The 1933 Double Eagle

The 1933 double eagle (United States 20-dollar gold coin) currently holds the record for highest price brought at auction for a single U.S. coin. 445,500 specimens of this St. Gaudens Double Eagle were minted in 1933, the last year of production for the Double Eagle, but no specimens ever officially circulated and nearly all were melted down, due to the discontinuance of the domestic gold standard in 1933. [1] This article is about general United States currency. ... Liberty (also known as Lady Liberty or the Goddess of Liberty) personifies liberty and freedom, particularly popular in the United States. ... Olive branch is a colloquial term referring to a concession or a gesture of peace, as well as a peace symbol. ... Glory can refer to: Glory (religion) Glory (optical phenomenon) Glory (film) Glory (Buffy the Vampire Slayer) This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... Augustus Saint-Gaudens (Dublin, March 1, 1848 _ Cornish, New Hampshire, August 3, 1907), was the Irish-French American sculptor of the Beaux Arts generation who most embodied the ideals of the American Renaissance. ... Binomial name Haliaeetus leucocephalus (Linnaeus, 1766) The Bald Eagle (Haliaeetus leucocephalus), also known as the American Eagle, is a bird of prey originating in North America, most recognizable as the national bird of the United States. ... Glory can refer to: Glory (religion) Glory (optical phenomenon) Glory (film) Glory (Buffy the Vampire Slayer) This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... Augustus Saint-Gaudens (Dublin, March 1, 1848 _ Cornish, New Hampshire, August 3, 1907), was the Irish-French American sculptor of the Beaux Arts generation who most embodied the ideals of the American Renaissance. ... Duplicate of the rare 1933 Double Eagle coin File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Duplicate of the rare 1933 Double Eagle coin File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... This article is about general United States currency. ... Gold coins are one of the oldest forms of money. ... An auctioneer and her assistants scan the crowd for bidders An auction is the process of buying and selling things by offering them up for bid, taking bids, and then selling the item to the highest bidder. ... St. ... A mint is a facility which manufactures coins for currency. ... This article is on the monetary principle. ...

Production of the 1933 Double Eagles

In order to end the 1930s general bank crisis, U.S. president Franklin D. Roosevelt issued Executive Order 6102 in 1933 and the Gold Reserve Act in 1934, which outlawed the circulation and private possession of United States gold coins for general circulation, with an exemption for collector coins. This act declared that gold coins were no longer legal tender in the United States, and people had to turn in their gold coins for other forms of currency. The 1933 gold Double Eagles were struck after this executive order, but because they were no longer legal tender, most of the 1933 gold coins were melted down in late 1934 and some were destroyed in tests. Two of the $20 Double Eagles were presented by the United States Mint to the U.S. National Numismatic Collection, and they were recently on display in the "Money and Medals Hall" on the third floor of the National Museum of American History. This article is becoming very long. ... For the pop band, see Presidents of the United States of America. ... Franklin Delano Roosevelt (January 30, 1882–April 12, 1945), 32nd President of the United States, the longest-serving holder of the office and the only man to be elected President more than twice, was one of the central figures of 20th century history. ... Executive Order 6102 was signed on April 5, 1933 by U.S. President Franklin D. Roosevelt to prohibit the hoarding of privately held gold coins and bullion in the United States, in an attempt to address the causes and effects of the Great Depression. ... This page may be a duplicate of Executive Order 6102. ... Coin collecting is the hobby of collecting coins. ... Legal tender or forced tender is payment that cannot be refused in settlement of a debt denominated in the same currency by virtue of law. ... An assay is a procedure where the concentration of a component part of a mixture is determined. ... Mrs. ... The National Museum of American History is a museum administered by the Smithsonian Institution and located in Washington, D.C., on the National Mall. ...

These two coins should have been the only 1933 Double Eagle coins in existence. However, unbeknownst to the Mint, a number of the coins (20 have been recovered so far) were stolen, possibly by the U.S. Mint Cashier, George McCann. At least nine of these coins, which were illegal to possess, found their way via Philadelphia jeweler Israel "Izzie" Switt, into the hands of collectors. (Switt's family recently disclosed an additional ten coins, see below.) Philadelphia is a village located in Jefferson County, New York. ... Jewellery (Jewelry in American spelling) comprises ornamental objects worn by persons, typically made with gems and precious metals. ...

