1. 1933 Double Eagle Proof Set
2. 1933 Double Eagle For Sale
3. 1933 Double Eagle Coin Copy
4. 1933 Double Eagle Copy
5. 1933 Double Eagle Proof
6. 1933 Double Eagle Coin Story

Learn about a little piece of numismatic history with the 1933 Double Eagle gold coin.

History, Value, Availability, and Fun Facts

President Theodore Roosevelt decided early in his presidency that he wanted to bring grace and beauty to American coinage ¹, and he did so excellently with the 1933 Double Eagle gold coin. Also known as the Saint-Gaudens Double Eagle, it was designed by the world-renowned sculptor Augustus Saint-Gaudens. Some consider it to be his finest work. Roosevelt, an astute historian, found inspiration in early Greek and Roman coinage, and he wanted the United States to join that pantheon of classical coinage. Today, the extremely rare original 1933 Double Eagle is the most valuable coin in existence.

Now one of the rarest coins of all time, the 1933 Saint-Gaudens double eagle is also one of the most valuable. When it traded hands at auction in July 2002, it recorded a price $7.5 million. Prior to 1933, US gold coins for sale circulated with denominations of $20, $10, $5 and $2.50. The modern American Eagle 1oz gold coin carries a denomination of $50 – a tiny fraction of its actual value based on metal content. Despite the executive order, the production of the 1933 double eagles commenced on March 15, 1933 and continued until May 19, 1933. During this short period of time, a total of 445,000 coins were reported to have been struck. These coins would be surrounded by mystery, reputed thefts, and investigations from then on.

Considered by many to be one of history’s most beautiful and striking coins, the twenty-dollar Double Eagle high relief gold coin was first struck in in 1907. However, the first $20 Double Eagle coin was originally minted in 1850 as a direct response to the large quantities of gold coming from the California Gold Rush. The coin had such a high value (several hundred dollars in that time), it saw little general circulation and was used primarily in international trade.

Saint-Gaudens: His Historical Destiny

Saint-Gaudens was one of America’s most revered sculptors when he came to the United States Mint. He was born a decade before the Civil War, and traveled to Europe for training while the nation was still reeling from conflict. The timing of his return allowed him to receive commissions for a number of memorials commemorating the battles and generals of the War Between the States. As a result, he created some of the most famous and critically acclaimed monuments, most still standing.

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As his reputation grew, Saint-Gaudens was also selected to design a number of medals and awards, such as the World’s Columbian Exposition. With his reputation, it was only fitting that the U.S. Mint turned to this sculptor to carry out Roosevelt’s dictates after a narrow competition. Nonetheless, officials at the Mint were at odds with the overall concept of an ultra high relief coin. Such coins are not only difficult to produce; they have practical limitations in the field of commerce. Merchants preferred to stack their coins, however, such coins were used frequently in international dealings.

The Birth of an Icon

The generally small circulation of the $20 piece—that was still a handsome sum at the turn of century—made it an ideal first candidate for Saint-Gaudens’ effort to make a high relief coin. The revered design that came from his hands needed 11 strikes to accommodate all the details. This resulted in only an estimated 20 to 25 of the coins being struck in 1905. Acknowledging the practical problems of this coin, a less-detailed high-relief version was introduced in 1906. Over that year and the next, the Mint announced the production of a total of 12,317 pieces. These remain among the most coveted and prized coins from the U.S. Mint by collectors around the globe.

Finally, in 1907, the United States Mint turned to a modified version of the design in normal relief, and produced this coin until 1933. However, the beauty of the Saint-Gaudens Double Eagle was long-lasting; it was the coin design selected for the obverse of the 1986 American Gold Double Eagle bullion coin produced by the U.S. Mint. This modern version of a classically beautiful and valuable coin allows collectors to own and admire a reasonably affordable rendition of the great Saint-Gaudens Double Eagle.

Partly due to his contribution to numismatics and the fulfillment of Roosevelt’s dream, Saint-Gaudens was included in a 1940 series of Famous Americans produced by the U.S. Post Office.

Availability of 1933 Double Eagles Today

The years 1933–1935 were a watershed period for American gold coinage and the tradition of buying gold. While the first president gave us our most treasured gold coin, the second Roosevelt made decisions that saw many millions of U.S. gold coins melted into bullion, most notably the 1933 federal order to recall all gold.

