When Augustus Saint-Gaudens first conceived his vision for the American Double Eagle in 1907, he couldn’t have imagined that one particular year’s mintage would become the stuff of legends. The 1933 Saint-Gaudens Double Eagle represents far more than just a gold coin—it embodies a pivotal moment in American history when the nation’s relationship with gold changed forever.
The Saint-Gaudens design, commissioned by President Theodore Roosevelt himself, was revolutionary for its time. Roosevelt wanted American coinage to rival the artistic achievements of ancient Greek and Roman currencies. Saint-Gaudens, already renowned as America’s foremost sculptor, created a design featuring Lady Liberty striding forward with torch and olive branch, her robes flowing in the wind. The reverse showcased a majestic eagle soaring above the sun’s rays, symbolizing America’s rising power and optimism.
For over two decades, this design graced the twenty-dollar gold pieces that formed the backbone of American commerce. Each coin contained nearly an ounce of pure gold, making them substantial stores of value during an era when gold truly was money.
1933: The Year That Changed Everything
The year 1933 marked a watershed moment in American monetary history. President Franklin D. Roosevelt, grappling with the Great Depression’s devastating effects, made decisions that would forever alter the nation’s currency system. On March 6, 1933, Roosevelt declared a national bank holiday, and by April, he had signed Executive Order 6102, which required Americans to surrender their gold coins, bullion, and certificates to the Federal Reserve.
This executive order fundamentally changed the role of gold in American society. What had once been legal tender became contraband almost overnight. The government’s rationale was economic—by removing gold from circulation and devaluing the dollar against gold, they hoped to stimulate inflation and economic recovery.
The U.S. Mint had already begun producing 1933 Double Eagles when this seismic shift occurred. Records indicate that 445,500 pieces were struck at the Philadelphia Mint, but the changing legal landscape meant these coins would never see circulation. Instead, they became casualties of monetary policy, with the vast majority melted down for their gold content.
The Great Mystery: How Many Survived?
Here’s where the story becomes truly fascinating. While official records suggest that nearly all 1933 Double Eagles were destroyed, compelling evidence indicates that a small number escaped the mint before the melting process began. The exact number remains one of numismatics’ greatest mysteries, but experts believe fewer than 20 specimens may have survived.
The most widely accepted theory suggests that a small number of coins left the mint through unofficial channels before the recall order took full effect. Some may have been taken by mint employees, while others might have been inadvertently released during the chaotic transition period. What’s certain is that these coins entered a legal gray area that would persist for decades.
The U.S. Secret Service, tasked with investigating currency crimes, spent years tracking down these elusive coins. Their investigations revealed a complex web of collectors, dealers, and intermediaries who had somehow acquired specimens. Most of these coins were eventually confiscated, but a few remained in private hands, setting the stage for decades of legal battles.
The Farouk Specimen: A Royal Connection
Perhaps the most famous 1933 Double Eagle belonged to King Farouk of Egypt, a passionate collector of coins and other treasures. In 1944, a New York coin dealer named B. Max Mehl applied for an export license to sell a 1933 Double Eagle to the Egyptian monarch. The license was granted, seemingly legitimizing this particular coin’s existence.
When King Farouk was deposed in 1952, his vast collection was scheduled for auction. However, the U.S. government intervened, asserting that the 1933 Double Eagle in his collection was stolen property. The coin was withdrawn from the sale and disappeared into the collector market, where it would remain hidden for nearly half a century.
The Farouk specimen’s story took another dramatic turn in 1996 when it surfaced in a Secret Service sting operation. A British coin dealer had unknowingly attempted to sell the coin to an undercover agent, leading to its seizure and years of legal proceedings. The case established important precedents about the ownership of rare coins and the statute of limitations on government claims.
Record-Breaking Auctions and Legal Battles
After years of litigation, the U.S. government and the coin’s claimants reached a settlement in 2001. The 1933 Double Eagle would be auctioned, with proceeds split between the government and the claimants. This decision set the stage for one of the most dramatic moments in auction history.
