1933 double eagle

[1] The two intentionally spared coins are in the U.S. National Numismatic Collection, ten others are held in the United States Bullion Depository at Fort Knox, and the one remaining recovered coin was sold in 2002 to private collector Stuart Weitzman[3] (who remained anonymous at the time) for US$7.59 million (equivalent to $12.2 million as of 2022)[4] —the second-highest price paid at auction for a single U.S.

[7][8] In 1933, in an attempt to end the 1930s general bank crisis, U.S. president Franklin D. Roosevelt issued Executive Order 6102, which provisions included: Section 2.

[10] The missing double eagle was acquired by King Farouk of Egypt, who was a voracious collector of many things, including imperial Fabergé eggs, antique aspirin bottles, paperweights, postage stamps—and coins, of which he had a collection of over 8,500.

In 1944 Farouk purchased a 1933 double eagle, and in strict adherence with the law, his ministers applied to the United States Treasury Department for an export license for the coin.

The Treasury Department attempted to work through diplomatic channels to request the return of the coin from Egypt, but World War II delayed their efforts for several years.

In 1996, a double eagle surfaced again after over 40 years of obscurity, when British coin dealer Stephen Fenton was arrested by U.S. Secret Service agents during a sting operation at the Waldorf-Astoria Hotel in New York.

The civil case was settled in 2001 when it was agreed that ownership of the double eagle would revert to the United States government, and the coin could then legally be sold at auction to the highest-bidding private owner.

[14] When the court settlement was reached in July 2001, only two months before the Trade Center was destroyed, the coin was transferred to Fort Knox for safekeeping.

On July 30, 2002, the 1933 double eagle was sold to an anonymous bidder at a Stacks Bowers auction held in New York for $6.6 million, plus a 15-percent buyer's premium, and an additional $20 needed to "monetize" the face value of the coin so it would become legal currency.

[16] In August 2005, the United States Mint announced the recovery of ten additional stolen 1933 double eagle gold coins from the family of Philadelphia jeweler Israel Switt, the illicit coin dealer identified by the Secret Service as a party to the theft who admitted selling the first nine double eagles recovered a half-century earlier.

[18] One theory is that McCann swapped previous year double eagles for the 1933 specimens prior to melting, thus avoiding compromise of accounting books and inventory lists.

Currently, with the exception of the one sold on July 30, 2002, 1933 double eagle coins cannot be the legal possession of any member of the public, as they were never issued and hence remain the property of the United States government.

[20] On October 28, 2010, United States District Court judge Legrome D. Davis released a 20-page decision regarding claims to the coins by descendants of Israel Switt, leading to a trial in July 2011.

[21] On July 20, 2011, after a ten-day trial, a jury ruled unanimously in favor of the United States government concerning ownership of the ten additional double eagles.

[27] The 1933 double eagles were viewed by U.S. Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnell on their August 21, 2017 visit to the United States Bullion Depository at Fort Knox.