Many dream of discovering hidden treasure, often picturing themselves finding a mint-condition antique coin tucked away in their pocket. While such fantasies are delightful, the reality is that most rare coins are well-documented, particularly the most valuable ones. Among these treasures lies the 1933 $20 Double Eagle, a coin that has become a symbol of rarity and historical significance.
A Coin Shrouded in Mystery
This Article Includes
Minted during the tumultuous era of the Great Depression, the 1933 $20 Double Eagle coin has a storied past. Only three of these coins are known to exist today, with a staggering estimated value of nearly $19 million. This coin never entered circulation due to Executive Order 6102, signed by President Franklin D. Roosevelt, which banned private ownership of gold. The order led to the implementation of the Gold Reserve Act in 1934, compelling citizens to surrender their gold coins in exchange for other forms of currency.
The Gold Standard and Economic Struggles
The significance of the 1933 Double Eagle can be traced back to the economic struggles of its time. As the Great Depression ravaged the American economy, the government took drastic measures to stabilize the financial system. Gold coins were melted down, and many disappeared forever. The Double Eagle, entirely made of gold, faced the same fate as countless others during this period, further contributing to its rarity.
The Artistic Design by Augustus Saint-Gaudens
The 1933 Double Eagle features an impressive design crafted by the renowned sculptor Augustus Saint-Gaudens. Tasked with redesigning U.S. currency to reflect the changing times, Saint-Gaudens created a coin that is as beautiful as it is significant.
On one side, Liberty stands tall, holding a torch in her left hand and an olive branch in her right. The design is surrounded by 46 stars and the inscriptions “LIBERTY” and “1933.” The reverse side showcases an eagle soaring above the rays of the sun, accompanied by the phrases “UNITED STATES OF AMERICA,” “TWENTY DOLLARS,” and “IN GOD WE TRUST.” This design, completed just before Saint-Gaudens’s death, remains a lasting tribute to his artistic legacy.
The Fate of the Surviving Coins
It remains uncertain how many of the original 1933 Double Eagles survived the destruction mandated by the government. Estimates suggest that around 20 coins may have escaped, but the fate of most is unclear. Of the three known to exist, two are housed in the U.S. National Numismatic Collection at the Smithsonian Institution, while another ten are securely stored in Fort Knox.
One notable coin found its way into private hands and was auctioned in 2002 for a remarkable $7.59 million. This same coin made headlines again in 2021 when it fetched an astounding $18.9 million at auction, solidifying its status as the most valuable gold coin ever sold.
The Uncertain Future of the 1933 Double Eagle
Historians believe that many 1933 Double Eagles were either melted down for their gold content or lost to time. As a result, the likelihood of another coin resurfacing is considered slim. However, should another coin come to light, its value could rival that of the previously auctioned coin, highlighting the allure of numismatic discoveries.
Conclusion
The 1933 $20 Double Eagle coin stands as a testament to American history, reflecting the economic challenges of the Great Depression and the artistry of Augustus Saint-Gaudens. Its rarity and story continue to captivate collectors and enthusiasts alike, reminding us of the treasures that may still be hidden in plain sight. As dreams of finding treasure endure, the tale of the 1933 Double Eagle inspires future generations of numismatists to explore the rich tapestry of coinage history.