The story on the 1933 $20 gold coin

In 1933, during the height of the Great Depression, the United States faced an economic crisis. President Franklin D. Roosevelt took office in March of that year and immediately began implementing measures to stabilize the economy.

 

One of the steps he took was to order the withdrawal of gold coins from circulation. The Gold Reserve Act of 1934 made it illegal for individuals to own gold coins, gold bullion, or gold certificates, except for collectors or in small amounts used in jewelry or industry.

 

The 1933 $20 gold coin was minted by the United States Mint, but most of them were melted down and converted into gold bars following Roosevelt's order. However, a few of these coins managed to escape destruction.

 

One such coin was acquired by Egypt's King Farouk. It is believed that the coin was part of a set of double eagles sent to the U.S. Mint for inspection but never returned or officially recorded as destroyed. King Farouk was an avid coin collector, and the 1933 double eagle was one of the prized possessions of his collection.

 

In 1944, the U.S. Secret Service learned about the existence of the coin in King Farouk's collection. Negotiations began between the U.S. government and the Egyptian government to have the coin returned. In 1952, after King Farouk was overthrown, the coin was seized by the new Egyptian government.

 

In 1996, the coin surfaced again at an auction in New York City. The U.S. government claimed ownership of the coin and demanded its return. After a lengthy legal battle, the court ruled in favor of the U.S. government. In July 2002, the coin was sold at auction by Sotheby's for $7.59 million, making it the most expensive coin ever sold at that time.

 

Today, the 1933 $20 gold coin remains one of the most famous and valuable coins in the world, not only for its rarity but also for the fascinating story behind it.