The 1933 Double Eagle is one of the most fascinating and valuable coins in history. Its story is packed with mystery, theft, presidents, kings, and record-breaking auctions.
Although more than 445,000 of these $20 gold coins were minted during the Great Depression, almost all were ordered to be melted down before circulation. Only a few survived, turning the 1933 Double Eagle into a legendary piece of numismatic history.
Let’s look deep into why this coin is worth millions and why it still captures the imagination today.
Coin
The 1933 Double Eagle is a $20 gold coin designed by Augustus Saint-Gaudens. It was supposed to be a symbol of hope and prosperity, but due to the economic turmoil of the Great Depression, things changed quickly.
In 1933, President Franklin D. Roosevelt banned private ownership of gold coins to stabilize the banking system. As a result, although these coins were minted, they were never officially released and almost all were melted down.
Circulation
The main reason the 1933 Double Eagle never entered circulation was because of Roosevelt’s executive order. The government forced citizens to return their gold coins to prevent hoarding and to support the banking system.
By 1934, all the freshly minted Double Eagles were supposed to be destroyed. Only two coins were officially kept for the U.S. National Numismatic Collection.
Theft
Despite tight security, around 20 Double Eagles somehow slipped out of the Philadelphia Mint. It’s believed that a mint cashier helped smuggle the coins out. These rare coins ended up with a jeweller named Israel Switt, who sold them quietly to private collectors.
The U.S. Secret Service caught wind of the missing coins and launched an investigation in the 1940s, recovering and destroying most of them. But a few, including the one that found its way to royalty, survived.
King
One of the stolen Double Eagles was legally exported to King Farouk of Egypt. The U.S. mistakenly issued an export license, making his ownership technically legal. After King Farouk was overthrown in 1952, his rare coin disappeared and remained hidden for decades.
Reappearance
In 1996, the missing Double Eagle resurfaced when a British dealer tried to sell it in New York. After a lengthy legal battle, the U.S. government agreed to “monetize” the coin by officially assigning it a $20 face value.
It was then auctioned in 2002, fetching an incredible $7.6 million, making it the most expensive coin ever sold at that time.
Auction
In 2021, the coin hit the headlines again. Stuart Weitzman, a famous fashion designer and the anonymous buyer from 2002, decided to sell it. At Sotheby’s, the Double Eagle sold for a jaw-dropping $18.9 million, smashing all previous coin auction records.
Finding
In 2005, ten more Double Eagles surfaced. They were found in the possession of Israel Switt’s descendants. Naturally, another legal fight followed.
Despite claims of rightful ownership by the Switt family, U.S. courts ruled that the coins remained government property. Today, these recovered Double Eagles are stored safely at Fort Knox.
Legal
Even today, the legal status of 1933 Double Eagles remains clear. Only the coin monetized by the U.S. government in 2002 is legal for private ownership.
All others are considered government property. If you somehow find one in your attic, you’ll have to hand it over to the U.S. Treasury.
FAQs
What is the 1933 Double Eagle?
It is a $20 gold coin designed by Augustus Saint-Gaudens during the Great Depression.
Why was the 1933 Double Eagle never circulated?
Due to a law banning private gold ownership during the banking crisis.
How much did the 1933 Double Eagle sell for?
It sold for $7.6 million in 2002 and later for $18.9 million in 2021.
Who owned the missing Double Eagle coin?
King Farouk of Egypt legally owned one due to an export license error.
Where are most 1933 Double Eagles now?
They are held by the U.S. government and stored at Fort Knox.
