Illegal Tender

By David Tripp

Book Overview

It's the most valuable ounce of gold in the world, the celebrated, the fabled, the infamous 1933 double eagle, illegal to own and coveted all the more, sought with passion by men of wealth and with steely persistence by the United States government for more than a half century--it shouldn't even exist but it does, and its astonishing, true adventures read like "a composite of The Lord of the Rings and The Maltese Falcon" (The New York Times).

In 1905, at the height of the exuberant Gilded Age, President Theodore Roosevelt commissioned America's greatest sculptor, Augustus Saint-Gaudens--as he battled in vain for his life--to create what became America's most beautiful coin. In 1933 the hopes of America dimmed in the darkness of the Great Depression, and gold--the nation's lifeblood--hemorrhaged from the financial system. As the economy teetered on the brink of total collapse, Franklin Delano Roosevelt, in his first act as president, assumed wartime powers while the nation was at peace and in a "swift, staccato action" unprecedented in United States history recalled all gold and banned its private ownership.

But the United States Mint continued, quite legally, to strike nearly a half million 1933 double eagles that were never issued and were deemed illegal to own. In 1937, along with countless millions of other gold coins, they were melted down into faceless gold bars and sent to Fort Knox. The government thought they had destroyed them all--but they were wrong.

A few escaped, purloined in a crime--an inside job--that wasn't discovered until 1944. Then, the fugitive 1933 double eagles became the focus of a relentless Secret Service investigation spearheaded by the man who had put away Al Capone. All the coins that could be found were seized and destroyed. But one was beyond their reach, in a king's collection in Egypt, where it survived a world war, a revolution, and a coup, only to be lost again.

In 1996, more than forty years later, in a dramatic sting operation set up by a Secret Service informant at the Waldorf-Astoria, an English and an American coin dealer were arrested with a 1933 double eagle which, after years of litigation, was sold in July 2002 to an anonymous buyer for more than $7.5 million in a record-shattering auction. But was it the only one? The lost one?

Illegal Tender, revealing information available for the first time, tells a riveting tale of American history, liberally spiced with greed, intrigue, deception, and controversy as it follows the once secret odyssey of this fabulous golden object through the decades. With its cast of kings, presidents, government agents, shadowy dealers, and crooks, Illegal Tender will keep readers guessing about this incomparable disk of gold--the coin that shouldn't be and almost wasn't--until the very end.

• Format: Paperback
• Language: English
• ISBN: 0743274350
• ISBN13: 9780743274357
• Release Date: November 2013
• Publisher: Atria Books
• Length: 384 Pages
• Weight: 0.76 lbs.
• Dimensions: 1.0" x 5.0" x 8.0"

Customer Reviews

A Real Page Turner

Illegal Tender reads like a fast-paced detective thriller. All the elements of a great "whodunit" are here. The elusive treasure, the thieving insider, the hard nosed by the book detectives and tying it all together is the outstanding writing of David Tripp. In addition to weaving a fascinating tale of the fate of these precious 1933 Double Eagle coins, Tripp masterfully expands the panorama of the story to bring the reader back to the early 1930s and FDRs decision to essentially ban private ownership of gold. Indeed, while reading the first few chapters, I couldn't help but think the story of FDR's first 30 (forget 100) days in office would itself fill a book. The story of the hunt for the purloined gold coins is wonderfully told with rich texture given to the main characters, an insider's look on how an FBI sting operates, the sometimes shady world of numismatism, and everything in between. The kernels of information laced throughout this book will literally leave you saying this CAN'T be true. But it is. There's a great coda to the story, I won't spoil here, but Tripp leaves one last twist until the very end. This book is highly recommended.

Au+

Rare coins, government fowlups, kings and presidents, big money, criminals, artists and a beautiful girl (on the coin)...all elements in this fascinating book. I am an avid reader of non-fiction and I have the collector gene, but I never expected this to be a one-night-read. Just great!

Great narrative non-fiction!

Who would have thought that a book about an old gold coin would be interesting? Tripp does a fine job in explaining the financial problems this country was facing at the start of FDR's first term and how gold coins played a major part in saving the US banking system. The story of the '33 Double Eagle is fascinating--full of intrigue with a cast of characters worthy of Dickens. One does not need to be a numismatic to appreciate this story. A great example of narrative non-fiction. Bravo, Mr. Tripp.

Illegal fun

One of those stories where truth is stranger than fiction. Meticulous research, great writing and intrigue kept me up well past my bedtime.

Golden Greed

This book has it all: kings, cops, crooks, and millionaire collectors all in pursuit of a fabulous gold coin that can't be legally owned or sold. Tripp's taut tale is exciting non-fiction, and the story and vivid personalities will keep you hooked. If you've ever looked at your spare change and wondered if one of your coins might be worth a fortune, this book is for you!