Record Auction Amount for Gold Coin

In 2002 a 1933 American Double Eagle $20 Gold St Gaudens Coin sold for $7.56 Million Dollars at Sotheby's Auction House in Manhattan. The previous record was held by a silver coin.

Why was this Double Eagle worth over 7.5 million?

History: Well to start the coin was the only Gold Double Eagle to be minted in 1933 to be legally offered for sale. This fact came to the surface after a legal battle for the ownership erupted and swilled for 5 years.

Theodore Roosevelt had sculptor and artist Augustus Saint-Gaudens redesign the Double Eagle High Relief Coin, thus the "Saints" or "St. Gaudens" term was given.

Here is the twist. In 1933 President Roosevelt ordered that the gold standard be ended and that all gold coins from that year be melted down. The exception was that 2 coins were reserved for the Smithsonian Institute. The fact is the 1933 Saint was never considered legal currency.

But the history does not end there. 9 "Saints" made it out of the mint, stolen by an employee and resurfaced in the 1940s and 50s. These coins were to be seized by the secret service and melted down. But!!!! King Farouk of Egypt had bought a coin and had paper work already in the works to bring a "1933 Saint" back to Egypt with him for his collection. By the time the secret service figured this out it was too late and the coin was in Egypt.

Then in 1954 the King was deposed and his coin collection went to auction. When the auction came out the "33 Saint" was no where to be found! The coin was not heard from or seen for 41 or so years, resurfacing in New York. Manhattan to be exact. A Mr. Fenton was arrested in 1995 when he tried to resell the coin for $1.5 million. At this time the US treasury had the coin again and was in a legal battle over if anyone could legally own the coin.

The "Saint" had been close to being melted down numerous times while with the US Treasury. In fact it missed destruction again when it was transferred from the Treasury, located in Building 7 of the World Trade Center, eight months before the terrorist attacks of 9-11.

The Treasury in a wise decision allowed the coin to be commissioned and authenticated it by comparing the coin to the original die that was used to make the coin.

The bidding frenzy for the coin was immense, over 500 collectors bid on the coin. Cheers from the auction crowd went crazy when the coin reached over the $5 million mark and the $6 million mark. When the gavel final hit the final bid was $6.6 million to an anonymous bidder and the actual price after the commission was. $7,590,020.

After the sale the US Treasury documented the coin making it legal tender and gave the owner paper work stating this. Thus the $20 fee attached to the final price.

The coin that held the record before the 33 "Saint" was a 1804 Silver dollar which was the highest graded coin out of 15 in existence for that year. It sold for $4.14 million in 1999.

The 33 "Saint" is known for its rich history and intriguing past thus making it the most expensive coin in the world to date.

If you would like to see Double Eagles that are up for auction visit. http://www.goldcoinsearch.com/

My next topic will be on Double Eagle Coins and Prices.