it is an official gold coin in the U.S. No other 1933 Double Eagle coin has been sold legally for private ownership.
Who owns the only legal 1933 Double Eagle coin?
The only legal privately owned 1933 Double Eagle became the property of fashion designer Stuart Weitzman, who later sold it at a Sotheby’s auction in 2021 for $18.9 million.
Where are the remaining 1933 Double Eagle coins now?
Most of the remaining coins are held by the U.S. government and in storage at Fort Knox. One is on display in a museum, while the others are considered government property.
What adds to the value of the 1933 Double Eagle?
Its worth arises from a blend of historical significance, legal drama, its rarity, and the fact that it was never supposed to be released, driving collectors into a frenzy with demand.