The numismatic world witnessed a landmark event when a 1933 Saint-Gaudens $20 Double Eagle gold coin sold for an astounding $18.9 million at a Sotheby’s auction in New York on June 8, 2021. This sale set a new record for the highest price ever paid for a coin at auction, underscoring the coin’s exceptional rarity and historical significance.
The 1933 Saint-Gaudens Double Eagle: An Overview
The Saint-Gaudens Double Eagle, designed by renowned sculptor Augustus Saint-Gaudens, is widely regarded as one of the most beautiful coins ever minted in the United States. Commissioned by President Theodore Roosevelt, the coin features Lady Liberty striding forward on the obverse and a majestic eagle in flight on the reverse.
| Feature | Details |
|---|---|
| Designer | Augustus Saint-Gaudens |
| Composition | 90% gold, 10% copper |
| Weight | 33.431 grams |
| Diameter | 34.1 mm |
| Edge | Lettered with “E Pluribus Unum” |
| Minting Year | 1933 |
| Mintage | 445,500 coins minted; none officially circulated |
The 1933 Double Eagle’s Unique History
In 1933, amidst the Great Depression, President Franklin D. Roosevelt took the United States off the gold standard, halting the circulation of gold coins. Although 445,500 Double Eagles were minted that year, none were officially released into circulation. The majority were melted down, with only a few specimens escaping destruction.
One such coin, known as the “Weitzman Specimen,” surfaced in the 1990s. After a legal battle over its ownership, it was sold at auction in 2002 for $7.59 million. The coin reappeared on the auction block in 2021, achieving the record-breaking price of $18.9 million.
Factors Contributing to the Record-Breaking Sale
Several elements contributed to the coin’s extraordinary auction result:
- Rarity: The 1933 Double Eagle is among the rarest U.S. coins, with only a handful of specimens known to exist. The Weitzman Specimen is the only one legally permitted for private ownership.
- Historical Significance: The coin represents a pivotal moment in U.S. monetary history, marking the nation’s departure from the gold standard.
- Artistic Merit: Designed by Augustus Saint-Gaudens, the coin is celebrated for its exquisite artistry and is considered a masterpiece of American coinage.
The Auction Event
The Sotheby’s auction, titled “Three Treasures – Collected by Stuart Weitzman,” featured the 1933 Double Eagle alongside two rare stamps: the British Guiana One-Cent Magenta and a block of the 1918 “Inverted Jenny” stamps. The Double Eagle was the highlight, achieving the highest price among the offerings.
Implications for the Numismatic Community
This historic sale has several implications for collectors and investors:
- Market Validation: The record price reaffirms the strong demand for rare and historically significant coins.
- Investment Potential: The appreciation in the coin’s value from $7.59 million in 2002 to $18.9 million in 2021 highlights the potential for significant returns in numismatic investments.
- Increased Interest: The sale has drawn attention to the numismatic field, potentially attracting new collectors and investors.
Conclusion
The $18.9 million sale of the 1933 Saint-Gaudens Double Eagle underscores the enduring allure of rare coins. Its unique blend of rarity, historical significance, and artistic beauty makes it a coveted piece among collectors. This landmark auction not only set a new record but also highlighted the vibrant and dynamic nature of the numismatic market.
FAQs
Why is the 1933 Double Eagle so valuable?
Its value stems from its extreme rarity, historical context during the Great Depression, and its status as a masterpiece of coin design by Augustus Saint-Gaudens.
How many 1933 Double Eagles exist today?
While 445,500 were minted, most were melted down. Only a few specimens are known to exist, with the Weitzman Specimen being the only one legally owned by a private individual.
Who was Augustus Saint-Gaudens?
Augustus Saint-Gaudens was a renowned American sculptor commissioned by President Theodore Roosevelt to redesign U.S. coinage in the early 20th century. His designs are celebrated for their artistic excellence.
What was the previous record for the most expensive coin sold at auction?
Prior to this sale, the 1933 Double Eagle held the record when it sold for $7.59 million in 2002.
Can I own a 1933 Double Eagle?
The Weitzman Specimen is the only 1933 Double Eagle authorized for private ownership. Other specimens are held by the U.S. government and are not legally available for private ownership.
