When the U.S. Mint produced the 1933 Double Eagle $20 gold coin, its creators could hardly have imagined that it would one day become the most expensive coin ever sold at auction, fetching an astounding $18.9 million in 2021. But behind this record-breaking sale lies a riveting tale of presidential decrees, international intrigue, courtroom battles, and unparalleled rarity.
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A Coin Born in Turmoil: The 1933 Gold Recall
In 1933, as the U.S. economy reeled from the Great Depression, President Franklin D. Roosevelt took drastic action to stabilize the nation’s financial system. Among his measures was the suspension of the gold standard, which prohibited the circulation of gold coins. This decision turned the 445,500 Double Eagle coins minted that year into objects of obsolescence.
The U.S. Mint began recalling and melting down all gold coins, including the Double Eagles. Only two coins were officially spared, designated for the Smithsonian Institution. The rest, the Mint believed, had been destroyed. But history would soon prove otherwise.
The Coins That Escaped the Melt
In 1937, whispers of surviving 1933 Double Eagles began to surface. The Secret Service launched an investigation, uncovering that some coins had been stolen from the Mint. These illicit specimens were seized, but one managed to elude authorities: a coin that found its way to the collection of Egypt’s King Farouk.
Farouk, a passionate collector, secured an export license for the coin before the U.S. government could act. By the time officials realized their oversight, the coin had left American soil. It remained in Farouk’s possession until his abdication in 1952, after which its whereabouts became a mystery.
A Coin Resurfaces in New York
The trail of the elusive Double Eagle went cold until 1996, when British coin dealer Stephen Fenton attempted to sell it in Manhattan’s Waldorf-Astoria Hotel for $1.5 million. The Secret Service intervened, arresting Fenton and confiscating the coin. Thus began years of legal wrangling over its fate.
The coin spent time in a Secret Service vault in the World Trade Center and was later moved to Fort Knox for safekeeping. A 2001 legal settlement allowed Fenton and the U.S. Mint to split the proceeds from the coin’s eventual auction, granting it unique legal status. In 2002, the coin was sold at Sotheby’s for a then-record $7.59 million, purchased by designer Stuart Weitzman.
The Langbord Discovery: A Family’s Legal Battle
In 2004, a new twist emerged when the Langbord family discovered 10 more 1933 Double Eagles in a safe deposit box. Seeking authentication, they presented the coins to the U.S. Mint, only to have them seized as stolen property. A protracted legal battle ensued, ending in 2016 when the U.S. Supreme Court declined to hear the Langbords’ appeal, cementing the Mint’s claim to the coins.
The Record-Breaking Sale of 2021
Weitzman, a dedicated collector who had also acquired other legendary artifacts, decided to auction the 1933 Double Eagle in 2021. It remained the only legal example in private hands, with all others held by the government or the Smithsonian. The coin’s unique status drove intense bidding, culminating in its sale for $18.9 million—making it the most valuable coin in history.
A Unique Legacy: The Double Eagle’s Enduring Appeal
The 1933 Double Eagle’s journey is as remarkable as its price tag. Jaime Hernandez of PCGS noted that the Supreme Court ruling effectively ended the possibility of more examples entering the collector market. With only one coin legally available for private ownership, its mystique and value are unmatched.
This incredible story reminds us that some treasures, like the 1933 Double Eagle, transcend their monetary value to become legends of history, law, and human fascination.