1933 Double Eagle Gold Coin: The 1933 Double Eagle gold coins are among the most sought-after and mysterious coins in the world, with a story spanning decades and involving numerous twists, including legal battles, international intrigue, and hidden treasures. This coin’s saga has inspired novels, documentaries, and countless tales in the world of numismatics. But what makes the 1933 Double Eagle so special? Here, we explore its origins, the intriguing events surrounding its disappearance, and the modern-day fascination with this rare piece of history.
The Origins of the 1933 Double Eagle
The story of the 1933 Double Eagle begins in a time of economic turmoil during the Great Depression. After Franklin D. Roosevelt was inaugurated as President of the United States on March 4, 1933, he faced a financial crisis, with thousands of banks failing and the nation’s gold reserves dwindling. In response, Roosevelt issued Executive Order 6102, which prohibited the hoarding of gold and required citizens to exchange their gold coins for paper currency.
Although the Saint-Gaudens Double Eagle had been minted since 1907, the 1933 version was never officially released to the public. Despite producing 445,500 of these gold coins, the U.S. Mint decided to melt most of them down into gold bars in 1937. The only two coins meant to survive were sent to the Smithsonian for preservation.
The Mysterious Disappearance
Despite the government’s efforts to recall all gold coins, several 1933 Double Eagles managed to slip out of the Philadelphia Mint. The exact number of coins that escaped and how they got out remains unknown, fueling the mystery and intrigue surrounding their story. What is known is that the U.S. Secret Service has been relentlessly pursuing these coins for nearly 70 years, making it one of the most extensive investigations involving a collectible in American history.
A key figure in this saga is Israel Switt, a Philadelphia jeweler and coin dealer who allegedly sold several of these coins to prominent collectors. Switt’s involvement has led many to believe that he played a central role in the coins’ escape from the Mint. Despite a lack of concrete evidence, the Secret Service concluded that Switt likely obtained the coins through connections within the Mint, possibly through a corrupt cashier.
International Intrigue: The Farouk Coin
One of the most famous 1933 Double Eagles made its way to Egypt, purchased by King Farouk, an avid coin collector. The coin was legally exported thanks to an oversight by the U.S. Treasury, which issued an export license without realizing the coin’s illegal status. After King Farouk was deposed in 1952, the Egyptian government attempted to auction his possessions, including the rare coin. However, the U.S. government intervened, and the coin was removed from the auction, only to disappear for several decades.
The Waldorf Astoria Sting Operation
In 1996, British coin dealer Stephen Fenton attempted to sell another 1933 Double Eagle in New York. What seemed like a routine transaction quickly turned into a dramatic scene. Fenton met with an American dealer at the Waldorf Astoria Hotel, where Secret Service agents, tipped off about the deal, raided the room. Fenton was arrested, and the coin was seized. He later fought legal battles over the ownership of the coin, arguing that the U.S. government had no right to claim it since two examples were already held in the Smithsonian.
The Legal Battle and Auction
Fenton’s legal struggle with the U.S. government culminated in a unique settlement in 2001. The coin was allowed to be auctioned, and the proceeds were split between Fenton and the U.S. Treasury. The auction took place in July 2002 at Sotheby’s in New York, where the coin fetched a stunning $7.6 million, making it the most valuable coin ever sold at that time.
The Legacy of the 1933 Double Eagle
1933 Double Eagle Gold Coin: Today, the 1933 Double Eagle is not just a coin; it’s a symbol of intrigue, history, and mystery. It sits in the lobby of the Federal Reserve Bank of New York, displayed behind bulletproof glass and under constant surveillance, serving as a reminder of its complicated past. Many questions still linger about the coins that managed to evade the furnace. Why did some of these coins escape the Mint? And why has the government been so determined to track them down?
As collectors and historians continue to debate these questions, the fascination with the 1933 Double Eagle endures. The coin’s tale serves as a reminder of a tumultuous time in American history and the allure that rare treasures hold.
Table: Key Events in the History of the 1933 Double Eagle
| Year | Event | Description |
|---|---|---|
| 1933 | Minting of 1933 Double Eagles | 445,500 coins produced but never officially released to the public. |
| 1934 | Gold Reserve Act Passed | Roosevelt’s administration begins melting down gold coins. |
| 1944 | King Farouk’s Coin Acquired | Coin purchased legally by King Farouk of Egypt due to an oversight. |
| 1952 | Farouk’s Coin Disappears | Coin removed from auction after Farouk’s exile and vanishes for decades. |
| 1996 | Waldorf Astoria Sting Operation | British dealer Stephen Fenton arrested while attempting to sell a 1933 coin. |
| 2001 | Legal Settlement Reached | U.S. government and Fenton agree to auction the coin and split proceeds. |
| 2002 | Sotheby’s Auction | The coin sells for $7.6 million, becoming the world’s most valuable coin. |
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FAQs
Why is the 1933 Double Eagle so valuable?
The 1933 Double Eagle is valuable because of its rarity and the mystery surrounding its unauthorized release from the U.S. Mint. Only one example has been legally sold to a private collector.
How many 1933 Double Eagles exist today?
The exact number is unknown, but two are held in the Smithsonian, and a few others are believed to be hidden or seized by the U.S. government.
Why did the U.S. government melt down most of the 1933 Double Eagles?
The government melted the coins to comply with Roosevelt’s policy of withdrawing gold from circulation during the Great Depression to stabilize the economy.
What is the current value of a 1933 Double Eagle?
The last known 1933 Double Eagle sold for $7.6 million at auction in 2002, but its value could be higher today due to its historical significance.
Who was Israel Switt?
Israel Switt was a Philadelphia jeweler and coin dealer suspected of smuggling the 1933 Double Eagles out of the Mint. He sold some of the coins to collectors, including the one that reached King Farouk.