Historic Auction: 1933 Double Eagle Coin Sells for $18.9 Million

Name: Historic Auction: 1933 Double Eagle Coin Sells for $18.9 Million
Start: 1933-06-09
Location: Unspecified

The Remarkable Sale of the 1933 Double Eagle

On June 8, 2021, a stunning piece of history made headlines as a 1933 Double Eagle gold coin was sold at auction for a record-breaking $18.9 million at Sotheby’s in New York. This sale not only set a new record for the highest price ever paid for a coin at auction, but it also ignited excitement among collectors and investors alike. The Double Eagle, originally minted during a tumultuous era in U.S. history, is one of the rarest and most sought-after coins in the world.

The Legacy of the 1933 Double Eagle

The 1933 Double Eagle was designed by renowned artist Augustus Saint-Gaudens and features Lady Liberty on the front and a majestic eagle on the back. Although more than 445,000 of these coins were minted, a change in U.S. policy regarding gold during the Great Depression meant that the vast majority were never released into circulation. As a result, just a few surviving coins remain, making the 1933 Double Eagle a treasure coveted by numismatists.

How the Coin Reached Auction

This particular coin has an intriguing history. It was originally owned by a jeweler named King Farouk of Egypt, who acquired it in the 1940s. Following Farouk’s exile, the coin was seized by the U.S. government as part of a federal investigation into the illegal gold market. After undergoing extensive legal battles, it was declared as legal property, becoming not only a numismatic prize but also a symbol of U.S. coinage and its legal complexities.

A Milestone in Coin Collecting

The sale of the 1933 Double Eagle at Sotheby’s marked a significant milestone not just for coin collecting but for the auction industry as a whole. It exemplifies the growing interest in rare coins as investment assets, echoing trends seen in other collectibles like art and vintage cars.

The Collector Behind the Purchase

The coin was purchased by a private collector, who remains anonymous. This mystery adds an air of allure to the coin’s legacy and further deepens the interest surrounding its history.

The Impact on Future Auctions

As the highest-priced coin ever sold, the record set by the 1933 Double Eagle is likely to influence collectors and auction houses for years to come. The auction demonstrates that rare items can fetch extraordinary prices, leading to renewed interest in other rare coins and collectibles.

Fun Fact

The Coin That Almost Didn’t Exist

Interestingly, the 1933 Double Eagle was nearly melted down after it was deemed illegal to own gold coins at a certain point in U.S. history. Only a handful survived due to a series of rescues by collectors and advocates of their historical value.