The 1933 $20 gold piece, known as the Double Eagle, was minted just as President Franklin Roosevelt issued Executive Order 6102 in 1933, ending the gold standard and recalling gold coins from circulation. Nearly all 445,500 coins struck were never officially released and were ordered melted down.
A small number disappeared from the Mint, likely smuggled out by an employee, making them stolen government property rather than legally issued currency. The Secret Service has spent decades recovering specimens that surface.
Only one, the "Farouk specimen," was ever legalized for private ownership, through a special 2002 agreement after a lengthy legal battle, and it sold at auction for millions. All others remain illegal to possess.
When did Gold become Legal to Own Again?
Gold ownership by private U.S. citizens became legal again on December 31, 1974, effective January 1, 1975.
This followed the restrictions imposed in 1933 under Executive Order 6102, which had barred most Americans from owning gold bullion or coins (with some exceptions, like jewelry and rare coins) as part of Depression-era monetary policy.
Congress passed legislation in 1974 allowing Americans to buy, sell, and hold gold freely again, and President Gerald Ford signed it into law. Since that date, U.S. citizens have been able to own gold bullion, coins, and other gold assets without restriction, a right that continues today.
Related: Is it legal to own US gold coins?