The United States has produced many different coins over the centuries, many of which have gone on to become valuable collector’s items. However, none are as valuable and elusive as the 1933 Saint-Gaudens Double Eagle. Here’s what you need to know about this unique coin.
About the Saint-Gaudens Double Eagle
This gold coin was in circulation in the U.S. from 1907 to 1932. Made mostly from gold, with about ten percent copper, this coin held a face value of $20. The face of the coin features Lady Liberty, and the tail depicts a flying bald eagle with the words, “In God We Trust.” In 1933, 445,500 of these coins were produced at the U.S. Mint, but not a single one would ever reach circulation.
The Political Climate
At the time, the U.S. was in the throes of the Great Depression. Many people had taken to hoarding gold coins for their intrinsic value, choosing to keep them rather than spend them. Without consumer spending, our nation might never have recovered from this economic crisis.
In an effort to boost the economy, President Franklin D. Roosevelt moved to take our country’s currency off the gold standard. He recalled all of the 1933 double eagles that had been produced so that they could be melted down and reconstituted into gold bullion bars. Two of the coins were gifted to the Smithsonian Institute for posterity, but those aren’t the only ones still available today.
1933 Saint-Gaudens Double Eagles Still Out There
Although history isn’t quite sure how some of these rare coins escaped the melting pot, the most common theory is that a mint employee snuck some of the coins out before they could be melted down, replacing them with older double eagle coins so as not to be detected. Today, there are about 20 1933 double eagles in private collections. Most recently, one sold at auction in 2002 for more than $7.5 million.
Over the decades since the production of the double eagles, the United States government has been working to seize the stolen coins, often taking them when buyers request to have them authenticated. Thus far, several collectors have fought the government to retain ownership of their coins, but none have been successful. All of the coins that have been seized are heavily protected at Fort Knox, but there are still about ten more out there.
Build Your Coin Collection
Although it is unlikely that you will ever get your hands on the rare 1933 Saint-Gaudens Double Eagle, there are still plenty of other coins worth collecting. Here at Roswell Gold, Silver & Coin, we have a wide range of collectible coins for you to choose from. Our associates are highly knowledgeable and can help you find the perfect coin to add to your collection. Our selection is constantly changing, so stop by our shop frequently to see what we have in stock.