20 Dollar gold coin

There is a fantastic deal of legend surrounding the $20 gold coin known as the 1933 double eagle. It has a rich and mysterious history.

All through the depths of the Fantastic Depression, in 1933 then president Franklin D. Roosevelt issued an Executive Order 6102. This executive order outlawed possession of United States gold coins for general circulation. The gold reserve act in 1934 declared gold coins were no longer legal tender in the United States and required that all citizens turn in their gold coins for other forms of currency.

The legend of the coin has to do with the fact that they were minted after the law prohibiting gold was passed. Most of the coins were melted down in 1934 and only two were officially in existence held by the United States mint.

But, without the knowledge of the United States mint a number of the coins minted in 1933 were stolen. At least nine of the coins, which were illegal to own, found their way into the hands of private investors.

One of the missing double eagles was bought by King Farouk of Egypt.

In August of 2005 the United States secret service recovered 10 additional stolen 1933 double eagle gold coins from the family of Philadelphia jeweler Israel Swift.