Famous Coins 1933 Saint-Gaudens Gold Double Eagle

Famous Coins 1933 Saint-Gaudens Gold Double Eagle

Designed by Saint-Gaudens, this coin was never officially issued yet became the world’s most valuable coin. This is due to a number of reasons including how rare gold was slowly becoming in America. As a result, President Frankly Roosevelt took measures to remove gold from the open market save for collecting purposes. In addition, individuals were ordered to turn in all gold coins they had and all of the collected 1933 coins were then melted down and turned into gold bullion bars.

One of the major deciding factors for the president to do this was due to how the Great Depression was affecting the land. However, as luck would have it some of the coins escaped being melted down and two eventually found their way into the Smithsonian Institute. However, later on the Secret Service made a discovery and confiscated an additional eight coins. It is speculated that twenty coins were smuggled out of the Mint and eventually passed into the hands of a private jeweler.

The jeweler sold a number of the coins, one of which ended in the hands of King Farouk of Egypt. When the Secret Service began collecting all of the coins, King Farouk refused to turn over his king and diplomatic channels could not be used to force the coin’s return. Eventually King Farouk was removed and the coin was lost before being bought by a British coin dealer. When he made the mistake of coming to New York with the coin, he and the coin were seized by the Secret Service who then confiscated the coin and refused to allow it to leave. Fenton continued to state he had lawful right to the coin as he had purchased it, but it was eventually auctioned off and it is speculated the current owner will not allow it to be confiscated ever again.