Millions of coins are exchanged for their face value every day, but some possess characteristics that make them far more valuable to collectors. One such coin is the 1933 $20 Double Eagle, a remarkable piece of U.S. history that fetched an astounding $18.9 million at auction in 2021. But what makes this coin worth so much more than its face value? In this article, we’ll explore the history, design, and significance of the 1933 Double Eagle, drawing insights from Smithsonian magazine.
What is the 1933 $20 Double Eagle?
This Article Includes
The 1933 $20 Double Eagle is a gold coin minted by the United States in the early 20th century. It is distinctive not only for its design but for its rarity, as most of the coins were ordered to be destroyed due to an executive order issued in 1933.
On the obverse (front) of the coin, you’ll find a majestic image of Lady Liberty, standing tall and holding a torch in her left hand, with an olive branch in her right. Surrounding her are 46 stars, representing the 48 states at the time, and the U.S. Capitol building is depicted in the lower left corner. The year “1933” is also inscribed, marking the coin’s date of minting.
The reverse (back) features an eagle in flight above rays of the sun. The words “UNITED STATES OF AMERICA” and “TWENTY DOLLARS” appear at the top, while “IN GOD WE TRUST” is engraved at the bottom.
Why Is the 1933 Double Eagle So Valuable?
The extraordinary value of the 1933 $20 Double Eagle is tied to its rarity. While many coins are worth more than face value due to their condition or limited mintage, this particular coin has a unique historical backstory. According to Smithsonian magazine, the 1933 Double Eagle is valuable because it survived a period in which it was supposed to be destroyed.
In 1933, President Franklin D. Roosevelt issued an executive order prohibiting private ownership of gold, urging Americans to surrender their gold coins in exchange for paper currency. The U.S. Mint was ordered to melt down most of the gold coins, including the 1933 Double Eagles, to comply with this policy. As a result, very few of these coins survived, making them incredibly rare.
The Story Behind the Survival of the 1933 Double Eagle
Most of the 1933 Double Eagles were destroyed in accordance with Roosevelt’s directive, but a small number were either accidentally saved or illicitly removed from the Mint. These surviving coins became the subject of controversy, as their possession was considered illegal under the laws governing the ownership of gold at the time.
One of the most famous 1933 Double Eagles was confiscated by the U.S. government in the 1940s. After years of legal battles, it was finally sold at auction in 2021 for a record-breaking $18.9 million. This sale highlighted the immense historical and numismatic value of this coin, not just as a piece of currency but as a symbol of the extraordinary events that shaped its existence.
The Historical Significance of the 1933 Double Eagle
The 1933 $20 Double Eagle holds deep historical significance, not only as a rare artifact but also as a reminder of the dramatic economic changes in the United States during the Great Depression. The executive order banning private ownership of gold was part of broader efforts to stabilize the economy and combat the financial turmoil of the 1930s.
For numismatists, the coin is a symbol of the intersection between history, law, and economics. Its value is driven not only by its precious metal content but also by the story of its survival against the odds, making it a coveted treasure for collectors.
Conclusion
The 1933 $20 Double Eagle is far more than just a piece of currency; it is a tangible connection to a pivotal moment in U.S. history. As highlighted by Smithsonian magazine, this coin’s astronomical auction value reflects its rarity, the historical events surrounding its creation, and the intrigue of its survival. For those interested in rare coins and their connection to history, the 1933 Double Eagle remains one of the most fascinating examples of how a simple piece of metal can carry a legacy that spans generations.