The 1933 Double Eagle gold coin is not just a piece of currency; it’s a remarkable part of American history and one of the most coveted treasures in the world of coin collecting.
Originally worth only $20, this unique coin smashed records in 2021 by selling for a staggering $18.87 million, making it the most expensive coin ever sold. Let’s dive into the fascinating backstory of the 1933 Double Eagle and discover what makes it such a rare and highly valued collector’s item.
The Story Behind the 1933 Double Eagle’s Design
The idea for the Double Eagle’s design came from President Theodore Roosevelt’s vision to improve the artistry on U.S. currency. He wanted American coins to look as beautiful and meaningful as possible.
Roosevelt entrusted the project to sculptor Augustus Saint-Gaudens, who crafted what many still regard as the most beautiful U.S. coin design.
On the front (obverse) of the coin, Lady Liberty holds a torch, symbolizing enlightenment, and an olive branch, representing peace. On the back (reverse) side, a majestic eagle is shown in flight.
The attention to detail in Saint-Gaudens’ work has made this coin a timeless symbol of American craftsmanship.
The 1933 Gold Recall and the Coin’s Rare Status
In 1933, President Franklin D. Roosevelt made the decision to end the gold standard, a significant policy change aimed at stabilizing the economy during the Great Depression.
This decision led to a government order to melt down all gold coins, including the 1933 Double Eagles. Though a total of 445,500 Double Eagles were initially minted, nearly all of them were destroyed to prevent them from entering circulation.
The destruction of these coins made any remaining 1933 Double Eagles extremely rare, and it turned the surviving coins into some of the most valuable artifacts in U.S. history.
The Only 1933 Double Eagle Owned Privately
Although the government’s intention was to destroy all 1933 Double Eagles, a few managed to survive and found their way into private collections. Over the years, the U.S. government has legally pursued and reclaimed most of these coins.
However, one legally owned 1933 Double Eagle still exists in private hands. Known as the “Weitzman Specimen” after its former owner, designer Stuart Weitzman, this coin is unique not only for its beauty but also because it is the only 1933 Double Eagle legally allowed to be privately owned.
This legal status greatly enhances its appeal and value.
The Record-Breaking Auction of the Weitzman Specimen
In June 2021, the Weitzman Specimen of the 1933 Double Eagle went up for auction at Sotheby’s, where it fetched an astounding $18.87 million.
This sale broke all prior records and placed the Double Eagle in a league of its own among collectible coins. The anticipated price was $10 to $15 million, but fierce competition among collectors drove it higher, reflecting the intense interest in owning this rare piece of history.
History of the 1933 Double Eagle
The below summarizes some of the most important events in the life of the 1933 Double Eagle:
| Year | Event | Significance |
|---|---|---|
| 1907 | Design commissioned | Theodore Roosevelt’s vision brought to life by Augustus Saint-Gaudens. |
| 1933 | Gold Recall Act | Most Double Eagles were melted due to the U.S. leaving the gold standard. |
| 1944 | Surviving coins found | Some coins found in private collections; government reclaims most. |
| 2002 | Weitzman Specimen legally sold | First legal private sale after years of legal battles. |
| 2021 | Record-breaking auction | The Weitzman Specimen sells for $18.87 million. |
Why the 1933 Double Eagle Is So Valuable
The 1933 Double Eagle’s astounding value is due to several unique factors:
- Rarity: With nearly all original coins melted, only a few Double Eagles survived, making them exceptionally rare.
- Historical Significance: This coin is a reminder of the moment when the U.S. left the gold standard, marking a major economic turning point in American history.
- Artistic Excellence: Designed by Augustus Saint-Gaudens, the Double Eagle is widely regarded as one of the most beautiful coins ever produced by the United States Mint.
- Exclusive Legal Status: The Weitzman Specimen is the only 1933 Double Eagle that can legally be privately owned, adding immense value and prestige.
- Prestige of Auction: The record-breaking price at Sotheby’s adds to the coin’s allure, symbolizing its unmatched status as a collectible asset.
A Priceless Piece of History
The 1933 Double Eagle gold coin is more than just an artifact. It embodies a turning point in U.S. economic policy, the artistry of Saint-Gaudens, and the stories of collectors who value its cultural and historical significance.
With its astonishing $18.87 million price tag, it has cemented its place not just as a coin, but as a treasured piece of history. The 1933 Double Eagle stands as a reminder of a bygone era and continues to inspire fascination, cementing its place among the world’s most extraordinary collectibles.
FAQs
The 1933 Double Eagle is valuable due to its rarity, historical significance, renowned artistry, and unique legal status as the only one allowed in private ownership.
A small number of these coins survived the 1933 melting, but only one, the Weitzman Specimen, is legally allowed in private hands.
The coin was designed by Augustus Saint-Gaudens, a celebrated American sculptor.
The Double Eagle is known for its beautiful depiction of Lady Liberty and a flying eagle, symbolizing enlightenment, peace, and freedom.
The coin was named after Stuart Weitzman, its previous owner, who is a well-known fashion designer.
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