U.S. Gold Double Eagles – Fact You Ought To Know

If you happen to be a coin collector, for sure you have heard about the U.S. gold double eagles? It is a special issue of American gold coin. It is the U.S. gold coin with a domination of $20. This coin contains ninety percent gold and ten percent alloy so this is indeed valuable. It was minted and first struck in 1849.

Brief History
The Double Eagles are one of the rarest types of gold coins. The year 1848 was a significant moment for the gold industry. This is the time when gold was first discovered in California. It created a steady flow of gold. At that time, the minting companies are only producing $10 pieces. They have decided to go further by producing larger coin denominations. In 1849, the first double eagle was minted. The denomination of the coin is twenty dollars. That same year, two pieces of Double Eagle coins were also produced as proof. The first coin is placed in the Smithsonian Institution in Washington DC. The Smithsonian Institution, a research establishment, is funded by the government. It is also associated with the museum complex. The second coin on the other hand, was handed to William M. Meredith. He was a lawyer and politician who is also part of the treasury secretary back then. But the whereabouts of this second coin is unknown because as part of his estate, it was auctioned.

At about 455,500 double eagles are produced in the spring of 1933. The two Double eagles were set aside from the rest. However, there were no double eagles were released.

Controversy
In 1933, President Franklin D. Roosevelt put an end to metal ownership. No 1933 Double Eagles were ever released. However, crooks stole the Double Eagles from the government and it took years for the coins to be recovered.

The Double Gold Eagle In Egypt
In the year 1954, the famous Double gold eagle again appeared in Cairo, Egypt. King Farouk is known for his great love for collecting coins. He owns more than 8,500 gold coins, included in his collection is the ever so popular Double gold eagle. As soon as the U.S learn that there is a Double gold eagle in the auction, they requested to have the coin be withdrawn from the sale. After which, people lost track of the coin once more.

Who Is Stephen Fenton?
Not until 1996 when Stephen Fenton, a British coin dealer was seized. He is about to try to sell it to a fraud coin collector. He is not aware that he is dealing with secret service agents. Fenton tried to fight for his legal rights of the coin for several years. Both the US government and Fenton has finally decided to auction the coin and they will split the amount between the two.

Million-Dollar Bid
In 2002, a 1933 Double eagle coin was sold for $7,590,020. The deal was over for about less than nine minutes. With that amount, the Double eagle gold coin was noted as the world's most expensive coin. Half of the payment goes to the United States Treasury, which includes the $20 to monetize the coin. The other half was entitled to Stephen Fenton. Stephen Fenton was a coin dealer who took hold of the coin.

The double gold eagle has a very controversial history. There are people who try to imitate this type of coin, so if ever you get a chance of meeting sellers of the Double Eagle be sure that you know the specifications of the coin so that you will not be victimize.

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