Why this Coin Worth 7 Million ?

The most expensive coin in the world - the 1933 American Double Eagle - went on tour across Europe. It's first debut was in London. London Mint CEO discusses this high-security tour. February, 2012

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At first glance, it might look like just a piece of leftover holiday loose change, but it is actually worth millions - making it possibly the most valuable ounce of gold in the world.
The rare 1933 $20 Double Eagle is the most expensive gold coin ever to be sold at auction and a legend among collectors.

Now, for the first time, a Double Eagle - one of which sold for $7.6million (£4.8million) at Sotheby's in 2002 - will be exhibited in the UK.

Nearly half a million of the gold coins were minted in the U.S. in 1933 in the midst of the Great Depression but only 13 are known to exist today.

Here's Why this coin worth $7 Million ?

The rest of the coins, featuring an eagle on one side and Liberty on the other, were melted down before they ever left the United States Mint, sacrificed as part of a strategy to remove America from the gold standard and stabilise the American economy.

Only one coin is legally in private hands, with all other 1933 Double Eagles remaining as property of the U.S. government, and the U.S. secret service pursues any newly discovered coins.
The coin which will go on display in London next month is one of two 1933 Double Eagles saved by the U.S. Mint and given to the Smithsonian Institution in 1933 as a matter of record.

THE COIN THAT GOT AWAY

The 1933 'Double Eagle' was dreamed up by President Roosevelt’s distant cousin,Theodore, who had commissioned the sculptor Augustus Saint-Gaudens to re-design the $20 gold coin in the early 1900s.

Teddy Roosevelt wanted an American coin that matched the beauty of the ancient Greek ones.

The last run of nearly 500,000 coins were never released, and it was thought they were all melted down for scrap.In industry speak, an 'eagle' is $10, hence the term 'double eagle' for the $20 1933 examples.

The exhibition is part of a European tour arranged by the Samlerhuset Group, parent company of the London Mint Office, with the Smithsonian's National Museum of American History, based in Washington DC.

It is the first time that the Smithsonian has sent an object from its numismatic collection on tour in Europe.

Peter Swanston, chief executive of the London Mint Office, said: 'This is an incredibly exciting event. As well as being immensely valuable, the 1933 Double Eagle is a truly beautiful coin.