The coins circulated amongst collectors for several years before the Secret Service became aware of their existence. The matter came to the attention of Mint officials when an investigative reporter looked into the history of the coins and contacted the Mint as part of his research, as a result of which an official investigation was begun by the Secret Service in 1944. Seven of the coins were discovered and turned over to federal agents (or seized) within the first year of the investigation, with one coin remaining in public possession until 1952. However, at least one Double Eagle coin had found its way overseas. USSS redirects here. ...

The Egyptian Double Eagle

One of the missing Double Eagles was acquired by King Farouk of Egypt, who was known for being a playboy and a spendthrift. He was also a voracious collector of many things, including Imperial Faberge eggs, antique aspirin bottles, paperweights, postage stamps - and coins. In 1944 Farouk purchased a 1933 Double Eagle, and in strict adherence with the law, his ministers applied to the United States Treasury Department for an export license for the coin. Mistakenly, just days before the Mint theft was discovered, the license was granted. The Treasury Department attempted to work through diplomatic channels to request the return of the coin from Egypt, but World War II delayed their efforts for several years. In 1952 King Farouk was deposed in a coup d'etat, and many of his possessions were made available for public auction (run by Sotheby's) -- including the Double Eagle coin. The United States Government requested the return of the coin, and the Egyptian government stated that it would comply with the request. However, at that time the coin disappeared and was not seen again in Egypt. Farouk of Egypt. ... Fabergés Moscow Kremlin Egg, 1906 A Fabergé egg is one of 50 jewelry Easter eggs made by Peter Carl Fabergé of the Fabergé company for the Russian Tsars between 1885 and 1917. ... Aspirin or acetylsalicylic acid is a drug in the family of salicylates, often used as an analgesic (against minor pains and aches), antipyretic (against fever), and anti-inflammatory. ... Reusable glass milk bottles A bottle is a small container with a neck that is narrower than the body and a mouth. ... Paperweights made for the collector are of solid glass, generally having a flat base and a domed top, which acts Rick Ayotte Fruit Weight something like a lens to magnify and make the parts within move in an interesting and attractive way as it is handled. ... A selection of Hong Kong postal stamps A postage stamp is evidence of pre-paying a fee for postal services. ... The United Nations, with its headquarters in New York City, is the largest international diplomatic organization. ... Combatants Allies: Poland, British Commonwealth, France/Free France, Soviet Union, United States, China, and others Axis Powers: Germany, Italy, Japan, and others Casualties Military dead: 17 million Civilian dead: 33 million Total dead: 50 million Military dead: 8 million Civilian dead: 4 million Total dead: 12 million World War II... A coup détat, or simply a coup, is the sudden overthrow of a government, usually done by a small group that just replaces the top power figures. ... PR shot of Sothebys New York, from auditions for The Apprentice 2 Sothebys is an auction house. ...

A Double Eagle surfaced again after over forty years of obscurity, when Stephen Fenton was arrested by US Secret Service agents during a sting operation at the Waldorf-Astoria Hotel in New York, and the British coin dealer was questioned. Although he initially told investigators he bought the coin over the counter at his shop, he later changed his story. Under sworn testimony, he insisted the Double Eagle had come from the collection of King Farouk, though there was no way to be absolutely certain of this. Charges against Fenton were subsequently dropped, and he defended his ownership of the coin in court. The case was settled in 2001 when it was agreed that ownership of the Double Eagle would be returned to the United States Government, and the coin could then legally be sold at auction. The United States Treasury issued a document to "issue and monetize" the coin, thereby making it the only legal tender gold coin in the United States. In law enforcement a sting operation is an operation designed to catch a person committing a crime, by means of deception. ... Waldorf=Astoria hotel This article is about the hotel. ... Official language(s) None, English de facto Capital Albany Largest city New York City Area  Ranked 27th  - Total 54,520 sq. ... In law and in religion, testimony is a solemn attestation as to the truth of a matter. ... In the common law legal system, an indictment is a formal charge of having committed a serious criminal offence. ...

