Many people dream of discovering hidden treasure, and for some, that dream involves uncovering a rare and valuable coin. While it’s an exhilarating thought, the reality is that most rare coins are well-documented, particularly the most extraordinary ones. Among these is the legendary 1933 $20 Double Eagle, a coin steeped in history, scarcity, and intrigue, with a value that has soared to nearly $19 million.
A Product of the Great Depression
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The 1933 Double Eagle was minted during one of the most challenging periods in American history—the Great Depression. In an effort to stabilize the nation’s economy, President Franklin D. Roosevelt issued Executive Order 6102, which prohibited private ownership of gold. This order required citizens to exchange gold coins, bullion, and certificates for paper currency. The following year, the Gold Reserve Act reinforced these restrictions, effectively removing gold from circulation.
As a result, the 1933 Double Eagles never entered public use. The majority of these coins were melted down, leaving only a handful to survive the transition. Unlike many coins of the era, which were made of less valuable metals, the Double Eagle’s solid gold composition made it particularly vulnerable to being melted and repurposed.
An Iconic Design by Augustus Saint-Gaudens
The Double Eagle’s design is as legendary as its history. Augustus Saint-Gaudens, a celebrated sculptor and numismatist, created the design at the request of President Theodore Roosevelt, who sought to enhance the artistic quality of American currency.
The obverse side of the coin features Lady Liberty standing tall, holding a torch in one hand and an olive branch in the other, with the U.S. Capitol building in the background. Forty-six stars encircle her, symbolizing the states of the Union at the time, along with the word “LIBERTY” and the year “1933.” The reverse showcases a majestic eagle soaring above radiant sunbeams, accompanied by the inscriptions “UNITED STATES OF AMERICA,” “TWENTY DOLLARS,” and “IN GOD WE TRUST.”
Though Saint-Gaudens passed away before witnessing the production of his masterpiece, the design has become a symbol of numismatic and artistic excellence.
Surviving the Odds: The Few Remaining Coins
Of the original 445,500 Double Eagles minted in 1933, only a small number escaped destruction. Two coins were retained by the U.S. government and are now part of the National Numismatic Collection at the Smithsonian Institution. An estimated ten others are believed to be safeguarded at the United States Bullion Depository in Fort Knox, though details about these are scarce and unconfirmed.
The fate of the remaining coins is less certain. Some may have been melted for their gold content, while others might still be hidden, lost to history. However, one particular Double Eagle has gained fame in the private market. In 2002, it sold at auction for $7.59 million, setting a record at the time. This same coin shattered its previous record when it was auctioned again in 2021, fetching an astounding $18.9 million and becoming the most valuable gold coin ever sold.
A Rare Find with an Uncertain Future
The story of the 1933 Double Eagle is one of mystery and allure. While its scarcity and historical significance have cemented its place as one of the most sought-after coins in the world, the likelihood of more coins resurfacing remains slim. Historians speculate that most surviving coins have either been destroyed or remain securely hidden, waiting for their moment in the spotlight.
For collectors and enthusiasts, the 1933 Double Eagle is more than a coin—it’s a tangible piece of history, a symbol of resilience during economic turmoil, and a testament to the enduring allure of rare treasures. If another were to surface, it would undoubtedly capture the world’s imagination and command a price worthy of its legend.