The world of coin collecting is steeped in stories of rare, valuable, and extraordinary coins. Yet, among these treasures, some coins are considered completely off-limits—not due to their immense price or scarcity, but because their ownership is strictly forbidden by law. These forbidden coins are coveted by collectors and admired for their fascinating histories, often entwined with political drama, government intervention, and unsolved mysteries. Here’s a deep dive into five of the most intriguing forbidden coins and the remarkable tales behind them.
1. 1933 Double Eagle
The 1933 Double Eagle is widely regarded as the crown jewel of forbidden coins. Minted as $20 gold coins, these pieces came into existence during one of America’s most turbulent eras. Amid the Great Depression, President Franklin D. Roosevelt abandoned the gold standard, ordering the destruction of nearly all 445,500 coins that had been produced.
However, a few Double Eagles mysteriously escaped this mass destruction, leading to one of the most legendary stories in numismatic history. Today, these coins are considered property of the U.S. government, and owning one is strictly illegal. Only one has ever been legally sold—fetching an astounding $7.6 million at auction in 2002. The rest remain under the watchful eye of the U.S. Secret Service, which actively pursues any newly discovered specimens.
2. 2007 Liberty Head Double Eagle
The 2007 Liberty Head Double Eagle is a modern symbol of the ongoing tug-of-war between private collectors and federal authorities. When collector Dwight Manley purchased the coin through seemingly legal channels, federal agents swiftly confiscated it, claiming it was never authorized for private ownership.
This controversial case set a legal precedent, reinforcing the government’s power to reclaim coins it deems federal property, even if they’ve entered the collector’s market. The coin has since become a potent emblem of the fine line between the passions of numismatists and the reach of government authority.
3. 1974 Aluminum Penny
The 1974 Aluminum Penny is an experimental piece that was never intended for public circulation. As copper prices soared in the 1970s, the U.S. Mint sought cost-effective alternatives, resulting in the production of approximately 1.6 million aluminum pennies.
Most of these coins were recalled and destroyed after being presented to Congress for evaluation. Still, a few specimens went missing, sparking interest among collectors. In 2014, one of these rare pennies resurfaced, igniting a legal battle that ultimately reaffirmed the government’s stance: ownership of the 1974 Aluminum Penny is illegal.
4. 1964 Peace Dollar
Known as the “ghost coin” of U.S. numismatics, the 1964 Peace Dollar is a tale of fleeting existence. Over 300,000 of these coins were minted but were never officially released into circulation. All were reportedly destroyed after Congress reversed its decision to produce them.
Despite this, persistent rumors suggest that a handful of these coins survived destruction, making the 1964 Peace Dollar one of the most enigmatic coins in American history. Any surviving specimens are illegal to own, but the allure of this elusive coin continues to inspire collectors, even if its acquisition remains a distant dream.
5. 1934 Chinese Silver Dollar
The 1934 Chinese Silver Dollar is a striking example of a coin restricted by international law. Featuring an image of Sun Yat-sen, a pivotal figure in Chinese history, this coin captures a critical moment in the nation’s evolution.
While these coins were originally meant for circulation, the Chinese government later banned their export. As a result, acquiring one outside of China is a formidable challenge, and in some jurisdictions, ownership or trade of this coin is outright illegal. Despite these restrictions, its historical importance and scarcity have solidified its place as a sought-after item among collectors.
The Allure of the Forbidden
These forbidden coins are much more than mere currency—they represent pivotal moments in history, technological experimentation, and geopolitical intrigue. While legal ownership may be out of reach, their stories continue to ignite the imagination of collectors worldwide. They prove that the true value of a coin lies not just in its material worth but in the history, drama, and mystery it embodies.
FAQ: Forbidden Coins Every Collector Dreams Of
1. What makes a coin “forbidden” for collectors?
A coin is considered “forbidden” when its ownership is restricted or prohibited by laws or government regulations. This often happens because the coins were never officially released, are classified as government property, or have historical and political significance tied to their issuance or recall.
2. Why is the 1933 Double Eagle illegal to own?
The 1933 Double Eagle was never officially released for circulation due to President Franklin D. Roosevelt’s decision to abandon the gold standard during the Great Depression. The U.S. government ordered the destruction of the entire mintage, and any surviving coins are considered federal property. Ownership is illegal unless specifically authorized by the government, as was the case for one coin sold at auction in 2002.
3. What happened to the 2007 Liberty Head Double Eagle?
The 2007 Liberty Head Double Eagle was confiscated by federal agents after it was purchased by collector Dwight Manley. The government argued that the coin was never authorized for private ownership. This case underscored the government’s authority over coins it deems to be federal property, even if they have entered the collector’s market.
4. Why can’t collectors own the 1974 Aluminum Penny?
The 1974 Aluminum Penny was an experimental coin created as a potential cost-saving alternative to copper. Although over a million were minted, they were never approved for circulation. Most were destroyed, and any remaining specimens are considered government property, making private ownership illegal.
5. Is it true that some 1964 Peace Dollars still exist?
While over 300,000 1964 Peace Dollars were minted, none were officially released, and all were reportedly destroyed. However, rumors persist that a few survived the destruction process. The U.S. government has declared these coins illegal to own, but their elusive nature makes them a legendary item in numismatic circles.
6. Why is the 1934 Chinese Silver Dollar forbidden?
The 1934 Chinese Silver Dollar, featuring Sun Yat-sen, was originally intended for circulation. However, the Chinese government later restricted its export, and in some cases, ownership or trade is prohibited by international law. This restriction, combined with its historical significance, makes the coin highly sought-after despite legal barriers.
7. Can these forbidden coins ever be legally owned?
In rare circumstances, a forbidden coin can be legally owned, usually through special government authorization or unique legal exceptions. For example, one 1933 Double Eagle was sold legally at auction after being authorized by the U.S. Treasury. However, these instances are extremely rare.
8. Are these coins still valuable despite being forbidden?
Absolutely! Forbidden coins often carry immense historical significance and rarity, which increases their allure and value among collectors. However, their forbidden status means they cannot be traded or owned legally, adding another layer of mystery and desirability.
9. What happens if someone is found with a forbidden coin?
If someone is discovered with a forbidden coin, it is typically confiscated by the authorities. In some cases, legal action may be taken, especially if the individual knowingly violated ownership restrictions.
10. Can collectors still appreciate these coins without owning them?
Yes! The stories, histories, and mysteries surrounding forbidden coins are a significant part of their appeal. Collectors can study and admire these coins through books, exhibitions, auctions, and other numismatic resources without needing to own them.
11. Why are these coins so fascinating to collectors?
Forbidden coins are fascinating because they represent untold stories of historical change, government intervention, and human error. Their rarity, coupled with the legal and political drama surrounding them, creates an irresistible allure for collectors and history enthusiasts alike.