The numismatic world witnessed a landmark event when a $20 Liberty Gold Double Eagle coin sold for a staggering $7.5 million at a Sotheby’s auction in 2002. This sale underscored the coin’s rarity, historical significance, and the enduring allure of gold coins among collectors.
The $20 Liberty Gold Double Eagle: An Overview
The $20 Liberty Gold Double Eagle, minted between 1849 and 1907, was the highest denomination of U.S. gold coinage during its era. Designed by Chief Engraver James B. Longacre, the coin features Lady Liberty on the obverse and a heraldic eagle on the reverse. Its creation was a direct response to the California Gold Rush, which significantly increased the nation’s gold reserves.
Key Features of the $20 Liberty Gold Double Eagle
| Feature | Description |
|---|---|
| Designer | James B. Longacre |
| Years Minted | 1849–1907 |
| Composition | 90% gold, 10% copper |
| Weight | 33.436 grams |
| Diameter | 34 millimeters |
| Face Value | $20 |
| Obverse Design | Lady Liberty wearing a coronet inscribed with “LIBERTY” |
| Reverse Design | Heraldic eagle with a shield, holding arrows and an olive branch |
| Edge | Reeded |
The 1933 Double Eagle: A Coin of Controversy
While the Liberty Head design ceased in 1907, the subsequent Saint-Gaudens Double Eagle continued until 1933. The 1933 Double Eagle holds a unique place in numismatic history. Although 445,500 pieces were minted, none were officially circulated due to President Franklin D.
Roosevelt’s executive order in 1933, which prohibited the hoarding of gold coins, bullion, and certificates. Consequently, most of these coins were melted down, making surviving specimens exceptionally rare.
The Record-Breaking Sale
In 2002, a 1933 Saint-Gaudens Double Eagle was legally sold at a Sotheby’s auction for $7.5 million, setting a world record for the highest price paid for a coin at that time.
This particular coin had a storied past, including ownership by King Farouk of Egypt and a complex legal battle that culminated in its authorized sale. Its rarity and the intrigue surrounding its history contributed significantly to its monumental auction price.
Factors Contributing to the Coin’s Value
Several elements influenced the $7.5 million valuation of the 1933 Double Eagle:
- Rarity: With most 1933 Double Eagles melted down, the few that survived are among the rarest U.S. coins.
- Historical Significance: The coin symbolizes a pivotal era in U.S. economic history, marking the nation’s departure from the gold standard.
- Legal Status: This particular coin is the only 1933 Double Eagle legally permitted for private ownership, adding to its exclusivity.
- Provenance: Its association with notable figures and its tumultuous journey through history enhance its desirability among collectors.
The Legacy of the $20 Liberty Gold Double Eagle
Beyond the 1933 Double Eagle, the $20 Liberty Gold Double Eagle series remains a cornerstone for collectors. Coins from certain years and mints, especially those with low mintages or unique characteristics, command premium prices in the market. For instance, an 1870-CC (Carson City) Double Eagle is highly sought after due to its limited production and historical context.
Conclusion
The $7.5 million sale of the 1933 $20 Liberty Gold Double Eagle in 2002 stands as a testament to the coin’s unparalleled rarity and the rich tapestry of history it represents. For numismatists and history enthusiasts alike, this coin embodies a tangible connection to America’s past and the enduring allure of gold coinage.
FAQs
Why is the 1933 Double Eagle so valuable?
Its value stems from its extreme rarity, historical significance, and the fact that it’s the only 1933 Double Eagle legally available for private ownership.
How many 1933 Double Eagles exist today?
While 445,500 were minted, most were melted down. Only a few are known to exist, with one legally owned by a private collector.
What was the original face value of the Double Eagle?
The Double Eagle had a face value of $20.
Who designed the $20 Liberty Gold Double Eagle?
James B. Longacre, the fourth Chief Engraver of the U.S. Mint, designed the coin.
Can I legally own a 1933 Double Eagle?
The U.S. government considers most 1933 Double Eagles as stolen property. However, one coin was legally sold in 2002, and its ownership is lawful.
