1933 Double Eagle – A Coin Shrouded in Mystery: Valued at over $30 million
Collectors and historians are fascinated by the 1933 Double Eagle coin, which combines history, art, and mystery. The complex history of this $30 million coin is as intriguing as its appearance. Let's discover the 1933 Double Eagle's hidden world and why it's one of the world's most valuable and intriguing coins.
Legend Creation
In 1933, during the Great Depression, the US struck the Double Eagle coin. The Philadelphia Mint struck it as part of the Gold Eagle series, which had been in circulation since 1907. Sculptor Augustus Saint-Gaudens depicted Liberty with an eagle on the coin.
This 1933 issue was supposed to be regular, but fate intervened. These coins are uncommon and sought after because only a few escaped the Mint.
Great Gold Recall
Roosevelt abruptly recalled gold coinage in 1933 to stabilise the economy. His goal was to get the country off the gold standard. Thus, most 1933 Double Eagles were never released and were scheduled to be melted down. However, some specimens were inexplicably smuggled out of the Mint, starting a decades-long tale.
The King Farouk Connection
The famed coin collector King Farouk of Egypt owned one of the most famous 1933 Double Eagles. Unaware of its illegality, the U.S. government licenced the coin for export. When they realised the mistake, they tried to retrieve it. After Farouk was ousted in 1952, the coin disappeared until a coin trader found it in the 1990s.
The Legal Battles
Legal challenges followed the 1933 Double Eagle's return. While collectors and dealers competed for the coin, the U.S. government claimed ownership. A settlement allowed one coin to be privately owned after years of litigation. The most valuable coin ever sold was this one, auctioned for nearly $7 million in 2002.
Record-Breaking Sale
June 2021's Sotheby's sale of the 1933 Double Eagle broke all records at over $18.9 million. This purchase validated the coin's cultural and historical importance. Story and mystery surround the coin, making it interesting beyond its rarity and beauty.
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