In the world of rare coins, the 1933 Double Eagle gold coins hold a special place. These coins are not only some of the rarest, but also among the most valuable in history. In a fascinating turn of events, 10 of these elusive coins were seized by the U.S. Mint from a jeweler who was simply trying to verify their authenticity.
This article dives into the incredible journey of these 1933 Double Eagle coins, their rarity, and the legal battles surrounding them. Let’s explore why these coins are so significant, and what the future holds for these treasured artifacts.
What Are Double Eagle Gold Coins?
The Double Eagle is a gold coin with a face value of $20. It was first minted in 1850, and these coins were a major part of U.S. currency for decades. However, the 1933 edition of the Double Eagle has a unique story. Although 445,500 of these coins were minted, none were ever officially circulated.
The reason? The U.S. government decided to stop using the gold standard in 1933, which meant that the 1933 Double Eagle coins were no longer needed. All of these coins were ordered to be melted down, but a few managed to escape destruction and ended up in private hands. This is where the story gets interesting.
The Seizure of the 1933 Double Eagles
In 2005, Joan Langbord, the daughter of Israel Switt, a Philadelphia jeweler, turned in 10 Double Eagle coins to the U.S. Mint. She had found them among her father’s belongings and wanted to confirm if they were authentic. Her father, Switt, had a reputation for dealing in rare and valuable coins, and had admitted to selling several Double Eagles many years ago.
However, once the Mint confirmed the authenticity of the coins, they seized them, claiming that the coins had been unlawfully taken from the Mint back in the 1930s. According to the U.S. Mint, these rare coins were public property, and they were “recovered” as part of the government’s assets.
Legal Battles and Ownership Claims
Joan Langbord, through her attorney Barry H. Berke, decided to fight the Mint’s seizure of the coins. The attorney argued that there was no concrete proof that the coins had been stolen, and therefore, the government had no right to keep them. Despite this, the Mint insisted that the coins were obtained illegally and should be forfeited to the U.S. government.
The controversy intensified because these coins are incredibly valuable. In 2002, a single 1933 Double Eagle was sold at auction for a staggering $7.59 million. The sale was the result of a legal agreement in which the proceeds were split between the seller and the U.S. Mint. The high price paid for that coin only fueled the debate over the rightful ownership of the 10 coins found by Langbord.
The Value and Rarity of 1933 Double Eagles
The rarity of the 1933 Double Eagle coins makes them extremely valuable. While millions of other coins from the same era are circulating, the Double Eagles from 1933 are nearly impossible to find. Only a handful are known to exist today. The U.S. Mint ordered that all these coins be melted down after the country left the gold standard, but a few were somehow smuggled out of the Mint.
These rare survivors are now worth millions. In fact, the coin sold at auction in 2002 holds the record for the most expensive coin ever sold at $7.59 million. The value of these coins is almost impossible to estimate, as they are considered “priceless” by collectors.
What Happens Next?
The U.S. Mint has stated that they are still deciding what to do with the seized coins. While there are no plans to auction them, officials have considered preserving them as part of public exhibits. If this happens, these historical artifacts could be viewed by the public in museums across the country.
Meanwhile, the legal battle over the ownership of the 10 Double Eagles continues. Joan Langbord’s legal team is prepared to fight for her right to the coins, and the case could drag on for years before a final decision is made.
Table: Key Facts About the 1933 Double Eagle Coins
| Fact | Details |
|---|---|
| First Minted | 1850 |
| Face Value | $20 |
| Number Minted in 1933 | 445,500 |
| Status | Never circulated, most were melted down |
| Value | One sold for $7.59 million in 2002 |
| Number of 1933 Double Eagles Known | Only a few exist, including 2 in the Smithsonian |
| Current Legal Status | Under dispute between Langbord family and U.S. government |
Conclusion
The story of the 1933 Double Eagle gold coins is one filled with intrigue, legal battles, and incredible value. These coins are a rare piece of history that few will ever have the chance to own. Whether they remain in the hands of the U.S. Mint or are returned to Joan Langbord, their story continues to captivate collectors and history enthusiasts alike.
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FAQs
Why are the 1933 Double Eagle coins so valuable?
The 1933 Double Eagle coins are rare because they were never circulated and were ordered to be melted down after the U.S. left the gold standard. Only a few survived, making them highly valuable.
How did Joan Langbord find these coins?
Joan Langbord discovered the coins in her father’s belongings. Her father, Israel Switt, was a jeweler known for dealing in rare coins.
What was the highest price ever paid for a 1933 Double Eagle?
In 2002, a 1933 Double Eagle was sold at auction for $7.59 million, making it the most expensive coin ever sold.
Are there other 1933 Double Eagle coins still in existence?
Yes, a few other Double Eagles are known to exist, including two that are part of the Smithsonian Institution’s collection.
What will happen to the seized coins?
The U.S. Mint is still deciding what to do with the seized coins, but there is a possibility that they may be preserved for public exhibits.