Why is it illegal to own a $20 gold piece from 1933?

Why is it illegal to own a $20 gold piece from 1933?

The United States Mint produced a large quantity of $20 gold coins in 1933, known as the Double Eagle. However, these coins were never officially released into circulation due to a presidential executive order. The coins were melted down or destroyed, and only a few surviving specimens are known to exist today. As a result, owning one of these rare coins is illegal in the United States. In this article, we will explore the reasons behind the prohibition and provide insights into the fascinating history of the 1933 Double Eagle.

The Story Behind the Coin

The Double Eagle was designed by Augustus Saint-Gaudens, a renowned American sculptor and artist, in 1907. The coin features a portrait of Lady Liberty on the obverse (front side) and a soaring eagle on the reverse (back side). The coin was minted until 1933, with a total production of around 450,000 pieces.

In 1933, President Franklin D. Roosevelt, as part of his efforts to address the Great Depression, issued Executive Order 6102, which effectively outlawed the ownership of gold. The order stated that all gold coins, including the $20 gold piece, would be seized by the government and melted down to support the US economy.

Why is it illegal to own a $20 gold piece from 1933?

There are several reasons why owning a 1933 Double Eagle is illegal:

• Presidential Executive Order: President Roosevelt’s Executive Order 6102 prohibited the ownership of gold coins, including the Double Eagle.
• Currency Devaluation: The government wanted to prevent the gold standard from affecting the value of the US dollar. By removing gold from circulation, the government could control the money supply and reduce the value of the dollar.
• Economic Crisis: The Great Depression had a severe impact on the US economy, and the government was desperate to find ways to stimulate economic growth. Melting down gold coins and using the metal to support the economy was seen as a viable solution.

The Legend of the Missing Coins

Despite the prohibition, rumors emerged about the existence of a few surviving 1933 Double Eagles. Over the years, several alleged specimens have been discovered, but the authenticity of most of these coins has been disputed.

In 2011, the US Treasury Department returned a 1933 Double Eagle to its rightful owner, King Farouk of Egypt. The coin had been stolen from the Egyptian Museum in 1948 and was later discovered in a Swiss bank vault.

The Current State of the Law

The law surrounding the ownership of 1933 Double Eagles is complex and has changed over time. In 2002, the US Treasury Department announced that it would not prosecute individuals who possessed 1933 Double Eagles that had been lawfully obtained before 1996. However, it is still illegal to possess a 1933 Double Eagle without proper documentation and proof of ownership.

Conclusion

The 1933 Double Eagle is a rare and valuable coin with a rich history. However, owning one of these coins is illegal in the United States due to presidential executive order and currency devaluation concerns. The story of the missing coins is a fascinating one, and the discovery of new specimens is always met with excitement. While the law surrounding the ownership of 1933 Double Eagles is complex, it is essential to understand the history and significance of this iconic coin.

Table: 1933 Double Eagle Specifications

Timeline of Major Events

• 1907: The Double Eagle is designed by Augustus Saint-Gaudens.
• 1933: President Franklin D. Roosevelt issues Executive Order 6102, prohibiting the ownership of gold coins.
• 1948: A 1933 Double Eagle is stolen from the Egyptian Museum.
• 2002: The US Treasury Department announces that it will not prosecute individuals who possess 1933 Double Eagles lawfully obtained before 1996.
• 2011: A 1933 Double Eagle is returned to its rightful owner, King Farouk of Egypt.

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