The 1933 Saint Gaudens Gold $20 Double Eagle is one of the most famous and coveted coins in the history of U.S. currency. Known for its intricate design, historical significance, and remarkable scarcity, this coin has captured the imagination of collectors and enthusiasts worldwide. In this article, we explore the fascinating story behind this legendary coin, why it is so valuable, and how it has achieved its iconic status.
History of the 1933 Saint Gaudens Double Eagle
The 1933 Saint Gaudens Double Eagle was introduced in 1907, designed by renowned sculptor Augustus Saint-Gaudens at the request of President Theodore Roosevelt. It replaced the Liberty Head design and was part of Roosevelt’s effort to beautify American coinage.
The 1933 Saint Gaudens Double Eagle was never officially released into circulation. Although over 445,000 coins were minted, they were melted down due to President Franklin D. Roosevelt’s decision to abandon the gold standard during the Great Depression.
Why Is the 1933 Double Eagle So Rare?
- Legality Issues: The U.S. Treasury considered all 1933 Double Eagles illegal to own, except for two coins preserved for the Smithsonian Institution.
- Rediscovery: In the mid-20th century, a few coins surfaced in private collections. These coins were confiscated by the government, further enhancing their mystique.
- Limited Availability: Only one example, previously owned by King Farouk of Egypt, has been legally sold at auction, making it a rarity in numismatics.
Design Features of the 1933 Saint Gaudens Double Eagle
The coin’s design is widely celebrated as one of the most beautiful in U.S. history. Key elements include:
- Obverse: Lady Liberty holding a torch and an olive branch, symbolizing enlightenment and peace.
- Reverse: A majestic eagle in flight, set against a radiant sunburst.
- Edge: The coin features 46 stars, representing the states of the Union at the time.
Value of the 1933 Saint Gaudens Double Eagle
This coin is not just rare but also holds immense monetary value. The only legally owned 1933 Double Eagle was sold at auction in 2002 for a staggering $7.59 million. In 2021, another example fetched a record $18.9 million, making it the most expensive coin ever sold.
| Year | Auction Price | Notable Owners |
|---|---|---|
| 2002 | $7.59 Million | Private Collector |
| 2021 | $18.9 Million | Stuart Weitzman (Shoe Designer) |
Legal Battles and Controversies
The legal history of the 1933 Double Eagle adds to its allure. For decades, collectors and the U.S. government engaged in disputes over ownership. In 2002, a compromise allowed one coin to be legally sold, but others remain subject to confiscation.
What Makes the 1933 Saint Gaudens Double Eagle Special?
- Historical Context: A tangible link to a pivotal moment in U.S. financial history.
- Artistic Merit: An enduring masterpiece by Augustus Saint-Gaudens.
- Rarity: With only a few known to exist, it represents the pinnacle of coin collecting.
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FAQs
1. Why is the 1933 Saint Gaudens Double Eagle illegal to own?
The U.S. government declared these coins illegal after the gold standard was abandoned in 1933. All coins were ordered to be melted, except for a few preserved specimens.
2. How many 1933 Double Eagles are known to exist today?
Only around 13 examples are believed to exist, with most being in government custody or museums.
3. Can anyone legally own a 1933 Double Eagle?
Currently, only one coin has been legally sold to a private collector. Other examples are considered government property.
4. Who designed the 1933 Double Eagle?
The coin was designed by Augustus Saint-Gaudens, a celebrated American sculptor.
5. What is the value of the 1933 Double Eagle today?
Its auction value has exceeded $18 million, making it one of the most valuable coins ever.
6. Why was the 1933 Double Eagle never released into circulation?
The 1933 Double Eagle was part of the U.S. Mint’s plan to mint gold coins during a time of financial turmoil. However, due to President Franklin D. Roosevelt’s decision to abandon the gold standard, the coins were never distributed and were ordered to be melted down.