Throughout history, certain coins have sparked debates, intrigue, and fascination among collectors and historians alike. These coins are not merely pieces of currency; they are artifacts that tell stories of political upheaval, economic challenges, and societal changes.
This article delves into six of the most controversial coins in history, exploring the reasons behind their notoriety and their lasting significance.
1. The 1933 Saint-Gaudens Double Eagle
The 1933 Saint-Gaudens Double Eagle is perhaps the most famous and controversial coin in American history. Designed by renowned sculptor Augustus Saint-Gaudens, this $20 gold coin was minted during a tumultuous economic period.
- Controversy: In 1933, amidst the Great Depression, President Franklin D. Roosevelt took the United States off the gold standard, halting the circulation of gold coins. Although 445,500 Double Eagles were minted that year, none were officially released into circulation. The government ordered all to be melted down, but a few escaped this fate. The unauthorized possession of these coins led to legal battles, with the U.S. Secret Service seizing several specimens over the years.
- Significance: The 1933 Double Eagle symbolizes the United States’ departure from the gold standard and the economic struggles of the era. Its rarity and the legal controversies surrounding it have made it a coveted piece among collectors. In 2021, one of these coins sold for a record-breaking $18.9 million, highlighting its immense value and allure.
2. The 1913 Liberty Head Nickel
The 1913 Liberty Head Nickel is shrouded in mystery and intrigue. Officially, the U.S. Mint ceased production of Liberty Head Nickels in 1912, transitioning to the Buffalo Nickel design in 1913.
- Controversy: Despite the official records, five Liberty Head Nickels bearing the 1913 date exist. It’s believed that a mint employee clandestinely produced these coins, leading to debates about their legitimacy. The coins surfaced in the 1920s, and their origins have been a topic of speculation ever since.
- Significance: These nickels are among the rarest and most valuable U.S. coins. Their mysterious creation and the ethical questions they raise about mint practices make them a focal point of numismatic discussions. In 2018, one of these nickels sold for $4.56 million, underscoring their extraordinary value.
3. The 1964-D Peace Dollar
The 1964-D Peace Dollar represents a fleeting moment in U.S. coinage history. The Peace Dollar series, commemorating the end of World War I, was last minted in 1935. However, in 1964, the U.S. Mint authorized the production of new Peace Dollars.
- Controversy: Approximately 316,000 coins were struck at the Denver Mint, but none were officially released. The government ordered all to be melted down, and it’s believed that none survived. However, rumors persist that some coins escaped destruction, leading to ongoing debates and investigations.
- Significance: The 1964-D Peace Dollar serves as a reminder of the complexities of coin production and the influence of political decisions on currency. Its elusive nature has made it a subject of intrigue among collectors, with unverified specimens rumored to be worth up to $50,000.
4. The 1804 Silver Dollar
Known as the “King of American Coins,” the 1804 Silver Dollar is renowned for its rarity and the peculiar circumstances of its creation.
- Controversy: Although dated 1804, these silver dollars were actually minted in the 1830s as diplomatic gifts. The U.S. Mint produced only 15 specimens, leading to confusion and debates about their authenticity and purpose. Some were later restruck, adding to the controversy.
- Significance: The 1804 Silver Dollar highlights the use of coinage in diplomacy and the complexities of mint records. Its rarity and the stories behind its production have made it one of the most sought-after coins in the world. In 1999, one of these coins sold for $4.14 million, reflecting its esteemed status among collectors.
5. The 1909-S VDB Lincoln Cent
The 1909-S VDB Lincoln Cent marked a significant change in U.S. coinage, featuring the first portrait of a president on a circulating coin.
- Controversy: The coin’s designer, Victor David Brenner, placed his initials “VDB” prominently on the reverse side. Public backlash over the conspicuous initials led to their removal in subsequent issues. The San Francisco Mint produced a limited number of these coins before the change, making them highly sought after.
- Significance: This coin represents the intersection of art, public opinion, and coin design. Its scarcity and the story behind the initials have made it a prized piece for collectors. In 2019, a specimen in pristine condition sold for $117,500, highlighting its significant value.
6. The 1937 Three-Legged Buffalo Nickel
The 1937 Three-Legged Buffalo Nickel is a result of a minting error that has captivated collectors for decades.
- Controversy: Due to over-polishing of the die at the Denver Mint, some 1937 Buffalo Nickels were produced with the buffalo missing one of its front legs. This error went unnoticed initially, allowing these coins to enter circulation.
- Significance: The Three-Legged Buffalo Nickel underscores the impact of minting errors on coin value and collectibility. It serves as a reminder of the meticulous processes involved in coin production. Depending on its condition, this error coin can fetch between $500 and $5,000, making it a valuable find for collectors.
Overview of Controversial Coins
| Coin Name | Year | Notable Feature | Controversy Summary | Approximate Value (USD) |
|---|---|---|---|---|
| 1933 Saint-Gaudens Double Eagle | 1933 | $20 gold coin | Minted but not circulated; most melted; few escaped | $18.9 million |
| 1913 Liberty Head Nickel | 1913 | Unauthorized production | Five known; believed to be clandestinely minted | $4.56 million |
| 1964-D Peace Dollar | 1964 | Unreleased silver dollar | All ordered melted; rumors of surviving specimens | Up to $50,000 (rumored) |
| 1804 Silver Dollar | 1804 | Diplomatic gift coin | Minted in 1830s; dated 1804; limited production | $4.14 million |
| 1909-S VDB Lincoln Cent | 1909 | Designer’s initials “VDB” | Initials removed after public backlash; limited mintage | $117,500 |
| 1937 Three-Legged Buffalo Nickel | 1937 | Minting error (missing leg) | Result of die over-polishing; entered circulation unnoticed | $500 – $5,000 |
These six coins exemplify how currency can transcend its monetary function to become a reflection of historical events, societal values, and human error. Their controversies have not only made them valuable collectibles but also enduring symbols of the times and circumstances that produced them.
