1933 Gold 20 Dollar Coin

[Guest]

I am new to this site and was reading that NGC would love to get there hands on

this particular coin. Well on the 30th of July they can do so at the auction at

Southerbys. I myself already have 4 of the 20 Dollar Gold coins. And, from what

the US Mint site is saying about them, it is probally why NGC is wanting to get there hands on them. And, from what the US Mint site is saying about them, it is probally why NGC is wanting to get there hands on them.

[chrisfuccione]

Hi welcome to this site. It's always good to see new people here. On your 1933 $20.00 coin. I think it may be a copy that has been sold recently. Because 99% of the ones that were minted the goverment recalled and melted. This coin that is being auctioned off is the first legal one to be sold ever. CHRIS

[davefperry]

There have been ads going around for 1933 St. Gaudens that don't say much about reproduction or copy. It could be a suspicious nature that leads me to believe they're not real.

And welcome to the boards.

[Bluecollarjoe]

I've got some basic questions about the 1933 gold 20 dollar coin. Why were they declared illegal? How many were actually minted and recalled? How many are believed to still be out there? What exactly is a "monetized" coin? (I'm guessing it's when the feds give their official nod to whatever monetary unit they've created)

 

Please be sure to use simple terms, I'm one of those "comic guys" and tend to get confused very easily!

 

Five star ratings to any who reply.

[Hoot]

Here are a couple of articles:

 

Superior Galleries

Coin World (There are several articles at this site).

 

Hoot

[Sunnywood]

It is completely outrageous, and should be completely illegal, for private companies to make copies of U.S. regular issue coinage. These companies are selling "proof 1933 double eagles" and making it sound like they are an official mint issue. I think it is a deliberately deceptive fraud.

 

The "Gallery Mint" has been making copies of famous classic U.S. coins for years, stamped "COPY" on the reverse, and with other subtle indicators of their nature as reproductions. The reason these other private companies think they can get away with the 1933 $20 copies (which are NOT marked copy), is that the coin was never an authorized issue, and therefore a copy is not a counterfeit, nor does it violate the Hobby Protection Act. However, my theory is that as soon as the Treasury monetizes the unique coin when it is sold tonight, all these others will become illegal counterfeits unless they are stamped "COPY."

 

By the way "monetizing" is a legal act of the U.S. Treasury, which converts a round stamped piece of metal into United States legal tender. When a Lincoln cent comes off the coinage presses, it is just a stamped piece of copper (even though it was manufactured at the Mint). It does not become a legal U.S. one cent coin until it is monetized by the Treasury. Usually the mint reports to the Treasury that it has made so-and-so-many coins, then the Treasury monetizes a certain dollar amount worth of them and orders them distributed to banks or the Federal Reserve, etc. The Treasury also has to monetize the green printed pieces of paper to turn them into U.S. currency.

 

Sunnywood

 

[Guest]

Thanks for the guidance!

[murph0]

I'm not a coin collector...but does anyone else find it a bit ridiculous that the Government is basically out to get this coin? They waste all these years trying to find it and confiscate it only to say "oh wait...it's worth a lot? Well it's ours so I guess we'll sell it and ream the guy who really owns it."

 

Brian

[chrisfuccione]

Now that this one was sold hopefully the goverment will ease up on restrictions. CHRIS

[Architecht]

 

I read something about it being OK'd for sale, because on this ONE piece, an export order was issued years ago, therefore making it "legal".

 

But then my question is, why did the dealer have to split the cash from the sale with the government at all?

 

Probably just got badgered into it by the thought of YEARS of litigation just to prove he's right...

 

Heh.

 

Anyway, all of the other examples of this coin theoretically do NOT have the export thingy, therefore making them illegal.

 

Arch

[gmarguli]

The problem is proving this is the coin attached to the export license. If you had a 1933 $20 that was polished and you tried to sell it, you could claim that it is the coin that King Farouk owner. The fact that it was polished made it even more likely to be his.

 

There are clearly more out there.

 

Also, prove that someone at the mint didn't sell a few 1933s for $20 to collectors of that era. It was done in the past so prove that it wasn't done now. Prove that none got out by mistake. It's a hard thing to do.

[chrisfuccione]

I read only about 7% were turned in. Also I heard that if you had a recipt from a coin dealer from the first few months of 1933 you might be able to own your coin(but I would not want to try and fight that one in court!) CHRIS

[Guest]

Sorry, been out of country while. Just read your reply about your distaste with

copies of coins. I also, believe that copies are wrong is they are tacky, and are

represented as an non-copy.

 

But, I also feel that it is the right of people to own something that is a part of history and that they can not afford to go out and purchase the true 1933 gold coin in this case for over 7.6 million.

 

After all a copy is just that a copy. You really should not be so down on copies.

 

But I respect your imput.

 

Chef

[EVillageProwler]

Chef,

 

I just re-read Sunnywood's post. I don't think he was down on the concept of replicas. Rather, he's bothered by the less-than-subtle attempt at trying to sell a replica to the unsuspecting public as if it were the real deal.

 

Yes, these companies are legally in the clear. But, they are pushing the envelope of marketing good taste.

 

EVP

 

[Oldtrader3]

Since you just returned to the US, you may be aware that there are "copies" of US gold coins being sold in Southern Europe, Russia and Latin America. I remember seing many $2.50 Quarter Eagles being sold in Costa Rica back in the 1960's. Most were 14 carat (not 22 carat) and were light in weight. Otherwise, many of them looked superficially like the real thing. It would be easy to be fooled.

 

The next question is: how many of these countfeits are loose in the US. If you buy a NGC/PCGS coin, you need not worry. However, what about the hundreds of thousands of US Gold coins that have not been slabbed?? This is why I always buy NGC/PCGS slabbed US Gold.

 

Something to think about eh?

[Guest]

Again, as I said all coins that are copies, should be stamped copy, and I do believe

that in this country they are required to do so. I am aware of coins that are outside

of this country that are fakes, and there are fakes in this country. But again, its

buyer beware. If your not sure of the coin or are new to coin collection, such as

myself, the person that is selling you a coin(s) that your not sure of and if they are

honest will let you have the coin(s) authenicated through a third party of your choice. I know I have been in that situation already with the short time that I've

been collecting coins.

 

Again, I have found that one should never ever purchase coin(s) or anything on

an impulse. And if the person that is selling you the coin(s) or whatever tells you

well you must by it right now or forget it. "FORGET IT"

 

Thankyou for your imput

Chef

[Guest]

Of course our beloved government was out to get this coin. Because they knew

the rarity of this coin. And they knew that when they sold it at auction that not

only would they get a cut from the Auction House take through tax's, but they

also would know exactly where the coin was going to and in that way if and when

the person(s) sold this coin in the future. Well, our beloved government once

again can get there cut.

 

This is my personal view.

Chef

[Guest]

It was against the law to have this coin in 1933. The coins that sold at auction

was the one King "F" had in his private collection. Which was sold and or smuggled out of the mint I do believe the Philidelphia mint. So, I believe that if

you have a receipt for a 1933 20.00 gold eagle in your possesion, well I really do

believe it will not do you any good. But what the hech, give it a try.

 

By the way if you do have a receipt for one and collect let me know and if you do

collect "GOOD FOR YOU".

 

Chef

[Guest]

The reason the 1933 gold 20.00 eagle was against the law to own was because

all gold coins and bullion was recalled by the government. Because the govt was

afraid that there was going to be to much gold out there in private hands. Also, it

had to do with the gold standard.

 

So, it was not only the 1933 20.00 eagle but it was all gold that was against the

law for american people to own at that time.

 

I hope that this will help.

Chef