The Story of Saint-Gaudens Double Eagle Gold Coins
From the recovery period following the Civil War to the Great Depression, between 1879 and 1933, the use of Gold as a medium of exchange and store of value was an integral part of the American experience. The Federal Reserve held 40% of the value of the nation's fiat currency in Gold. It allowed citizens to exchange paper currency for Gold. Americans were also free to store Gold in their own homes. However, 1933 brought radical changes. Private ownership of Gold bullion was deemed illegal. The U.S. Treasury soon received millions of Gold coins, including a large portion of Saint-Gaudens $20 Double Eagles produced between 1907 and 1932.
Americans were not permitted to again own Gold bullion until Dec. 31, 1974, when legislation signed by President Gerald Ford went into effect. However, ownership of 1933 Gold Double Eagles remained illegal, as the coins were never officially circulated. $20 Gold Double Eagles are an especially beautiful coin minted by the U.S. between 1907 and 1933. Their value is tied to the spot price of Gold, as well as their mintage, rarity and condition.