A coin’s alluring past also fuels value. Such was the case
for the famous 1933 double eagle that sold at a Sotheby’s/Stack’s auction two
years ago for $7.6 million, which made it the most valuable coin in the world.
It was one of only 10 1933 double eagles identified as having slipped into
private hands, because the coins were not officially released to the public and
could not be legally owned. While the U.S. government destroyed the other nine
coins, this example is reputed to have found its way into the renowned coin
collection of Egypt’s King Farouk. It then disappeared for nearly 50 years
before being seized by U.S. Secret Service agents in 1996. (The U.S. mint
consigned the coin to auction after a court settlement authorized private
ownership of it.)
“This 1933 double eagle coin is not only exceptionally rare
and aesthetically stunning, it also has a riveting, controversial and mysterious
history, which sent the price skyrocketing,” says David Tripp, a rare coin
consultant to Sotheby’s and author of Illegal Tender, a forthcoming book about
the fabled 1933 double eagle. “You’re buying a piece of American history, and
that’s part of the joy of collecting.”
Confederate Raiders
Pre-1933 gold coins were struck at all U.S. mint
locations, but not all mintages are alike. Although the Philadelphia mint is, of
course, the oldest and most prolific, branch mints sprung up near caches of
precious metals. The New Orleans mint opened in 1838 to accommodate boatloads of
foreign gold and silver, whereas mints in Charlotte, N.C., and Dahlonega, Ga.,
opened in response to the little-remembered gold rushes in these states during
the early 1800s. The California gold rush led to the founding of the San
Francisco mint in 1854. Mints in Carson City, Nev., and Denver also struck coins
from minerals found in those regions. (The Philadelphia, Denver and San
Francisco mints are still in operation.) Mint marks designating the mint of
origin, whether “C” for Charlotte or “O” for New Orleans, appear on the reverse
side of most coins under the eagle’s tail feathers.
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