Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
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If you’ve ever wondered why the 1933 Double Eagle is illegal to own, the answer lies in a controversial decision that saw nearly half a million coins confiscated and destroyed. Yet, a handful escaped the clutches of Uncle Sam, becoming among the rarest and most valuable coins today.
Today, only one specimen from that original mintage is legally permitted to be privately owned. This coin’s journey is one of the most complex and fascinating stories in American numismatic history, involving foreign kings, revolutions, sting operations, and a single Brit beating the entire US government in a protracted legal battle.
Why Is the 1933 Double Eagle Illegal?
The 1933 Double Eagle is illegal to own due to Executive Order 6102, commonly referred to as the Gold Confiscation Act, which forbade the private ownership of gold, starting the same year. The combination of dire economic circumstances and a financially strapped government forced the privatization of most of the country’s physical gold.
By that point, nearly all of the hundreds of thousands of 1933 Double Eagles struck that year had been ordered melted. Any surviving examples, except one later granted legal status, are considered government property and cannot be privately owned.
A Brief History of the Only Legal 1933 Double Eagle
The Birth of the Double Eagle Series
The US Mint began releasing Double Eagle coins in 1849, but the legendary Saint-Gaudens version wasn’t released until 1907. President Theodore Roosevelt tapped famed sculptor and artist Augustus Saint-Gaudens to revamp American coinage.
Nationwide Gold Confiscation
The result was a striking design that quickly became one of the most celebrated specimens of American coinage. However, the series ended abruptly in 1933 when President Franklin D. Roosevelt, coincidentally the second Roosevelt to assume office in this saga, passed the Gold Confiscation Act.
This sweeping piece of legislation forced Americans to turn over their physical gold and halted the production of gold coinage to help stabilize the US economy in the throes of the Great Depression. At the time, the US Mint had already produced 445,500 Double Eagles for the 1933 mint year, but they never entered circulation.
All 1933 Gold Double Eagles were ordered to be melted, except for two specimens sent to the National Numismatic Collection at the Smithsonian Institution (a common practice at the time). At least, that’s what the government intended. A select few managed to escape the Philadelphia Mint. To this day, no clear explanation has ever been given.
The Surviving 1933 Double Eagles
Of the nearly half a million 1933 Double Eagles that were initially minted, only 13 are thought to have escaped destruction.
A further 10 were hunted down by the Secret Service in the 1940s and 50s. That leaves three original coins in private hands. The two held by the Smithsonian Museum aren’t available for investment and are well-documented.
Because of the Gold Confiscation Act, every one of these coins, except the single specimen granted legal status, is technically illegal to own. In reality, only one 1933 Double Eagle is legal to own in private hands. This intriguing story raises more questions than it answers, but has been a favorite among numismatists and historians for decades — much like other rare coins with massive upside potential.
From King Farouk to Mr. Fenton
Somehow, King Farouk of Egypt came into possession of the coin for which the US granted an export license, despite the coin being illegal to own under American law. Following the king’s overthrow, the coin was once again lost to history.
It didn’t pop up again until the 1990s when Stephen Fenton, a British coin dealer, was arrested by the Secret Service in a massive sting operation to hunt down the one that got away. That might have been the end of the story if the US hadn’t previously greenlit the ownership of the coin by King Farouk nearly half a century prior.
Fenton argued that the export license granted to the royal made the coin legal to own. He was found not guilty in criminal court, but didn’t win ownership of the coin. Eager to maintain his rightful claim to the coin, he pursued the case further in civil court.
One Coin Escapes Illegality
After a lengthy legal battle, the US government agreed to recognize this specific 1933 Double Eagle as a legal coin. The only catch was that the coin had to go up for auction to a private seller, and the earnings would be split between the US government and Fenton.
The resolution of the Fenton case has no impact on the legal status of other surviving examples. In other words, owning the other 1933 Double Eagle coins remains illegal.
Considering the unique series of events that liberated this specific coin from the federal laws nearly a century old, it’s unlikely other Double Eagles from this iconic year would ever become legal to own, if they’re ever found. The Secret Service continues pursuing leads, although no meaningful leads have popped up.
Record Sales of a One-of-a-Kind Coin
This sole specimen is rarely sold, given its extreme rarity and exceptional value. Whenever this one-of-a-kind coin is put up for auction, it receives a massive amount of attention and fanfare. This 1933 Double Eagle fetched a whopping $7.59 million when it first went up for auction in 2002. It didn’t enter the public light until the original buyer sold it for $18.9 million in 2021.
Overall, the coin has only ever been sold twice and holds the record for the most valuable coin ever sold—a remarkable achievement considering why the 1933 Double Eagle is illegal in the first place.
Rare Coins to Strengthen Your Portfolio
The only 1933 Double Eagle legally available for private ownership is beyond the reach of most investors. However, there are other rare coins with rich histories, inherent value, and strong numismatic appeal that are more accessible — including pre-1933 US gold coins. These investment-grade coins can diversify your portfolio, safeguard your wealth, and even offer potential long-term gains.
To learn more about these unique investment opportunities, contact one of Scottsdale Bullion & Coin’s precious metals advisors. We’re here to help you find the best options tailored to your specific investment goals. Please get in touch with us by calling our toll-free number at 1-888-812-9892 or using our live chat function.