Gold Coins: The Mystery of the Double Eagle

I still don't understand why the U.S. government should care. If they were being circulated as currency, it would make sense. But the metal in the coins is worth many many times their face value. It'd be ludicrous for a holder of a double eagle coin to spend it as $20.

Re: Gold Coins: The Mystery of the Double Eagle

#5

Post by bena » Mon, Aug 29, 2011, 2:35 PM UTC

delinka wrote: post #4

I still don't understand why the U.S. government should care. If they were being circulated as currency, it would make sense. But the metal in the coins is worth many many times their face value. It'd be ludicrous for a holder of a double eagle coin to spend it as $20.

Basically, all Double Eagles not in the government's possession are stolen property.

Re: Gold Coins: The Mystery of the Double Eagle

#6

Post by sneak » Mon, Aug 29, 2011, 2:37 PM UTC

delinka wrote: post #4

I still don't understand why the U.S. government should care. If they were being circulated as currency, it would make sense. But the metal in the coins is worth many many times their face value. It'd be ludicrous for a holder of a double eagle coin to spend it as $20.

It's a cops and principle thing. It's "because I said so" authoritarianism of the highest order. Rationally, they shouldn't care at all, but available evidence strongly suggests that the business of drafting, passing, and enforcing laws has very little to do with rationality.

Re: Gold Coins: The Mystery of the Double Eagle

#7

Post by woodall » Mon, Aug 29, 2011, 2:54 PM UTC

Here is the Wikipedia article, I like the pictures, if anyone is interested; http://en.wikipedia.org/wiki/1933_Double_Eagle

and more on the trial, which ended this year, here; http://www.coinworld.com/articles/1933-double-eagle-trial-at...

Re: Gold Coins: The Mystery of the Double Eagle

#8

Post by wofser » Mon, Aug 29, 2011, 3:07 PM UTC

bena wrote: post #5

delinka wrote: post #4

I still don't understand why the U.S. government should care. If they were being circulated as currency, it would make sense. But the metal in the coins is worth many many times their face value. It'd be ludicrous for a holder of a double eagle coin to spend it as $20.

Basically, all Double Eagles not in the government's possession are stolen property.

There are at least 1 legally owned by a private person according to the wikipedia article.

Nice insurance. Everyone else that say they have that coin gets zonked by the USA.

Re: Gold Coins: The Mystery of the Double Eagle

#9

Post by rudiger » Mon, Aug 29, 2011, 3:09 PM UTC

Is there any qualitative difference (eg. a unique design beyond the "1933" year) between the 1933 Double Eagle coin and the coins from previous years? Obviously, an interesting story makes these worth so much more.

Re: Gold Coins: The Mystery of the Double Eagle

#10

Post by rudiger » Mon, Aug 29, 2011, 3:15 PM UTC

sneak wrote: post #6

delinka wrote: post #4

I still don't understand why the U.S. government should care. If they were being circulated as currency, it would make sense. But the metal in the coins is worth many many times their face value. It'd be ludicrous for a holder of a double eagle coin to spend it as $20.

It's a cops and principle thing. It's "because I said so" authoritarianism of the highest order. Rationally, they shouldn't care at all, but available evidence strongly suggests that the business of drafting, passing, and enforcing laws has very little to do with rationality.

They care because the coins were never issued. They were stolen. Even when a 1933 Double Eagle coin was legally auctioned, an additional $20 was needed to “monetize” the face value of the coin so it would become legal currency.