Owning a 1933 $20 gold piece, officially known as a Double Eagle, is illegal because these coins were never officially released to the public by the United States Mint. They remain the property of the U.S. government.
The Unreleased Gold Coin
The U.S. Mint struck over 445,000 Double Eagle coins in 1933. However, due to the economic circumstances of the Great Depression and President Franklin D. Roosevelt's Executive Order 6102 – which required citizens to turn in most gold coins and effectively ended the U.S. gold standard – these particular Double Eagles were never put into circulation. Instead, the vast majority were melted down.
Since these coins were never legally issued, any 1933 Double Eagle found in private hands is considered to have been unlawfully removed from government possession. This makes their private ownership illegal.
The Sole Exception: The Weitzman Specimen
There is only one known exception to this strict rule: the Weitzman Specimen.
- Unique Legal Status: This specific coin gained legal status after a lengthy court battle spanning decades, establishing it as the only 1933 Double Eagle that can be lawfully owned by a private citizen. It was famously sold at auction for a record-breaking sum, underscoring its historical significance and rarity.
- Collector's Item: While other 1933 Double Eagles are believed to exist, their ownership remains illegal, and the U.S. government actively seeks to recover them whenever they surface.
Why the 1933 Double Eagle is Unique
The 1933 Double Eagle holds a unique and controversial place in numismatic history due to its:
- Extreme Rarity: Only a handful are known to exist outside government custody, making them one of the most coveted and enigmatic coins.
- Illegal Status: Its illicit journey into private hands makes it distinct from other rare coins.
- Historical Context: It symbolizes the end of an era for gold coinage in U.S. circulation, directly linked to a pivotal moment in American economic history.
Summary of Ownership Status
| Coin Type | Legal Status | Notes |
|---|---|---|
| 1933 Double Eagle (general) | Generally Illegal for Private Ownership | Never officially released by the U.S. Mint; considered stolen |
| 1933 Double Eagle (Weitzman Specimen) | Legal for Private Ownership | Sole exception, validated through extensive court proceedings |
