5 Forbidden Coins Collectors Dream of Owning: The Untold Stories:- In the world of numismatics, certain coins are not only rare but practically forbidden for private ownership. Due to historical circumstances, legal restrictions.
5 Forbidden Coins Collectors Dream of Owning: The Untold Stories
These forbidden coins often carry untold stories that reveal more than just their face value, reflecting politics, ambition, and the twists of history. Here, we explore five of the most coveted forbidden coins, revealing the fascinating stories behind them.
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1. The 1933 Double Eagle: America’s Legendary Gold Coin
The 1933 Double Eagle is arguably the most famous forbidden coin in the world. Minted during the Great Depression, the Double Eagle was meant to be a $20 gold coin.
However, due to President Franklin D. Roosevelt’s decision to take the U.S. off the gold standard, almost all of the 445,500 coins minted were ordered to be melted down before circulation.
The Untold Story:
Despite the government’s efforts, a few Double Eagles were secretly removed from the mint. For decades, the U.S. Secret Service actively hunted these coins, leading to a dramatic legal battle when one of the coins surfaced in the 1990s.
In 2002, a 1933 Double Eagle became the first—and so far, only—example legally sold at auction, fetching $7.6 million. However, others remain illegal to possess, and the government actively claims ownership if any emerge.
Why Collectors Dream of It:
With only one legally owned by a private collector, the 1933 Double Eagle embodies mystery, rarity, and intrigue. Owning this coin symbolizes the ultimate numismatic triumph, blending historical significance with exclusivity.
2. The 2007 Liberty Head $20 Double Eagle: The Last Confiscated Coin
The Liberty Head Double Eagle, originally minted in the 19th and early 20th centuries, faced strict legal restrictions following Roosevelt’s recall of gold coins in 1933.
However, in 2007, a private collector named Dwight Manley made headlines by purchasing a 1933 Liberty Head Double Eagle, only to have it confiscated by federal agents.
Manley had acquired the coin legally, as it was privately certified, but the government deemed it forbidden for personal ownership, asserting that it was never meant to leave federal custody.
The Untold Story:
This coin exemplifies the ongoing tension between the government’s authority and private ownership of historical assets.
Despite Manley’s legal acquisition, the federal government continued its policy of confiscating rare coins related to the gold recall, setting a precedent for the boundaries of collectible currency ownership.
Why Collectors Dream of It:
For collectors, this coin represents the struggle between individual ownership rights and governmental control over historical artifacts. Its modern history and collector-driven significance make it a fascinating yet forbidden piece in numismatics.
3. The 1974 Aluminum Penny: A Trial Gone Astray
In 1974, amid rising copper prices, the U.S. Mint experimented with aluminum pennies as a cheaper alternative. About 1.6 million aluminum pennies were struck and distributed to Congress for review.
However, the plan was scrapped, and the pennies were recalled and ordered to be destroyed. Most were melted down, but a few went unaccounted for, becoming some of the most mysterious “forbidden” coins in U.S. history.
The Untold Story:
One of the aluminum pennies surfaced in 2014, owned by the family of a former U.S. Mint official. The government demanded its return, sparking a legal battle.
Eventually, the family surrendered the penny, leaving collectors wondering about other potential survivors. Only a handful are known to exist today, all of which are forbidden for private ownership.
Why Collectors Dream of It:
The 1974 Aluminum Penny is a relic of experimentation and rarity. Collectors long for it not only due to its scarcity but also because it represents an alternate path U.S. coinage might have taken, making it a tantalizing piece of numismatic “what if” history.
4. The 1964 Peace Dollar: America’s Unreleased Silver Dollar
In 1964, the U.S. Mint struck over 300,000 silver Peace Dollars to reintroduce silver dollars into circulation.
However, due to a combination of political pressure and the decreasing value of silver, all the coins were ordered to be melted down before any could be released. Despite this, rumors persist that a few coins survived the melt and remain hidden to this day.
The Untold Story:
According to mint employees, at least a few coins escaped destruction, although none have ever been officially documented.
The government remains clear that any surviving 1964 Peace Dollars are illegal to own, adding to the allure and mystery of these coins. This makes it a “ghost coin” in numismatics—a coin believed to exist but officially denied.
Why Collectors Dream of It:
For collectors, the 1964 Peace Dollar represents the potential for a high-stakes discovery. It’s the Holy Grail of post-1960s U.S. coinage, promising an unparalleled find and carrying with it the thrill of a treasure that officially doesn’t exist.
5. The 1934 Chinese Silver Dollar: A Tale of China’s Forbidden Coin
In 1934, during turbulent economic times, the Chinese government issued a limited number of silver dollars depicting Sun Yat-sen.
Only a small batch of these silver dollars was minted, and they were quickly removed from circulation after reports of silver smuggling and political tension.
Today, the coin is considered forbidden for export by the Chinese government, making it nearly impossible to legally own outside of China.
The Untold Story:
The 1934 Chinese Silver Dollar reflects a nation in transition. As the first coins of modern China, they bear the image of Sun Yat-sen, a leader of the Nationalist Party.
While they are recognized within China, exporting these coins is strictly prohibited, making them highly coveted and challenging to acquire for international collectors.
Why Collectors Dream of It:
For collectors, the 1934 Chinese Silver Dollar is a symbol of modern Chinese history and is highly valued in both China and abroad. Owning one is not just about wealth but about connecting with a pivotal moment in Chinese political and cultural evolution.
FAQ: Frequently Asked Questions on Forbidden Coins
1. Why are certain coins forbidden from private ownership?
Certain coins are forbidden due to legal restrictions, government policies, or historical circumstances that make them unavailable for public ownership.
For example, some coins were never legally issued for circulation, while others were recalled by governments or declared national property.
2. What happens if someone finds a forbidden coin?
If someone finds or owns a forbidden coin, the government typically claims ownership. In the U.S., for instance, the Secret Service can confiscate coins deemed government property, like the 1933 Double Eagle. Owners can face legal action if they refuse to return the coin.
3. How do collectors know a coin is forbidden?
Collectors can research a coin’s legal status through government databases, numismatic organizations, and expert consultations. Collectors’ societies and auction houses typically know which coins are restricted and can provide information on legality.
4. Are forbidden coins always confiscated when discovered?
In most cases, yes, particularly when the coin has legal claims from the issuing government, like the U.S. Mint or the People’s Republic of China. However, some coins have been granted unique exemptions, like the 1933 Double Eagle, which was auctioned legally after a complex court ruling.
5. Why do collectors want forbidden coins?
Forbidden coins hold a unique allure due to their rarity, historical intrigue, and the thrill of pursuing something unattainable. They are seen as the “holy grails” of numismatics, adding prestige to any collection, even if ownership remains elusive or risky.
6. Do forbidden coins appreciate in value over time?
Yes, forbidden coins can appreciate significantly, primarily due to their limited availability and high demand among collectors. When rare specimens emerge, they often attract attention and high bids at auction, adding to their perceived value.
7. Is it legal to display forbidden coins?
Displaying forbidden coins depends on their ownership status. Coins in museums or under government control may be displayed, but private individuals cannot legally display or claim ownership if the coin is restricted by law.