What do you think?
Rate this book
Illegal Tender: Gold, Greed, and the Mystery of the Lost 1933 Double Eagle
It is one of America's treasures. The most valuable ounce of gold in the world, the celebrated, the fabled, the infamous 1933 double eagle, illegal to own and coveted all the more, it has been sought with passion by men of wealth and with steely persistence by the United States government for more than a half century—it shouldn't even exist but it does, and its astonishing, true adventures read like "a composite of The Lord of the Rings and The Maltese Falcon" (The New York Times).
In 1905, at the height of the exuberant Gilded Age, President Theodore Roosevelt commissioned America's greatest sculptor, Augustus Saint-Gaudens—as he battled in vain for his life—to create what became America's most beautiful coin. In 1933 the hopes of America dimmed in the darkness of the Great Depression, and gold—the nation's lifeblood—hemorrhaged from the financial system. As the economy teetered on the brink of total collapse, Franklin Delano Roosevelt, in his first act as president, assumed wartime powers while the nation was at peace and in a "swift, staccato action" unprecedented in United States history recalled all gold and banned its private ownership.
But the United States Mint continued, quite legally, to strike nearly a half million 1933 double eagles that were never issued and were deemed illegal to own. In 1937, along with countless millions of other gold coins, they were melted down into faceless gold bars and sent to Fort Knox. The government thought they had destroyed them all—but they were wrong.
A few escaped, purloined in a crime—an inside job—that wasn't discovered until 1944. Then, the fugitive 1933 double eagles became the focus of a relentless Secret Service investigation spearheaded by the man who had put away Al Capone. All the coins that could be found were seized and destroyed. But one was beyond their reach, in a king's collection in Egypt, where it survived a world war, a revolution, and a coup, only to be lost again.
In 1996, more than forty years later, in a dramatic sting operation set up by a Secret Service informant at the Waldorf-Astoria, an English and an American coin dealer were arrested with a 1933 double eagle which, after years of litigation, was sold in July 2002 to an anonymous buyer for more than $7.5 million in a record-shattering auction. But was it the only one? The lost one?
Illegal Tender, revealing information available for the first time, tells a riveting tale of American history, liberally spiced with greed, intrigue, deception, and controversy as it follows the once secret odyssey of this fabulous golden object through the decades. With its cast of kings, presidents, government agents, shadowy dealers, and crooks, Illegal Tender will keep readers guessing about this incomparable disk of gold—the coin that shouldn't be and almost wasn't—until the very end.
In 1905, at the height of the exuberant Gilded Age, President Theodore Roosevelt commissioned America's greatest sculptor, Augustus Saint-Gaudens—as he battled in vain for his life—to create what became America's most beautiful coin. In 1933 the hopes of America dimmed in the darkness of the Great Depression, and gold—the nation's lifeblood—hemorrhaged from the financial system. As the economy teetered on the brink of total collapse, Franklin Delano Roosevelt, in his first act as president, assumed wartime powers while the nation was at peace and in a "swift, staccato action" unprecedented in United States history recalled all gold and banned its private ownership.
But the United States Mint continued, quite legally, to strike nearly a half million 1933 double eagles that were never issued and were deemed illegal to own. In 1937, along with countless millions of other gold coins, they were melted down into faceless gold bars and sent to Fort Knox. The government thought they had destroyed them all—but they were wrong.
A few escaped, purloined in a crime—an inside job—that wasn't discovered until 1944. Then, the fugitive 1933 double eagles became the focus of a relentless Secret Service investigation spearheaded by the man who had put away Al Capone. All the coins that could be found were seized and destroyed. But one was beyond their reach, in a king's collection in Egypt, where it survived a world war, a revolution, and a coup, only to be lost again.
In 1996, more than forty years later, in a dramatic sting operation set up by a Secret Service informant at the Waldorf-Astoria, an English and an American coin dealer were arrested with a 1933 double eagle which, after years of litigation, was sold in July 2002 to an anonymous buyer for more than $7.5 million in a record-shattering auction. But was it the only one? The lost one?
Illegal Tender, revealing information available for the first time, tells a riveting tale of American history, liberally spiced with greed, intrigue, deception, and controversy as it follows the once secret odyssey of this fabulous golden object through the decades. With its cast of kings, presidents, government agents, shadowy dealers, and crooks, Illegal Tender will keep readers guessing about this incomparable disk of gold—the coin that shouldn't be and almost wasn't—until the very end.
384 pages, Hardcover
First published August 31, 2004
11 people are currently reading
132 people want to read
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 12 of 12 reviews
December 10, 2018
1933. Franklin D. Roosevelt has just become president during the depths of the Great Depression and in the midst of a massive banking and currency crisis. Public confidence in banks and currency are plummeting and it appears that people are beginning to hoard gold, which threatens to completely destroy what is left of the economy. The new administration responds quickly, effectively taking American currency off of the gold standard and issuing a recall of all gold coins and gold-based currency. At the same time, the US Mint in Philadelphia proceeds with the scheduled production of that year's gold $20 coins, the "double eagles", not knowing that they will never be authorized for issue. This one issue of $20 gold coins never left the mint, and was ultimately destroyed when the nation's gold coins were converted to bars in 1937 and moved to Ft. Knox for storage.
Or that's how it was supposed to be. Yet, in 1944 a number of these coins surfaced in the coin collectors markets, triggering an investigation by the Secret Service that ultimately determined that some number of the 1933 Double Eagle $20 coins had been stolen from the Mint. The US Government considered these coins stolen property and the ownership of them was deemed to be illegal. After a lengthy investigation and legal battle, the coins were seized and destroyed. Except for one that was out of reach overseas. That coin would resurface again in the 1990s, triggering another legal battle that would ultimately end with this one coin being deemed legal (and *extremely* valuable).