Two 1933 Double Eagle coins were turned over to the Smithsonian and from 8 to 20 other specimens have turned up from time to time. Even King Farouk of Egypt possessed one via a special U.S. Export license. At the same time, the Secret Service has seized and melted the coins when they become known. Many collectors have dreamed of finding one in some foreign bank vault.

1933 Double Eagle Proof Set

Fun Facts about the Saint-Gaudens Double Eagle

As with all treasured works of arts and valuable artifacts, the romance and allure of the Double Eagle includes its own little-known facts. They include:

• When the first Double Eagle was struck in California in 1850, paper money was illegal to use in the newly recognized state.
• Tragically, the artist never saw the final version of his work. He worked on the coin’s obverse and reverse while in failing health. He passed away in 1907 before the designs went into coin production.
• One of the original Saint-Gaudens Double Eagles sold at auction in 2005 for $2,900,000.
• The only 1933 Double Eagle known to be in private hands sold in 2002 for $7,590,020 ² —of which the government claimed 50 percent.
• The chief engraver of the U.S. Mint, Charles Barber ³, had a contentious relationship with Saint-Gaudens. He got his victory by leading the redesign to accommodate only one strike for minting.
• However, the final victory on this prestigious coin’s design went to Congress. Barber’s version left off “In God We Trust,” and a law was passed to make it a part of the final design.
• The Supreme Court has been involved in decade-long battle over the ownership of ten 1933 Double Eagles owned originally by a Philadelphia jeweler.

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Additional Sources:

1 – http://www.usmint.gov/mint_programs/ultrahigh/?action=History

1933 Double Eagle For Sale

2 – http://saintgaudensdoubleeagle.com/1933-saint-gaudens-double-eagle/

3 – http://americanhistory.si.edu/numismatics/doubleea/doubleea.htm

Washington, D.C., August 2, 2002 — The United States Mint announced today that Tuesday’s sale of the much–publicized 1933 Double Eagle gold coin will generate more than $3 million for the United States Treasury.

1933 Double Eagle Coin Copy

The coin, auctioned by Sotheby’s in New York City during the American Numismatic Association annual convention, sold for $6.6 million to an anonymous bidder. An additional 15 percent auction fee brought the sales price to $7.59 million and an additional $20 was needed to “monetize” the face value of the coin so it would be legal to own, bringing the final sales price to $7,590,020. It is believed to be the most ever paid for a coin at auction.

“We are very pleased with the sale,” said Henrietta Holsman Fore, Director of the United States Mint. “This coin, once worth only $20, should reinforce the notion that there is tremendous value in coin collecting. It is not only an enjoyable hobby, but also an interesting and historically rich pursuit marked by exciting occasions such as this one.”

Once the sale is finalized, the United States Mint’s Public Enterprise Fund (PEF) will receive the entire amount. The PEF will then disburse a portion to Sotheby’s to pay for the services it rendered to the United States Mint in marketing and auctioning the coin. The PEF also will deduct the United States Mint’s expenses in administering the contract and protecting the coin, and then will retain half the proceeds under an out–of–court settlement — expected to be slightly more than $3 million, which will be transferred to the United States Treasury as a miscellaneous receipt.

Though it will be several weeks before the United States Mint can determine the exact earnings to the Nation’s taxpayers from this historic sale, the coin is the most expensive and profitable numismatic product that the United States Mint has ever sold.

1933 Double Eagle Copy

The 1933 Double Eagle features a liberty figure reminiscent of a Greek goddess, known as “Walking Liberty,” designed by famed sculptor Augustus Saint–Gaudens. The other side features a majestic eagle.

1933 Double Eagle Proof

About the 1933 Double Eagle

The United States Mint has struck gold coins in various denominations since 1795. The first $20 Double Eagle coin was minted in 1849. After the 1933 Double Eagle was struck, President Franklin Delano Roosevelt took the United States off the gold standard. The newly–minted but un–issued gold coins were destroyed because they were not legal tender.

1933 Double Eagle Coin Story

The recently–auctioned coin is one of only a few 1933 Double Eagles to have survived destruction. Two were given to the Smithsonian Institution for historic safekeeping. Several others — all of which were stolen — were believed to be either spirited away or smuggled out of the United States. One of these coins reappeared in 1996 when British coin dealer Stephen Fenton tried selling it to undercover Secret Service agents in New York. An out–of–court settlement between the Justice Department and Mr. Fenton in 2001 set the stage for the auction.