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Posted Jun.24, 2009 under Price of Gold Coins

gold coin exchange

One of the most important years for the gold coins in the United States, 1933. It was the last production year of the St. Gaudens gold Double Eagle coin and the year in which the national gold standard was suspended. There were just 445,500 1933 St. Gaudens double eagle gold coins minted, but none were ever legally distributed in the currency markets, and nearly all were melted soon after production. Thus, this coin is very rare, and no wonder that you bought 7.59 million U.S. dollars in July 2002 at an auction, which is the highest price paid for a U.S. single or any other currency in an auction.

The 1930s saw a banking crisis so unprecedented in recent years. Trying to overcome this rather tricky, and is what prompted the executive order that the gold coin legal tender annulled and, in fact banned the possession and circulation of gold that were not coin collectors. People were forced to hand over all non-collectible gold the exchange of other forms of currency.

1933 St. Gaudens Double Eagle gold coin was minted after this executive order was made, and since not legal tender to be merged and some were destroyed through the test. Two of these coins were presented to the U.S. National Numismatic Collection U.S. Mint, and should be left alone.

However, 20 coins have been recovered so far, which is presumed to have been stolen by a cashier of the U.S. Mint, known as George McCann. Nine of the coins ended up doing collectors through a jeweler in Philadelphia by the name of Israel Switt. These coins made their way around the collection Currencies "> gold market for nearly a decade before the Service Secret even heard of her being around. A journalist who was harmless in the history of control of the coins encountered this information, and contact the Mint for research. At this point, an official investigation began in 1944, and seven of the coins were surrendered or seized in the first year. A coin was kept in public office until 1952, when he also was confiscated.

This was a big problem, since it was bought by an Egyptian king who refused to back the currency in different circumstances. The coin was sold at an auction of its assets, a Fenton, Stephen, who finally got caught for possession of the currency. The case went to court, and it was decided that the currency is money and returned to the U.S. government, which are then sold at auction. Half of the 7.59 million U.S. dollars went to the Treasury, while the other half went to Fenton, who had currency in the time it was confiscated. In August 2005, another 10 coins were found in the estate of Israel Switt again and confiscated.

They know only 1933 title = "St Gaudens Gold Coins"> St Gaudens $ 20 gold pieces that now reside Fort Knox, while legal challenges to ownership are being resolved by the courts.

About the Author:

Alan LeStourgeon runs a website about Gold Coins where you can find lots of information on buying and investing in gold coins and bullion.