This book is a detailed account of the history of the 1933 $20 coins, from their creation during the economic crises of the Great Depression, to their shadowy existence as "illegal tender" and the investigations into how they survived their intended destruction. This book is part history and part detective story, and it touches on some really interesting periods of history and a number of fascinating individuals, making it both really informative and quite entertaining.
Or that's how it was supposed to be. Yet, in 1944 a number of these coins surfaced in the coin collectors markets, triggering an investigation by the Secret Service that ultimately determined that some number of the 1933 Double Eagle $20 coins had been stolen from the Mint. The US Government considered these coins stolen property and the ownership of them was deemed to be illegal. After a lengthy investigation and legal battle, the coins were seized and destroyed. Except for one that was out of reach overseas. That coin would resurface again in the 1990s, triggering another legal battle that would ultimately end with this one coin being deemed legal (and *extremely* valuable).
This book is a detailed account of the history of the 1933 $20 coins, from their creation during the economic crises of the Great Depression, to their shadowy existence as "illegal tender" and the investigations into how they survived their intended destruction. This book is part history and part detective story, and it touches on some really interesting periods of history and a number of fascinating individuals, making it both really informative and quite entertaining.
May 2, 2007
Who'd a thunk it? A book about a U.S. gold coin that was never circulated--what could be interesting about that? Well, it turns out, quite a lot. This is a great book. A true story that reads like a mystery-thriller. It'll keep you turning the pages. Highly recommended
May 23, 2013
Excellent story of the $7B golden coined banned by the federal government in 1933.
February 11, 2022
This book was clearly well researched. But the story is not told in a particularly engaging manner. It read like a numismatic version of the game Clue with a myriad of characters whom I had a hard time keeping track of without a lineup card. The reproduced list of ten coins was useful at an early stage, but there was no attempt to synthesize the results as the saga moved forward. Many of the photos were unrelated to the text and seemed to be randomly inserted.
All today, it is a mildly interesting tale that is hard to follow.
All today, it is a mildly interesting tale that is hard to follow.
January 7, 2023
Great book
Learned a great deal about the 1933 Double Eagle. Tremendous jib writing and researching the facts for illegal Tender. You will enjoy reading it. Q3
Learned a great deal about the 1933 Double Eagle. Tremendous jib writing and researching the facts for illegal Tender. You will enjoy reading it. Q3
February 4, 2024
This is a true story. It is a mystery thriller, which, unlike most stories is not about a person or a murder, it’s about an inanimate object, a 1933, gold double eagle.
What could be so interesting about a coin?
Quite a lot actually.
All the 1933, gold double eagles were supposed to have been destroyed and melted down into gold bars after President Roosevelt ordered that Americans hand in all their gold, and hoarding any kind of gold was made illegal and punishable by very severe fines and prison terms.
The gold coin issue of 1933, was never issued to the public, although it had been minted. Ultimately, every single coin was supposed to have been melted downand turned into gold bars. A very small number were stolen from the mint by an employee. When this became known it set off a massive 50 year hunt by the FBI and the CIA to track down the culprits and retrieve the coins. All, but one were retrieved and melted. This is the story of the one that got away.
What could be so interesting about a coin?
Quite a lot actually.
All the 1933, gold double eagles were supposed to have been destroyed and melted down into gold bars after President Roosevelt ordered that Americans hand in all their gold, and hoarding any kind of gold was made illegal and punishable by very severe fines and prison terms.
The gold coin issue of 1933, was never issued to the public, although it had been minted. Ultimately, every single coin was supposed to have been melted downand turned into gold bars. A very small number were stolen from the mint by an employee. When this became known it set off a massive 50 year hunt by the FBI and the CIA to track down the culprits and retrieve the coins. All, but one were retrieved and melted. This is the story of the one that got away.
December 19, 2024
History that reads like mystery! Thoroughly enjoyable for anyone that likes either (or both).
July 2, 2011
I'm not sure why I even bought this book (at full retail, no less!). I found it in the hobby/coin section at Barnes & Noble and sat down and read the first page or two and decided to buy it. I'm very glad I did.
I loved this book. Non-fiction that reads like (and was) a mystery. It teaches quite a bit about history beyond just this one gold coin that technically left the country legally, even though it was illegal to own. It disappeared for decades, only to resurface and bring on the wrath of the Secret Service.
Within the last few years, 10 more showed up. Those that read the book will not be surprised where. Last I heard, the Secret Service confiscated them and the owners were planning on suing. They clearly did not read this book or they would have snuck them out of the country and sold them privately. (And would have been extremely nervous about getting caught while doing this!!!!)
A real good mystery history book.
I loved this book. Non-fiction that reads like (and was) a mystery. It teaches quite a bit about history beyond just this one gold coin that technically left the country legally, even though it was illegal to own. It disappeared for decades, only to resurface and bring on the wrath of the Secret Service.
Within the last few years, 10 more showed up. Those that read the book will not be surprised where. Last I heard, the Secret Service confiscated them and the owners were planning on suing. They clearly did not read this book or they would have snuck them out of the country and sold them privately. (And would have been extremely nervous about getting caught while doing this!!!!)
A real good mystery history book.
August 15, 2008
1933 double eagle $7.6 M. Interesting tale of stolen from the mint illegal to own coin (s).
January 26, 2009
Detailed but readable account of a fairly esoteric subject - Philadelphia connection is great, particularly the details concerning CCP and Jeweler's Row.
potential-reads
August 30, 2011see also "The Kills" by Linda Fairstein (fiction).
Read
October 26, 2012More spell binding than any fictional espionage thriller. A story too remarkable to simply have been imagined.
Displaying 1 - 12 of 12 reviews