1933 Double Eagle
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| 1933 Double Eagle | |
|---|---|
 US Mint Pressroom Image Library [2] · Public domain · source | |
| Name | 1933 Double Eagle |
| Country | United States |
| Value | $20 |
| Mass g | 33.436 |
| Diameter mm | 34 |
| Composition | 0.9675 gold |
| Designer | Augustus Saint-Gaudens |
1933 Double Eagle The 1933 Double Eagle is a United States twenty-dollar gold coin struck in 1933 and associated with the end of the Gold Standard era, the Great Depression, and a high-profile legal and numismatic saga involving the United States Mint, the United States Department of the Treasury, and private collectors. The coin's rarity, legal controversies, and dramatic auction records have linked it to figures and institutions such as Franklin D. Roosevelt, Andrew W. Mellon, E. H. R. Green, and the Supreme Court of the United States.
Background and design
The Double Eagle design was created by Augustus Saint-Gaudens during the administration of Theodore Roosevelt as part of the coinage redesign; it features a rendition of Lady Liberty and a flying bald eagle motif tied to Beaux-Arts architecture and the Renaissance revival. Saint-Gaudens's work was completed posthumously by H. H. Reilly and refined under the supervision of Mint Director George T. Morgan and later Mint Director Friedrich Johannes. The coin's obverse reflects motifs comparable to Columbian Exposition numismatic commissions and echoes themes in public sculpture such as Prospect Park works and memorials by Saint-Gaudens.
Production and 1933 minting
In 1933, the Philadelphia Mint struck thousands of Double Eagles as part of routine production; these issues coincided with policy shifts under President Franklin D. Roosevelt and Treasury Secretary William H. Woodin following the Banking Crisis of 1933. The decision to remove gold coinage from circulation after the Emergency Banking Act and the Gold Reserve Act of 1934 meant that most 1933 examples were ordered to be melted by agents from the United States Bullion Depository and transported under supervision linked to officials from the Federal Reserve System and the Treasury Department.
Legal status and recall
Following executive actions and directives from Franklin D. Roosevelt, the 1933 struck coins were deemed not to be issued for circulation, leading the United States Mint and the Treasury Department to order a recall and destruction under administrative authority and consultation with legal counsel from the Department of Justice. This administrative action intersected with statutory interpretations of the Coinage Act of 1873 and subsequent Treasury regulations, and it was later invoked in litigation involving possession and export controlled by agencies including the Federal Bureau of Investigation.
Recovery and notable specimens
Despite the recall, a small number of 1933 Double Eagles escaped melting and surfaced through collectors, dealers, and heirs of prominent numismatists and families such as the estate of E. H. R. Green. Notable recoveries involved transactions in New York City auctions, interactions with dealers associated with Stack's and Sotheby's, and investigations by the Federal Bureau of Investigation. The most prominent specimen was seized and later litigated over, while other examples have appeared in private collections linked to international owners and consignors from cities like London, Zurich, and Hong Kong.
Legal disputes and court rulings
Several high-profile legal disputes reached federal courts, including proceedings in the United States District Court for the Eastern District of New York and appeals that eventually involved the United States Court of Appeals for the Second Circuit; some issues reached the Supreme Court of the United States indirectly via related precedent on forfeiture and ownership. Litigation engaged prominent attorneys and hinged on doctrines involving title to government property, forfeiture law, and the applicability of Treasury orders, producing rulings that clarified the status of specific specimens and the power of the United States Government to claim unissued coinage.
Cultural impact and auctions
The saga of the 1933 Double Eagle has permeated popular culture, inspiring coverage in publications like The New York Times, The Wall Street Journal, and Smithsonian Institution exhibitions, and entering narratives about collecting and wealth during the Great Depression. A seized specimen achieved a world-record price when sold at auction, attracting bidders including major private collectors, numismatic investors, and institutions such as Christie's and Stack's Bowers Galleries. Media portrayals connected the coin to personalities like King Farouk of Egypt and dealers in the mid-20th century who figured in international art and antiquities markets.
Numismatic description and variants
Numismatists categorize the 1933 struck pieces by their physical attributes—weight, diameter, and gold content consistent with Saint-Gaudens Double Eagles—and by provenance markers such as mint records, release paperwork, and chain-of-custody documentation involving consignors and heirs. Varieties among Double Eagles more broadly include the 1907 Ultra High Relief, 1908-S, and later restrikes and pattern pieces archived at institutions like the Smithsonian Institution National Numismatic Collection and holdings of the American Numismatic Association. Collectors consult auction catalogs from houses like Heritage Auctions and provenance research by curators at the American Numismatic Society to authenticate specimens, evaluate rarity, and document legal encumbrances.