When the coin was seized, it was transferred to a holding place believed to be safe: the Treasury vaults of the World Trade Center. When the court settlement was reached in July of 2001, the coin was transferred to Fort Knox for safekeeping. Less than two months later, the World Trade Center was destroyed in the September 11, 2001 attacks. The World Trade Center in New York City (sometimes informally referred to as the WTC or the Twin Towers) was a complex of seven buildings, mostly designed by Japanese American architect Minoru Yamasaki and developed by the Port Authority of New York and New Jersey. ... In 1936 the U.S. Treasury Department began construction of the United States Bullion Depository at Fort Knox, Kentucky on land deeded from the military. ... The explosion resulting from the crashing of United Airlines Flight 175 into the South Tower. ...

On July 30, 2002, the 1933 Double Eagle was sold to an anonymous bidder at a Sotheby's auction for $6.6 million, plus a 15 percent buyer's premium, and an additional $20 needed to “monetize” the face value of the coin so it would become legal currency, bringing the final sales price to $7,590,020.00, almost twice the previous record for a coin. Half the bid price was to be delivered to the United States Treasury, plus the $20 to monetize the coin, while Stephen Fenton was entitled to the other half. The whole auction took less than nine minutes. July 30 is the 211th day (212th in leap years) of the year in the Gregorian Calendar, with 154 days remaining. ... For album titles with the same name, see 2002 (album). ...

Ten More Coins

In August 2005, the U.S. Secret Service announced the recovery of ten 1933 Double Eagle gold coins from the family of Philadelphia jeweler Israel Switt, the man who admitted selling the first nine double eagles recovered a half century earlier. In September 2004, the coins' ostensible owner, Joan S. Langbord, voluntarily surrendered the 10 coins to the United States Secret Service. In July 2005, the coins were verified by the United States Mint, working with the Smithsonian Institution, as being genuine 1933 Double Eagles. Currently, the coins are held at Fort Knox under lock and key. The 1933 Double Eagle, Saint Gaudens design Double Eagle is the official term used for gold coins of the United States with a denomination of $20. ... Because of both the secrecy of secret services and the controversial nature of the issues involved, there is some difficulty in separating the definitions of secret service, secret police, intelligence agency etc. ... The Smithsonian Institution Building or Castle on the National Mall serves as the Institutions headquarters. ...

After the announcement that the US Secret Service had recovered the coins and that they had been authenticated, Ms. Langbord claimed that she inherited the coins from her father via legal means, and was planning a federal suit to recover the surrendered coins. To that effect, Langbord has apparently retained the services of the attorney, Barry Berke, that represented Fenton with the only Monetized 1933 Double Eagle (Barry Berke). An attorney is someone who represents someone else in the transaction of business: For attorney-at-law, see lawyer, solicitor, barrister or civil law notary. ...

According to various accounts, Israel Switt had many contacts and friends within the Philadelphia Mint, and reportedly had access to many points of the minting process. It is believed that Switt might have obtained examples of the 1933 Double Eagle through his personal relationship with Mint Cashier George McCann. (One theory would be that Switt swapped regular Double Eagles for the 1933 examples by mint employees, thereby not compromising accounting books and inventory lists.)

Another explanation, described in the January, 2006 edition of COINage, is that Switt legally obtained the 1933 coins when he was exchanging gold bullion for coins. He did that often, and there were three weeks in which 1933 Double Eagles were legal to own. The Mint began striking them on March 15, and Roosevelt's Executive Order to ban them wasn't issued until April 5. If that explanation is accepted, the fact that he had at least 10 (more than the lega limit of 5, or $100 worth), is not important because of the small quantity that was distributed. That would classify the coins at the time as numismatic rarities, and therefore, Switt's possession should be considered completly legal.

The discovery of these 10 pieces (with an estimated guess of maybe 5 more unaccounted examples) in addition to the two held by the Smithsonian Institution and the one example sold for $7.59 million has cast a serious light on these fabled coins in many ways. With the 10 coins, the population of known 1933 Double Eagles skyrocketed 300% overnight.

