The 1933 Saint-Gaudens Double Eagle is one of the world’s most famous and valuable coins, renowned for its rarity, historical significance, and beauty.
Celebrated sculptor Augustus Saint-Gaudens designed the $20 coin at the request of President Theodore Roosevelt, who wanted to beautify U.S. coinage. Roosevelt sought a design that reflected the grandeur and power of the United States. First minted in 1850, Saint-Gaudens’ design was introduced in 1907 and is widely regarded as one of the most beautiful coins ever minted.
The Design
The coin’s obverse (“front”) features a stunning image of Lady Liberty striding forward, holding a torch in one hand and an olive branch in the other. She is depicted in a flowing gown, with the U.S. Capitol building in the background. Rays of sunlight burst from behind her, and 46 stars encircle the edge of the coin, representing the number of U.S. states at the time of the design. The year of minting (1933) appears in the bottom right-hand corner. The reverse (“back”) shows a majestic American eagle in flight, with the sun rising behind it. The words’ UNITED STATES OF AMERICA’ and ‘TWENTY DOLLARS’ are inscribed around the eagle, along with the motto ‘IN GOD WE TRUST.’ Saint-Gaudens’ signature style of deep relief and intricate detail is evident on both sides of the coin.
The Demise
Despite its popularity, by 1933, the U.S. was in the grip of the Great Depression. In March 1933, newly elected President Franklin D. Roosevelt issued an executive order banning the private ownership of gold, and the U.S. abandoned the gold standard to prevent a run on gold reserves. As a result, the 1933 Double Eagles that had been minted were never officially circulated. After Roosevelt’s gold recall, nearly all 445,500 Double Eagles minted in 1933 were ordered to be melted down. Only two coins were officially authorized for the National Numismatic Collection at the Smithsonian Institution. Despite the recall, about 20 coins were known to have been stolen or secretly obtained by collectors. Over the years, many of these coins were seized by the U.S. Secret Service and returned to the U.S. government.
At Auction
One particularly famous coin ended up in the collection of King Farouk of Egypt. This coin was legally exported before the U.S. government realized it had escaped the melting process. After years of legal battles, it was eventually sold at auction in 2002, becoming the first (and only) 1933 Double Eagle legally owned by a private citizen. The King Farouk 1933 Double Eagle was sold at Sotheby’s in 2002 for an astounding $7.59 million, making it one of the most expensive coins ever sold at that time. The buyer had to pay a symbolic $20 in addition to the auction price to own the coin legally, satisfying its status as legal tender.
Where are They Now?
In 2004, ten more 1933 Double Eagles were found in the possession of the family of a Philadelphia jeweler, Israel Switt. The U.S. government seized these coins, and a legal battle ensued over their ownership. In 2011, a federal court ruled in favor of the U.S. government, and the coins remain in government custody. In a record-breaking sale, another 1933 Double Eagle (the same one from the 2002 auction) was sold by Stuart Weitzman in 2021 for $18.9 million—setting a new world record for the most expensive coin ever sold at auction.
Ownership
Officially, the 1933 Saint-Gaudens Double Eagle is illegal to own, except for the coin sold at auction in 2002 and again in 2021. All other known examples are either in the Smithsonian or under the control of the U.S. government. The U.S. government has maintained that any other 1933 Double Eagles that come to light are stolen property, and they will be seized by authorities.
Historical Emblem
The 1933 Saint-Gaudens Double Eagle is not just a rare coin; it represents a pivotal moment in U.S. economic history, marking the country’s departure from the gold standard and the government’s intervention in private gold ownership. Its association with the Great Depression, President Roosevelt’s policies, and its subsequent legal battles add to its mystique and allure among collectors and historians. Beyond its monetary value, the coin symbolizes a bygone era and a relic of a transformative period in U.S. financial policy.
Conclusion
The 1933 Saint-Gaudens Double Eagle is a numismatic legend, combining rarity, historical significance, and artistic beauty. Its journey from the U.S. Mint to private collections—and the legal battles that followed—makes it one of the most intriguing and sought-after coins in history. Only one example remains legally owned by a private individual, with the rest in the hands of the government or museums, securing its status as a genuinely one-of-a-kind artifact.
