Is it legal to own any 1933 double eagle now?
Billet7
Posts: 4,923 ✭✭✭
From the National Museum of American History:
"United States Mint, Philadelphia. Production of gold coinage was halted early in 1933 as the United States continued to move away from the gold standard. All double eagles struck in 1933 were not issued or authorized to be released to the public. Instead, they were supposed to be melted down and conveyed as bullion to Fort Knox. But all of the coins were not melted down. A handful were spirited away and kept in hiding for decades. One double eagle dated 1933 surfaced recently, and a complicated arrangement monetized it so that it could be sold at auction for millions of dollars.
This coin and another 1933 double eagle transferred from the U.S. Mint to the Smithsonian were the only legally owned with that date until recently.
The 1933 double eagle marks the end of the era in which the U.S. Congress authorized circulating gold coinage."
It says that until recently, it was illegal to own a 1933 double eagle, with the exception of the two noted. So that means that it IS legal now? I don't keep up with it much. I know about the ten that are in litigation, but if I find another one...is it legal to have?
"United States Mint, Philadelphia. Production of gold coinage was halted early in 1933 as the United States continued to move away from the gold standard. All double eagles struck in 1933 were not issued or authorized to be released to the public. Instead, they were supposed to be melted down and conveyed as bullion to Fort Knox. But all of the coins were not melted down. A handful were spirited away and kept in hiding for decades. One double eagle dated 1933 surfaced recently, and a complicated arrangement monetized it so that it could be sold at auction for millions of dollars.
This coin and another 1933 double eagle transferred from the U.S. Mint to the Smithsonian were the only legally owned with that date until recently.
The 1933 double eagle marks the end of the era in which the U.S. Congress authorized circulating gold coinage."
It says that until recently, it was illegal to own a 1933 double eagle, with the exception of the two noted. So that means that it IS legal now? I don't keep up with it much. I know about the ten that are in litigation, but if I find another one...is it legal to have?
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Empty Nest Collection
To make a long story short, no it's not legal for any additional 1933's to be owned. Now if the Longboards win their case I could see other 1933's coming out of the woodwork.
-Paul
"United States Mint, Philadelphia. Production of gold coinage was halted early in 1933 as the United States continued to move away from the gold standard. [Production stopped in May 1933 when the last double eagles were struck.]
All double eagles struck in 1933 were not issued or authorized to be released to the public. [This is unclear because there was a period when one-for-one exchanges could have been made and were specifically permitted.]
Instead, they were supposed to be melted down and conveyed as bullion to Fort Knox. [Melting did not begin until several years later. The Fort Knox Bullion Depository didn't open until January 1937.]
But all of the coins were not melted down. [Some of the Assay Commission coins were kept in the Cashier’s vault and not returned to the main storage vault.]
A handful were spirited away and kept in hiding for decades. [The 1933 DE were openly sold by dealers beginning in about 1937. No questions were asked until the Flanagan sale when the Mint was asked to verify the quantity struck.]
One double eagle dated 1933 surfaced recently, and a complicated arrangement monetized it so that it could be sold at auction for millions of dollars. [One coin was licensed for export to King Farouk of Egypt and this is supposed to be the coin sold for $7 million. "Monetized" is a meaningless bit of BS invented by Treasury in relation to the sale of one coin.]
This coin and another 1933 double eagle transferred from the U.S. Mint to the Smithsonian were the only legally owned with that date until recently. [Two pieces were donated to the Smithsonian on October 9, 1934 by the Treasury Dept. These are also legal.]
The 1933 double eagle marks the end of the era in which the U.S. Congress authorized circulating gold coinage." [Yep.]
Hope this clarifies things.
If you can find one with a very tiny Ω in the eagle's claw, it might be OK? There is a strong market for omegas.
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The person in this picture appears to be holding a 2x4. Is that their security? Buford Pusser from "Walking Tall"?
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``https://ebay.us/m/KxolR5
<< <i>The person in this picture appears to be holding a 2x4. Is that their security? Buford Pusser from "Walking Tall"? >>
If that's a 2x4 I wouldn't mess with the gorilla holding it.
Lance.