Lincoln Wheat Penny Valued at $7.6 Million: In the world of rare coins, few stories captivate the imagination quite like that of the 1933 Double Eagle. This $20 gold coin, never officially released to the public, has become one of the most valuable and mysterious pieces of currency in American history. Initially valued at $7.6 million and later selling for an astounding $18.9 million, the 1933 Double Eagle represents the pinnacle of numismatic treasure. Its fascinating journey spans presidential orders, royal collections, secret service investigations, and landmark legal battles. What makes this coin particularly intriguing is not just its enormous value, but the complex web of historical circumstances that transformed an ordinary coin into a forbidden treasure.
The Birth of the Double Eagle
The 1933 Double Eagle was designed by renowned sculptor Augustus Saint-Gaudens, featuring Lady Liberty on one side and an eagle in flight on the reverse. The coin was part of a series of $20 gold pieces that had been in circulation since 1849. In 1933, during the depths of the Great Depression, the Philadelphia Mint produced over 445,000 of these gold coins. They were struck with the same care and precision as previous years’ editions, with no indication that they would soon become some of the rarest coins in American history. These coins represented significant purchasing power at the time – $20 in 1933 would be equivalent to approximately $400 today. The Double Eagle’s story might have ended there, as just another year of standard currency production, if not for the economic crisis gripping the nation.
Roosevelt’s Gold Recall
The coin’s path to legendary status began with President Franklin D. Roosevelt’s bold response to the Great Depression banking crisis. In 1933, Roosevelt issued Executive Order 6102, prohibiting the “hoarding of gold coin, gold bullion, and gold certificates.” This presidential directive required Americans to surrender their gold coins to the Federal Reserve in exchange for paper currency of equal face value. The measure was designed to stabilize the banking system by increasing the government’s gold reserves. As a result, despite having produced hundreds of thousands of Double Eagles that year, the U.S. Mint was ordered to withhold them from circulation. All but two coins, which were sent to the Smithsonian Institution for historical preservation, were designated to be melted down and converted to gold bars. This abrupt change in policy transformed what would have been ordinary currency into numismatic unicorns.
The Mysterious Disappearance
Despite strict security protocols at the Philadelphia Mint, approximately 20 of the 1933 Double Eagles somehow escaped the melting pot. Subsequent investigations suggested that a Mint cashier named George McCann had illegally removed the coins and sold them to a local jeweler and coin dealer named Israel Switt. This clandestine transaction began the coin’s shadow existence, as Switt quietly distributed the Double Eagles to various collectors over the following years. The theft remained undiscovered for several years, allowing the coins to disappear into private collections. When the Secret Service eventually caught wind of the situation in the 1940s, they launched an intensive investigation to recover the illegally obtained coins. Their efforts revealed a fascinating twist in the tale – one of the coins had already traveled far beyond their reach.
The Royal Connection
Perhaps the most fascinating chapter in the Double Eagle saga involves King Farouk of Egypt, a passionate coin collector with the resources to acquire virtually any numismatic treasure. In 1944, one of the 1933 Double Eagles appeared in an auction catalog, catching the eye of the Egyptian monarch. Farouk’s representatives applied for and – in a remarkable oversight – received an export license from the U.S. Treasury Department, seemingly legitimizing his ownership of the coin. Shortly after King Farouk purchased the coin, the Treasury Department realized their mistake, but diplomatic considerations made it impossible to demand its return from a foreign head of state. When Farouk was deposed in a 1952 coup, the coin vanished from his collection and disappeared for nearly five decades, becoming the stuff of numismatic legend.
A Sensational Reappearance
After decades of whispers and speculation among coin collectors, the Farouk Double Eagle dramatically resurfaced in 1996. British coin dealer Stephen Fenton brought it to New York for a potential sale, only to be caught in a sting operation by U.S. Secret Service agents. The coin was confiscated, setting the stage for a prolonged legal battle over its ownership. After five years of litigation, a remarkable compromise was reached. The U.S. government agreed to “monetize” the coin – officially issuing it as currency by accepting a $20 payment – and then share the proceeds of its sale with Fenton. This unprecedented arrangement led to a historic auction at Sotheby’s in 2002, where the coin sold for $7.6 million to an anonymous buyer, setting a world record for a coin at that time.
Record-Breaking Value
The identity of the 2002 purchaser remained a mystery until 2021, when it was revealed to be fashion designer Stuart Weitzman. After nearly two decades of ownership, Weitzman decided to sell his numismatic treasure through Sotheby’s. The June 2021 auction shattered all previous records, with the 1933 Double Eagle commanding an astonishing $18.9 million – cementing its status as the most valuable coin ever sold. This extraordinary price reflected not just the coin’s rarity and gold content, but its unique legal status and captivating historical journey. The anonymous buyer who now owns this treasure possesses the only 1933 Double Eagle that can be legally held in private hands – a distinction that significantly amplifies its value beyond the intrinsic worth of its gold content.
The Continuing Legacy
The story of the 1933 Double Eagle continues to evolve. In 2005, the Switt family discovered ten more specimens in a safe deposit box. These coins were seized by the Treasury Department, leading to another protracted legal battle that concluded in 2016 when a court determined that all 1933 Double Eagles remain U.S. government property, regardless of how they entered private hands. These ten coins, along with two Smithsonian specimens, are now held at Fort Knox. Despite extensive investigations, rumors persist that additional examples may still be hidden in private collections around the world. The U.S. government maintains that any other 1933 Double Eagles remain government property subject to confiscation, making their potential discovery both exciting and legally perilous for their holders.
The 1933 Double Eagle stands as a testament to how historical circumstances, government policies, and human intrigue can transform an ordinary object into something extraordinary. This coin, which began as just one of hundreds of thousands, now represents the pinnacle of numismatic collecting – a $18.9 million treasure with a story worthy of Hollywood. From presidential orders and royal collections to secret service investigations and record-breaking auctions, the Double Eagle’s journey embodies the fascination that rare coins hold for collectors and historians alike. As the only legally owned specimen continues its journey through private hands, the legend of the 1933 Double Eagle remains one of the most captivating stories in the world of collecting.
Disclaimer
This article is provided for informational and educational purposes only. The information presented about the 1933 Double Eagle gold coin and its value is based on historical records and published accounts. Coin values fluctuate based on market conditions, collector demand, and other factors. It is important to note that, with the exception of the one legally monetized specimen, ownership of 1933 Double Eagle coins is considered illegal by the United States government, and such coins are subject to confiscation. This article does not constitute legal advice, investment advice, or an endorsement of coin collecting activities. Readers interested in rare coins should consult with legal and numismatic professionals before making any decisions related to coin acquisition or sales.
