Coinage
Paper
Money
Miscellaneous
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Illegal
Coins
If you’ve read
the article on high denominations you’ll know
that there’s at least one note that’s illegal to
own. But did you know that there are a few coins
that are illegal as well? These include
the famous 1933 $20 Double Eagle (with exception to one
specimen that
was
allowed), and the 1974 aluminum cent.
1933 $20 Gold
April of
1933 marked the end for the gold standard in the United States. Thus, after 1933 there
would be no more gold
coinage produced for circulation.
Although nearly half a million were minted, they
were
never officially
released for circulation, and the mint has deemed them illegal
to
own. There is, as
mentioned, one that
exists in private hands, and sold for about $7.5 million at
auction (in
2002). The other
ones are owned by the
government, and I believe some have been leased to the
Smithsonian.
1974 1c (Aluminum)
In
1973 copper prices were going up, and the Mint decided to look for
other
options for cents. Aluminum was decided
on, and there were in fact nearly 1.6 million minted in aluminum for
anticipation of their release the following year (thus dated
1974).
They were handed out to members of congress
and their staff (similar to pattern pieces, although,
typically there
are only
enough for congress members when a pattern piece is
created).
Eventually the entire mintage was destroyed
(as the proposition was rejected), except it appears as
though some had
escaped, either they were lost or purposefully not returned. Much
like the 1933 $20 Gold, if it’s found
that you own one of these they can be subject to seizure by the
government.
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