The Mint has stated an intention to preserve the coins for display. Until the early 1970s, when President Nixon took the Nation off the gold standard and President Ford signed legislation that again made it legal for the public to own gold bullion, any recovered 1933 Double Eagle, as gold bullion, was destined to be melted, so while Double Eagles recovered prior to 1974 were melted down, any Double Eagle recovered now can be spared from this fate. Currently, 1933 Double Eagle coins can not be the legal possession of any member of the public, as the Mint maintains it position that they were never issued and hence they remain the property of the US government. Richard Milhous Nixon (January 9, 1913 – April 22, 1994) was the 37th President of the United States, serving from 1969 to 1974. ... Gerald Rudolph Ford, Jr. ... It has been suggested that this article or section be merged with Noble metal. ...

It also casts a new light on the only monetized 1933 Double Eagle: was that coin the true Farouk Specimen (which had no proof it was the Exported Coin; Fenton has only provided proof that it came from a source closely related to King Farouk), or is the real one hidden somewhere?

In the November 2005 issue of COINage, another legal issue also has arisen from the discovery and recovery of the ten stolen double eagles: Could the US Mint and the US Secret Service seek to recover such "suspicious" rarities as the 1804 Silver Dollar, or the 1913 Liberty Head Nickel? Both were allegedly made illegally and/or under suspicious circumstances, and could theoretically be considered to be "stolen" US Property. The issue also puts error coins and "waffle" coins also in possible legal limbo. Newly-minted replica of the original 1804 silver dollar The 1804 silver dollar is one of the rarest and most famous coins in the world, due to its unique history. ... The 1913 Liberty Head nickel is one of the best-known and most coveted rarities in American numismatics. ...

The situation is somewhat analogous to the 1964-D Peace Dollar, and the 1974 experimental aluminum and bronze-clad Lincoln Cents. With the exception of one aluminum cent in the Smithsonian, all of these were to be destroyed, but privately held examples of the latter two coins have been reported, and it is possible that some dollars also survived and remain in hiding. Any collectors in possession of an aluminum cent would have almost no chance to fight to keep them. This is because, unlike the possibility of 1933 $20 coins entering circulation legally, these cents were only made during a copper crisis, and as soon as the prices subsided, the Mint chose to scrap the idea and destroy all of the coins before they were shipped from their storage facility. Peace Dollar Obverse Peace Dollar A silver dollar coin issued by the United States government noncontinuously from 1921-1935, equal to 100 cents. ... It has been suggested that this article or section be merged into Cent (U.S. coin). ... The Smithsonian castle, as seen through the garden gate. ...

As for a legal battle between Langbord and the US Mint, she is consulting with Barry Burke (the attorney and for Steven Fenton) to try to get the rights to the coins back. An interview with Burke can be found in the January 2006 issue of COINage.

Unauthorized replicas

In 2004, National Collectors Mint released gold-plated replicas of the 1933 Double Eagle, ostensibly under the authority of the Northern Mariana Islands, a U.S. Commonwealth. NCM advertised and certified the coins as "legal tender of the CNMI", a bogus designation. The National Collectors Mint is a company based in Port Chester, New York that produces novelty commemorative coins. ...

The replica coins did not include any "REPLICA" or "COPY" indications on their faces. The design of the replica coins match the original coins in concept of design, though were not physical replicas. The only difference in basic design between the NCM replicas and the original Double Eagle was the addition of the CNMI territorial seal under the U.S. motto on the reverse.

After some controversy over the nature and marketing of these replicas, the coins were reissued with the word "COPY" stamped across the eagle's stomach.

See also

• Toven Specimen
• Eagle (U.S. coin)

The Toven Specimen is a privately held aluminum 1974 Lincoln cent pattern. ... This article needs to be cleaned up to conform to a higher standard of quality. ...

Further reading

• Alison Frankel: Double Eagle: the epic story of the world's most valuable coin. New York: Norton, 2006 ISBN 0-393-05949-9
• David Tripp: Illegal tender : gold, greed, and the mystery of the lost 1933 Double Eagle. New York: Free Press, 2004 ISBN 0-7432-4574-1

• Curse of the Double Eagle, Playboy Magazine, April 2004 by Bryan Christy
• COINage Magazine, January 2006, "Barry Burke and the 1933 Double 'Legal'", Pgs. 46-48

External links

• The Double Eagle : the history of the $20 United States Gold Coin 1849-1933
• United States Mint: The Story of the 1933 Gold Double Eagle
• Press Release US Mint: United States Mint Recovers 10 Famed Double Eagles
• CNMI's Double Eagle discussion board at Collectors' Society