The 1933 Saint-Gaudens Double Eagle is one of the most coveted coins in numismatic history, with a single specimen fetching $7.6 million at auction. Its allure stems from a combination of exquisite artistry, historical significance, and an intriguing backstory.
Historical Background
Designed by renowned sculptor Augustus Saint-Gaudens, the Double Eagle was intended to revitalize American coinage. In 1933, the U.S. Mint produced 445,500 of these $20 gold coins. However, amidst the Great Depression, President Franklin D. Roosevelt issued Executive Order 6102, halting gold circulation and mandating the melting of these coins. Consequently, none were officially released into circulation, and all but two were ordered to be destroyed.
Surviving Specimens
Despite the mandate, a few coins escaped destruction. Two were preserved in the U.S. National Numismatic Collection. Additionally, a handful surfaced in private collections, though their legality was contested. Notably, one coin, known as the “Farouk-Fenton” specimen, was legally sold at auction in 2002 for $7.6 million, setting a world record at the time.
Design Details
The coin’s obverse features Lady Liberty striding forward, torch in hand, symbolizing enlightenment, with the U.S. Capitol in the background. The reverse showcases a majestic bald eagle in flight, illuminated by the sun’s rays. The coin’s specifications are as follows:
| Specification | Details |
|---|---|
| Face Value | $20 |
| Mass | 33.436 grams |
| Diameter | 34 millimeters |
| Composition | 90% gold, 10% copper |
| Gold Content | 0.96750 troy ounces |
Legal Status and Ownership
The U.S. government maintains that, except for the “Farouk-Fenton” specimen, all 1933 Double Eagles are government property and considers private ownership illegal. In 2005, ten additional specimens were discovered in a family safe deposit box but were seized by the government after a legal battle.
Recent Auction Records
In June 2021, the “Farouk-Fenton” specimen was resold at a Sotheby’s auction for $18.9 million, reaffirming its status as the world’s most valuable coin.
Conclusion
The 1933 Saint-Gaudens Double Eagle embodies a unique blend of artistic excellence and historical intrigue. Its rarity and the legal complexities surrounding its ownership continue to captivate collectors and historians alike.
FAQs
Why is the 1933 Double Eagle so valuable?
Its value stems from its rarity, historical context, and the fact that only one specimen is legally owned in private hands.
Can individuals legally own a 1933 Double Eagle?
The U.S. government considers all but one specimen as government property, making private ownership illegal without specific authorization.
How many 1933 Double Eagles exist today?
Two are in the National Numismatic Collection, one is legally privately owned, and several others have been seized by the government.
What was Executive Order 6102?
Issued by President Roosevelt in 1933, it prohibited the hoarding of gold coins, bullion, and certificates to combat the Great Depression.
Who designed the 1933 Double Eagle?
The coin was designed by Augustus Saint-Gaudens, a prominent American sculptor.
