There are many reasons why a coin will become rare and collectible. It may be that it was a commemorative coin which was intended to be rare and instantly collectible. It can also be because the coin was taken out of circulation or was not authorized for striking by the U.S. Mint. Of all the different stories which exist, one of the most interesting stories in rare coin collecting is the one which surrounds the 1933 Saint-Gaudens Double Eagle. This is the only coin which has been made illegal to own all except for one coin.
About the Original Coin
The 1933 Saint-Gaudens coin was in a series of coins which was designed by the sculptor Augustus Saint-Gaudens. It is dubbed by the U.S. Mint simply as a double Eagle, but it is well known in rare coin collecting as the Saint-Gaudens Double Eagle. It is a coin which was created in 1907 by Theodore Roosevelt as a way to beautify the national currency. This was achieved as the coin is still to this day considered to be one of the most beautiful of all American coins by those who collect coins.
The Recall
In 1933, Franklin D. Roosevelt decided that America needed to abolish the gold standard. He signed an executive order which called a halt to all gold coin production. Further, the order indicated that the coins had to be melted down to be turned into bullion. The executive order made it illegal for anyone to own any of the coins. All other coins before 1933 had been distributed to the public, so it is impossible for the government to make it illegal for the public to possess them. What Roosevelt did not count on is that the coins would be stolen by mint cashier George McCann.
The Heist
A daring move which has lived in history for all those in the rare coin collecting world is the day when McCann made off with 20 to 30 of these 1933 Saint-Gaudens Double Eagle coins. They have since been hunted down by the Secret Service. To date, about 20 have been recovered and are being kept by the United States government at Fort Knox. These are the only coins other than those on display in the National Museum of American History and the U.S. National Numismatic Collection which are known to exist. This is to say all except one highly controversial 1933 Double Eagle.
The King of Egypt
The King of Egypt in 1944, Farouk was an avid collector of more than just coins. As a part of his thirst for rare coin collecting he acquired one of the 1933 Double Eagles. He applied for the right to export it from the U.S. and thus gaining legal permission to own it. He was granted the right to do so right before the treasury discovered that a number of the 1933 coins had been stolen. To date, it is the only coin of the vintage which is legal to be owned.
Photo Credits: roberthuffstutter
Originally posted 2010-08-18 03:04:49. Republished by Blog Post Promoter
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