Title: "The Fascinating Saga of the 1933 Double Eagle: From Banishment to Bounty"
The 1933 Double Eagle holds a fascinating history intertwined with the tumultuous events of the Great Depression and the subsequent restructuring of the global economy. Originally minted by the United States Mint in Philadelphia as a $20 gold coin, the 1933 Double Eagle was intended for circulation. However, due to the economic crisis and the transition away from the gold standard, most of these coins were never released into circulation.
In fact, in 1933, President Franklin D. Roosevelt issued an executive order banning the circulation of gold coins and requiring citizens to exchange their gold coins and certificates for other currency. As a result, nearly all of the 1933 Double Eagles were ordered to be melted down into gold bars to bolster the nation's reserves.
Despite this directive, a few of the coins managed to escape destruction. Around 20 of them were legally issued to collectors and dignitaries, while others were believed to have been smuggled out of the Mint by a Mint cashier named George McCann and a Philadelphia jeweler named Israel Switt.
The legal issues surrounding the ownership and sale of the 1933 Double Eagle led to decades of legal battles and intrigue. In 1944, the US Secret Service seized 10 of these coins from a British dealer, and they were subsequently deemed illegal to own. However, in a famous court case in 2009, the United States Mint acknowledged that one coin, previously owned by King Farouk of Egypt, had been legally exported out of the United States and could be privately owned.
In 2002, another 1933 Double Eagle surfaced and was sold at auction for over $7 million, making it the most expensive coin ever sold at the time. Its unique history, rarity, and legal controversies have cemented the 1933 Double Eagle's status as one of the most famous and valuable coins in the world.
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