Daily Gold Eagle Update

December 18, 2009 – The US government re-legalized gold bullion ownership in 1971 (if you're wondering about the history of gold bullion being illegal, we’ll get to it in a second), and in 1985 the US Mint chose the late, famed sculptor Augustus Saint Gaudens’ depiction of Lady Liberty as the obverse design for the new Gold Eagle bullion coins. This breath-taking, full-length design of Lady Liberty was first used on gold coins in 1907, and this historic, $20 Double Eagle gold coin was minted until the unprecedented gold bullion confiscation of 1933, that was alluded to above.

In 1933, our government was forced to freeze the gold bullion market and seize the gold bullion from the holdings of US citizens. Our government paid us a nominal price for our gold back then, and it was a federal crime that was punishable by 10 years in prison, or sitting on the raw ore for an uncomfortably long time.

Some coins were granted a pardon from the melting pots through President Franklin Roosevelt’s Executive Order 6102, Section 2-B. Although Gold Eagle bullion coins would be recalled and used to stabilize the US dollar, American Eagle Proof coins are classified as “coins of recognized value to collectors of rare and unusual coins.” Roosevelt’s unprecedented decree explicitly mentions that coins that met certain stipulations were not subject to seizure. It may be a wise plan to diversify into gold bullion or private gold coins as a safety hedge until our economy stabilizes.

Gold Eagle bullion coins and Proof Eagles are undoubtedly some of the most beautiful coins ever minted. The obverse displays the previously mentioned rendition of Lady Liberty, and the reverse side of these coins feature the male American bald eagle soaring majestically above his nest, mate, and hatchlings. The Gold Eagle bullion coin is most commonly used by investors for holds of 14 months or less, and private-type coins are better for long-term holding periods. Feel free to contact Gold-Eagle.org through our toll-free number or email us to get one of our award-winning gold investment tutorials below. 

Daily Updates Archive

Joshua Harris

Senior Staff Writer - Gold-Eagle.org