The 1933 Double Eagle gold coin is one of the rarest and most valuable coins in the world. Originally minted with a face value of $20, it’s now a highly sought-after piece in the numismatic world, with one coin even selling for an incredible $18.87 million in a Sotheby’s auction in 2021. This guide explores the origins, design, and history of this famous coin and explains why it’s so valuable today.
Origins and Design of the 1933 Double Eagle
The 1933 Double Eagle was designed by Augustus Saint-Gaudens, a famous sculptor who was asked by President Theodore Roosevelt to make U.S. currency more artistic. Saint-Gaudens created a beautiful design with Lady Liberty holding a torch and olive branch on the front, symbolizing peace and freedom. On the back, there’s a soaring eagle in flight. This design became one of the most iconic in American coin history.
Table: Timeline of the 1933 Double Eagle Coin
| Year | Event |
|---|---|
| 1907 | Augustus Saint-Gaudens designs the Double Eagle coin. |
| 1933 | 445,500 Double Eagles are minted. |
| 1934 | The U.S. government orders all 1933 Double Eagles to be melted. |
| 1944 | King Farouk of Egypt legally acquires one coin. |
| 2002 | The first legal private sale of the coin for $7.59 million. |
| 2021 | Sotheby’s sells the coin for $18.87 million. |
The Gold Recall of 1933 and Rarity of the Coin
In 1933, during the Great Depression, President Franklin D. Roosevelt removed the U.S. from the gold standard to stabilize the economy. This meant people could no longer use gold coins as money, and the government ordered all gold coins, including the 1933 Double Eagles, to be melted down. Although 445,500 Double Eagles were minted, nearly all were destroyed. This action made the few surviving coins incredibly rare and valuable.
The Last Privately Owned 1933 Double Eagle
Though almost all 1933 Double Eagles were melted, a few survived. Around 20 coins found their way into private hands over the years. The U.S. government worked to reclaim these “lost” coins, and today, only one 1933 Double Eagle remains legally owned by a private collector. Known as the “Weitzman Specimen” after its last owner, fashion designer Stuart Weitzman, this coin is the only 1933 Double Eagle that can be legally owned by someone outside the U.S. government.
Record-Breaking Auction Sale
In June 2021, the Weitzman Specimen was auctioned by Sotheby’s and sold for a record-breaking $18.87 million, far exceeding its estimated price of $10 to $15 million. This sale set a new world record for the highest price ever paid for a coin. Collectors and investors bid fiercely for the chance to own this historic piece, proving just how special and valuable it is.
Why Is the 1933 Double Eagle Worth So Much?
Extreme Rarity
With almost all 1933 Double Eagles destroyed, this coin’s rarity makes it one of a kind. The government actively reclaims any that appear, which adds to its value.
Historic Importance
The 1933 Double Eagle represents an important time in U.S. history when the country left the gold standard.
Iconic Design
Saint-Gaudens’ artwork on this coin is legendary in the world of U.S. coins.
Legal Status
The Weitzman Specimen is the only 1933 Double Eagle a private person can legally own, adding to its unique appeal.
Auction Record
The 2021 auction sale for $18.87 million made history, proving the coin’s unmatched desirability and prestige.
Conclusion
The 1933 Double Eagle is more than just a rare coin; it’s a piece of American history, art, and finance. Its story, from creation and recall to record-breaking auction, is a fascinating journey that highlights its incredible worth. Owning such a piece would be like holding a rare artifact from history, combining both beauty and extraordinary value.
FAQ’s
Why were most 1933 Double Eagles melted down?
President Franklin D. Roosevelt ordered the melting of gold coins to stop people from using gold as money during the Great Depression.
How many 1933 Double Eagles exist today?
Only one 1933 Double Eagle is legally owned by a private person; the rest are either with the government or unaccounted for.
What makes the 1933 Double Eagle design special?
The design by Augustus Saint-Gaudens is considered one of the most beautiful coin designs in U.S. history, showcasing Lady Liberty and a soaring eagle.