Although The Official Red Book, A Guide of United States Coins by RS Yeoman lists that 445,500 Double Eagle coins were produced in 1933 at the Philadelphia Mint, they were never officially released, and most were melted down. The economic crisis during the 30’s resulted in FDR signing an executive order to declare gold coins no longer legal tender.
It was thought only the two gifted to the Smithsonian Institution were left in existence until rumors and claims of other 1933 Double Eagles began to surface. It was soon realized an unknown number of 1933 Double Eagles were illegally taken from the mint before they were destroyed. Today, if any 1933 Double Eagles surface, they are to be returned to the United Stated Government. They are considered illegal to own. That is, all except the two owned by the Smithsonian, and one other; The Farouk 1933 Double Eagle.
In 1944 King Farouk of Egypt obtained an export license for a 1933 Double Eagle. After realizing they had mistakenly granted a license for one of the previously unknown stolen 1933 Double Eagles, the United States Government requested for the coin to be returned. It never was. Then in 1954 when King Farouk’s coin collection was set for auction, the United States requested again for the return of the coin. Once again the coin was not returned and went missing for the next 42 years.
In 1996 it is believed the Farouk 1933 Double Eagle resurfaced. A London dealer, Stephen Fenton, along with Jay Parrino, a U.S. dealer, were discovered to have in their possession a 1933 Double Eagle. The coin was confiscated and they both were arrested in New York. The charges were later dropped when Fenton claimed to have purchased the coin from the coin collection of King Farouk and demanded the coin back.
In 2001 an out of court decision on the coin was made. The United States would officially legalize, monetize, and issue the coin. The coin would be auctioned off to a highest bidder and the earnings would be split between Fenton and the U.S. Government.
It is one of the rarest coins of the USA…..since only ONE is allowed to privately and legally owned.
The 1933 Golden Eagles are one of the great treasures of the museum.