The Lincoln Wheat Penny Valued at $7.6 Million: The 1933 Double Eagle is one of the most famous and valuable coins in the world. Although the U.S. Mint made over 445,000 of these $20 gold coins during the Great Depression, almost all of them were melted down before they could be used. Only a few survived, and even fewer remain today, making it a coin surrounded by mystery, theft, and legal battles. This coin’s story involves U.S. presidents, kings, secret investigations, and record-breaking auctions.
What Is the 1933 Double Eagle?
The 1933 Double Eagle is a $20 gold coin designed by Augustus Saint-Gaudens. It was never released to the public because, at the time, the U.S. government had banned gold coins to control the banking crisis during the Great Depression. As a result, the coins were ordered to be melted, but 20 somehow escaped and entered private collections.
Why Was the Coin Never Circulated?
In 1933, President Franklin D. Roosevelt passed a law to help fix the economic crisis. This law required people to return their gold coins to the government. Because of this, even though the Mint had made Double Eagles, they were never legally used. By 1934, almost all were melted down. Only two were kept officially by the U.S. Mint for historical purposes.
How Did the Coins Get Stolen?
Despite strict controls, about 20 of these coins were stolen from the Philadelphia Mint. It is believed that a cashier inside the Mint helped smuggle them out. These coins were passed on to a local jeweller named Israel Switt, who sold them to collectors. The U.S. Secret Service launched an investigation in the 1940s, and many of these stolen coins were found and destroyed.
The Coin That Ended Up with a King
One of the stolen Double Eagles ended up in the hands of King Farouk of Egypt. Surprisingly, the U.S. government accidentally approved an export license for it, making it legally his. When Farouk was overthrown in 1952, the coin vanished and was missing for decades.
Coin Reappears in 1996
After more than 40 years, the coin reappeared in 1996 when a British dealer tried to sell it in New York. After a legal battle, the U.S. government agreed to make it legal by “monetizing” it with a $20 payment. It was then sold at an auction in 2002 for $7.6 million to a private collector.
Record-Breaking Sale in 2021
That collector was revealed in 2021 to be fashion designer Stuart Weitzman. He sold the coin in a Sotheby’s auction for an unbelievable $18.9 million, making it the most expensive coin ever sold in history.
Ten More Coins Discovered
In 2005, ten more 1933 Double Eagles were found with the family of Israel Switt. These coins were handed over to the U.S. government, which confirmed they were genuine. However, a long legal battle followed. The Switt family claimed ownership, but after several court rulings, the coins were declared U.S. government property and are now stored in Fort Knox.
The Legal Status of 1933 Double Eagles
Except for the one coin sold at auction, it is illegal to own a 1933 Double Eagle. Since these coins were never officially released to the public, they are considered government property. The Secret Service continues to investigate if any more appear.
The story of the 1933 Double Eagle is like something out of a movie. From secret thefts and royal collectors to court battles and record sales, this coin’s journey is truly one of a kind. Today, only 13 known coins exist. Most are locked away, one is in a museum, and just one is legally owned by a private person. This rare gold coin is not just valuable for its gold, but for the incredible story it tells.
FAQ
Why is the 1933 Double Eagle coin so rare?
The 1933 Double Eagle is rare because although over 445,000 coins were minted, they were never officially released to the public. Almost all were melted down, and only a few escaped, making them extremely valuable.
Is it legal to own a 1933 Double Eagle coin?
No, it is not legal to own a 1933 Double Eagle unless it has been officially monetized by the U.S. government. Only one coin has been legally sold for private ownership.
Who owns the only legal 1933 Double Eagle coin?
The only legal privately-owned 1933 Double Eagle was bought by fashion designer Stuart Weitzman and later sold at a Sotheby’s auction in 2021 for $18.9 million.
Where are the other 1933 Double Eagle coins now?
Most of the remaining coins are held by the U.S. government and stored at Fort Knox. One is displayed in a museum, and the rest are considered government property.
What makes the 1933 Double Eagle so valuable?
Its value comes from a mix of historical importance, legal drama, rarity, and the fact that it was never meant to be released, making it highly sought after by collectors.
