The most beautiful coin America ever made. The most dangerous one to own. This is the story of the 1933 Saint-Gaudens Double Eagle — a $20 gold coin that survived presidential orders, a Mint heist, an FBI sting, and sold for $18.8 million at auction. And yet, if you found one in your attic today, the federal government could take it from you.
Few coins in history carry as much mystery, legal drama, and outright beauty as the 1933 Saint-Gaudens Double Eagle. Struck at the height of the Gold Standard era, this $20 gold coin has been at the center of one of numismatics' greatest controversies — a story involving presidential orders, Treasury heists, FBI sting operations, and a single coin that sold for over $18 million at auction.
But why is it illegal to own one? The answer lies at the intersection of American monetary history, Depression-era politics, and decades of legal battles.
The Coin That Almost Never Was
The Double Eagle was designed by sculptor Augustus Saint-Gaudens at the personal request of President Theodore Roosevelt, who wanted America's coinage to rival the beauty of ancient Greek coins. The result — first minted in 1907 — is widely regarded as the most beautiful coin ever struck by the United States Mint.
By 1933, the Mint had produced approximately 445,500 Double Eagles dated that year. They were struck, bagged, and stored — but they were never officially released into circulation. What happened next changed everything.
Executive Order 6102: The End of Gold Ownership
On April 5, 1933, President Franklin D. Roosevelt signed Executive Order 6102, forbidding the hoarding of gold coin, gold bullion, and gold certificates by U.S. citizens. The order was a desperate measure to combat the Great Depression — the government needed to expand the money supply, but couldn't do so while the dollar remained tethered to gold reserves.
Americans were required to turn in their gold to the Federal Reserve in exchange for paper currency. The 1933 Double Eagles, sitting in Mint vaults, were never paid out. Instead, nearly all were melted down under Treasury orders. Officially, zero coins entered circulation.
Officially.
The Coins That Escaped the Furnace
Despite the melting orders, a small number of 1933 Double Eagles disappeared from the Philadelphia Mint before they could be destroyed. The exact number is unknown, but investigations later revealed that Israel Switt, a Philadelphia jeweler with connections to a Mint cashier named George McCann, had acquired at least nine of the coins.
How they left the Mint remains a matter of historical debate — theft, bribery, or administrative error. But the Secret Service soon came looking.
In 1944 and 1945, the Treasury tracked down and seized most of the escaped coins. Switt never faced criminal charges, but the coins were confiscated. By law, the government's position was clear: since no 1933 Double Eagles were ever legally issued, any example found in private hands was considered stolen government property.
The King Farouk Exception — and the FBI Sting
One coin had a more colorful fate. In 1944, King Farouk of Egypt legally exported a 1933 Double Eagle after obtaining an export license from the U.S. Treasury — a bureaucratic error that gave the coin a veneer of legitimacy. When Farouk's collection was auctioned after his 1952 ouster, the coin vanished for decades.
It resurfaced in 1996 in the hands of British coin dealer Stephen Fenton, who was arrested in a dramatic FBI sting at the Waldorf Astoria hotel in New York. The ensuing legal battle lasted years, with Fenton arguing the coin had been legally exported. The U.S. government argued it remained stolen property.
The case was settled in 2001 with a landmark agreement: the coin would be monetized (given legal tender status as a $20 coin) and sold at auction, with proceeds split between Fenton and the U.S. government. In July 2002, it sold at Sotheby's for $7.59 million — a world record at the time.
In 2021, that same coin shattered records again, selling at Sotheby's for $18.872 million, making it the most valuable coin ever sold at auction.
Why Is It Still Illegal?
The legal status of 1933 Double Eagles in private hands rests on a single principle: they were never lawfully issued by the U.S. Mint. Under federal law, coins that leave the Mint without proper issuance are considered government property — and possessing them constitutes a federal crime.
The 2002 settlement applied only to that one specific coin, which was granted unique legal status. Any other 1933 Double Eagle discovered in private hands would almost certainly be seized by the government.
In fact, in 2004, ten coins from the Langbord family — descendants of Israel Switt — were submitted to the U.S. Mint for authentication. The government promptly confiscated them. After a decade of litigation, the Third Circuit Court of Appeals ruled in 2015 that the coins were government property. The Supreme Court declined to hear the case.
How Many Exist?
The exact number of surviving 1933 Double Eagles remains unknown. The Smithsonian Institution holds two examples transferred from the Mint — the only coins with unambiguous legal status. The single auctioned coin holds its court-sanctioned legitimacy. The ten Langbord coins are in government custody.
Whether any others remain hidden in private collections, safety deposit boxes, or estate attics is a mystery that numismatists still debate.
A Coin That Defines an Era
The 1933 Saint-Gaudens Double Eagle is more than a numismatic rarity — it is a physical artifact of one of the most turbulent chapters in American economic history. It represents the moment the United States severed its relationship with gold as money, a decision that reordered global finance for generations.
Its beauty, its scarcity, its legal peril, and its extraordinary auction prices make it the most storied coin in American numismatics. For collectors, it occupies a unique position: a coin that almost everyone knows, almost no one can legally own, and that commands the kind of reverence usually reserved for lost treasures.
Some coins tell the story of a king. This one tells the story of an empire — and the moment it changed forever.
Also read: The Saint-Gaudens Double Eagle 1907–1932: A Complete Guide to America's Most Beautiful Coin Series | Executive Order 6102 Explained: How FDR Banned Gold Ownership in America | The Most Expensive Coins Ever Sold at Auction
Disclaimer: The information in this article is intended for educational and historical purposes only. It does not constitute legal advice. The legal status of specific coins can vary based on individual circumstances, provenance, and jurisdiction. If you believe you are in possession of a 1933 Saint-Gaudens Double Eagle or any coin of disputed legal status, you should consult a qualified attorney experienced in numismatic or property law before taking any action. Numis Hobby Shop does not buy, sell, or broker coins of illegal or disputed ownership status.
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