The Most Expensive Coin Ever Sold – 1933 Double Eagle Gold Coin

Blake Hygate asked:




Have you ever wondered what the most expensive coin even sold was? In 2002 a 1933 Double Eagle Gold Coin went to auction and fetched 7.5 million dollars!

So Why Would Someone Spend So Much Money on a Gold Coin?

The US Mint, which makes coins to be circulated as currency produced over 400,000 double eagle gold coins but none of them ever made it into circulation. It was President Roosevelt that made a decision during the Great Depression to change the currency laws to make it illegal for private citizens to own gold coins. The only gold coins that were allowed were coins that had collectible value. At this time all gold coins were taken out of circulation and melted down as a way of stabilizing the economy. The government felt that in order to solve the problems in the economy, it was necessary to limit gold so that people would not hoard it, causing inflation and more economic uncertainty.
All the 1933 Gold Double Eagles were melted down before they were ever circulated and made into gold bars. As far as everyone at the mint was concerned, not a single 1933 Double Eagle Coin was left in existence with the exception of 2 that were donated to the Smithsonian to put on display. As the years passed rumors circulated that there were a few 1933 Double Eagles that survived and the US government enlisted the help of the Secret Service to track them down. By 1952 the Secret Service succeeded in finding 8 Double Eagles that had not been melted down. It turns out that a cashier working for the mint was responsible for switching an unknown number of 1933 Double Eagle Gold Coins, thus allowing them to survive the melting process.

After the seizure of the 8 double eagles, another collector somehow came to own 19 of the 1933 Double Eagle Gold Coins, which he then sold 9 of them to the King of Egypt. Once it was discovered by the Secret Service that the sale of these coins had taken place they tried to confiscate them from the King. They failed in their attempt as he had purchased the coins before ever knowing that there might be an issue with them.

After the coins were longer in the possession of the King, these coins briefly on the market again, but after learning that the Secret Service was still hot on their trail, they mysteriously disappeared once again.

No one saw any 1933 Double Eagle Gold Coins for more than 40 years when they became available in New York. Believe it or not, the Secret Service once again got involved and seized the coins and stored them in the World Trade Center Vault while legal proceedings took place to determine the fate of the coins. Just a few months before 9/11, the coins were moved to Fort Knox while awaiting the courts decision. After a lengthly court battle a compromise was made and the owner of the coins was allowed to sell them if he split the proceeds with the US Mint. A single 1933 US Double Eagle Gold Coin went to auction and the winning bidder paid 7.5 million dollars for the opportunity to own such a wonderful piece of history.

This fabulous story doesn’t end there. In 2004 the collector that originally sold the coin for 7.5 million passed away and among his belongings another 10 1933 Double Eagle Gold Coins were found! Without knowing the significance of the find, the heir to his assets sent the coins away to the US Mint to be verified and the Secret Service once again seized the coins. The coins are now held by the Secret Service awaiting yet another long legal battle to determine their fate.