On July 30, 2002, Sotheby’s auctioned the coin in New York City. The atmosphere was electric as bidders competed for what many considered the ultimate numismatic prize. When the hammer fell, the final price was $7.59 million, making it the most expensive coin ever sold at that time.
The successful bidder remained anonymous for years, though it was later revealed to be an American collector. The sale demonstrated that rare coins could command prices comparable to great works of art, elevating numismatics to new heights of mainstream recognition.
The Langbord Family Controversy
The 1933 Double Eagle story took another unexpected turn in 2005 when the Langbord family, heirs to Philadelphia coin dealer Israel Switt, announced they possessed ten additional specimens. They claimed these coins had been legally obtained by their ancestor in 1933 and had been stored in a safety deposit box for decades.
The U.S. government immediately contested this claim, arguing that no 1933 Double Eagles could have been legally obtained by private individuals. A lengthy legal battle ensued, with the case ultimately reaching the federal courts. In 2011, a jury ruled in favor of the government, determining that the coins had been stolen from the mint.
This case highlighted the complex legal issues surrounding historical coins and the challenges of proving ownership when documentation is incomplete or disputed. It also reinforced the government’s position that only one 1933 Double Eagle—the former Farouk specimen—had legal private ownership.
Modern Valuations and Market Impact
The numismatic market has continued to evolve since that historic 2002 auction. In 2021, the same 1933 Double Eagle sold again, this time for $18.9 million, nearly doubling its previous record. This sale demonstrated the coin’s enduring appeal and the maturation of the rare coin market.
The 1933 Double Eagle’s astronomical values have had ripple effects throughout the numismatic community. It has drawn attention to American gold coinage more broadly, with collectors showing increased interest in Saint-Gaudens Double Eagles from other years. The coin has also inspired greater scholarly research into the events of 1933 and their impact on American coinage.
The Coin’s Cultural Legacy
Beyond its monetary value, the 1933 Saint-Gaudens Double Eagle has achieved cultural significance that extends far beyond numismatics. It has been featured in documentaries, books, and articles that explore themes of government power, individual rights, and the nature of money itself.
The coin serves as a tangible reminder of a pivotal moment in American history when the relationship between citizens and their government underwent fundamental changes. It represents the tension between private property rights and government authority, issues that remain relevant today.
For many Americans, the 1933 Double Eagle symbolizes a lost era when money was backed by gold and individual liberty seemed more secure. Whether this romanticized view reflects historical reality is debatable, but the coin’s emotional resonance is undeniable.
Conservation and Authentication Challenges
The extreme rarity and value of 1933 Double Eagles have created unique challenges for numismatists and authentication services. Every claimed specimen must undergo rigorous examination to verify its authenticity and provenance. The high stakes involved have led to sophisticated counterfeiting attempts, making expert authentication crucial.
Modern technology has revolutionized the authentication process. Advanced imaging techniques, metallurgical analysis, and detailed die studies help experts distinguish genuine specimens from clever fakes. The Professional Coin Grading Service and other authentication companies have developed specialized protocols specifically for handling these extraordinary coins.
Frequently Asked Questions
Q: How many 1933 Saint-Gaudens Double Eagles exist today? A: Only one is known to be in legal private ownership. The U.S. government may hold a few specimens, but the exact number of surviving coins remains uncertain.
Q: Why are 1933 Double Eagles so valuable? A: Their extreme rarity, combined with their historical significance and the dramatic story surrounding their creation and survival, makes them among the most coveted coins in the world.
Q: Can someone legally own a 1933 Double Eagle? A: Only one specimen has been determined to be legally owned by a private individual. All others are considered property of the U.S. government.
Q: What makes the Saint-Gaudens design so special? A: Created by America’s leading sculptor at President Roosevelt’s request, it’s considered one of the most beautiful coin designs ever produced, representing American artistic achievement at its peak.
Q: How was the record auction price of $18.9 million justified? A: The combination of absolute rarity, historical importance, artistic beauty, and the coin’s unique legal status created perfect conditions for record-breaking bidding.