5 Forbidden Coins Collectors Dream of Owning: In the world of coin collecting, some coins are coveted not only for their rarity or value but also for their “forbidden” status. These coins are embroiled in history, government policies, and legal complexities, making them prized but nearly impossible to own. Here, we dive into five of the most intriguing forbidden coins that collectors worldwide dream of possessing.
1. The 1933 Double Eagle: America’s Most Iconic Forbidden Coin
The 1933 Double Eagle is legendary in American coin history. Originally minted as a $20 gold coin, this piece was affected by a major policy shift during the Great Depression. After President Franklin D. Roosevelt took the U.S. off the gold standard, the government ordered nearly all 445,500 minted coins to be destroyed. However, a handful managed to survive, creating one of the most captivating stories in coin collecting. Only one has been legally sold at auction, fetching $7.6 million in 2002, while the U.S. Secret Service actively pursues any others that appear.
2. The 2007 Liberty Head Double Eagle: A Modern Legal Drama
The 2007 Liberty Head Double Eagle brought a fresh controversy to the collecting community, highlighting the ongoing tension between collectors and the government. When collector Dwight Manley acquired this coin through legitimate channels, federal authorities later confiscated it, demonstrating the legal complexity surrounding historical coins. This case underscored the government’s authority over certain unique currency items, even when privately certified.
3. The 1974 Aluminum Penny: A Rare Experimental Coin
The 1974 Aluminum Penny stands as a fascinating “what if” in American coinage. Created as an experimental coin during a period of rising copper costs, about 1.6 million were struck and distributed to Congress for evaluation. Most of these coins were recalled and destroyed, yet a few were unaccounted for, gaining legendary status. The discovery of one such penny in 2014 led to a significant legal battle, ultimately reinforcing its status as a forbidden collectible.
4. The 1964 Peace Dollar: A Coin of Mystery
No coin stirs imaginations like the 1964 Peace Dollar. Over 300,000 were minted, yet none were officially released, and all were supposed to have been destroyed. However, rumors persist that some specimens survived, making this “ghost” coin highly desirable. The U.S. government considers any surviving Peace Dollars illegal to own, fueling their allure and mystery among collectors.
5. The 1934 Chinese Silver Dollar: A Piece of International History
The 1934 Chinese Silver Dollar, featuring the image of Sun Yat-sen, reflects a significant period in Chinese history. Due to an export prohibition by the Chinese government, these coins are challenging to acquire internationally, further elevating their desirability among collectors outside of China. This coin’s restricted status gives it a unique place in the realm of “forbidden” collectibles.
FAQ: Understanding Forbidden Coins and Their Legalities
Q1: Why are some coins considered “forbidden”? Forbidden coins often stem from historical or legal restrictions. Governments may claim ownership or prohibit private ownership of specific coins due to policy changes, like the shift off the gold standard in the U.S., or for historical preservation.
Q2: Can collectors legally own forbidden coins? In most cases, owning these coins is illegal for private collectors. If a forbidden coin surfaces, it may be subject to confiscation regardless of how it was acquired.
Q3: What happens if someone finds a forbidden coin? If discovered, a forbidden coin may be confiscated by government authorities. Ownership disputes over these coins often lead to legal battles, as seen with the 1933 Double Eagle and 1974 Aluminum Penny.
Q4: Are forbidden coins valuable despite legal restrictions? Yes, forbidden coins often command extraordinary prices due to their historical significance, rarity, and the allure of the “unattainable.” The scarcity and mystique surrounding these coins add to their market value.
