The history of pre-1933 US gold coins date all the way back to the end of the 18th century. The Coinage Act of 1792 was the legislation that first sanctioned the production of U.S. coinage. However, production of gold coins really began with the half eagle ($5) and eagle ($10) in 1795. Throughout the early history of the United States, Gold coins served as currency until their confiscation in the early 1930s.
In 1933, during the height of the Great Depression, President Franklin D. Roosevelt (using the “Trading with the Enemy Act of 1917”) issued an executive order requiring that all persons in possession or control of gold coins, gold bullion, and gold certificates (i.e. paper currency redeemable in gold coin of the United States) must turn them in to any federal reserve bank or any “member bank” of the Federal Reserve system. This order made it illegal for American citizens to hold monetary gold. Gold coins were then melted and cast into Gold bars. This federal government recall and meltdown made the previously common gold coins very rare. In fact, estimates have less than 1% of these Pre-1933 gold coins surviving. This single act from Roosevelt alone makes it extremely hard to believe that so many of the rare pre- 1933 gold US coins are still on the market today. It has also made pre-1993 gold coins some of the most desirable items among collectors and investors alike.
All U.S. gold coins minted before 1933 are individually valued based on date, rarity, appeal among collectors, and state of preservation known as grade. Please feel free to contact one of our team members at 844-721-7098 or fill out our contact form and we will be happy to start or help you expand your portfolio.
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