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   Book Info

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Illegal Tender: Gold, Greed, and the Mystery of the Lost 1933 Double Eagle  
Author: David Tripp
ISBN: 0743245741
Format: Handover
Publish Date: June, 2005
 
     
     
   Book Review

From Publishers Weekly
In July 2002, a very rare U.S. gold Double Eagle coin sold for a record $7,590,020 at Sotheby's, making it by far the most valuable coin in the world. First-time author Tripp, former head of Sotheby's coin department, traces the peripatetic career of this Double Eagle, minted in 1933. FDR took the U.S. off the gold standard soon after a million $20 Double Eagles were minted. Never circulated, the coins were melted into gold bricks —save for two sent to the Smithsonian. Or such was the belief. In fact, mint workers purloined several Double Eagles, which were eventually seized by the Secret Service—all except one. Over the next 60 years, it was illicitly traded by various shady coin merchants and finally retrieved in 1996 during a much publicized sting at New York's Waldorf-Astoria Hotel. The coin later spent time in a vault at the World Trade Center, but was removed just a month before the September 11 attacks. Several courtroom skirmishes later, the federal government finally allowed the gold coin to be auctioned at Sotheby's. Tripp's entertaining narrative is made more so by the many dramatic, sometimes nefarious characters of the coin trade, whom he paints in all their seediness. But covetous human nature—which always makes for an interesting read—stands center stage. B&w photos. Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

From Booklist
Here is a strange tale concerning the 1933 U.S. $20 gold coin. Legally speaking, the author should not have found any story about the "double eagle," as the coin is called in the jargon of numismatics, for the 1933 minting never entered circulation and was melted down in adherence to New Deal strictures prohibiting private hoards of gold. But somebody at the Philadelphia Mint absconded with a handful of 1933 double eagles, one of which surfaced 70 years later at an auction for which the author served as a consultant. That job inspired Tripp to research the history of the coin. Tripp initially recounts the genesis of the coin's design, executed by famed sculptor Augustus Saint-Gaudens at the behest of President Theodore Roosevelt. He continues by describing its physical minting and arrives at his crucial factual sources, periodic Secret Service investigations into the pilferage of the coins. Containing multiple seductions, including gold, the obsessive aspect of collecting, and pure mystery, Tripp's able debut might be a sleeper. Gilbert Taylor
Copyright © American Library Association. All rights reserved

Review
Ben Mezrich, author of the New York Times bestseller Bringing Down the House Illegal Tender is an excellent read -- the first book I've ever read where the protagonist is a coin, the 1933 double eagle. It's a first-rate adventure story, and I was instantly hooked. Anyone who as a kid dug for treasure in his backyard will love this book. It made me want to get my metal detector out of the closet and go on a quest of my own.

Linda Fairstein, author of the New York Times bestseller The Kills A solid-gold spellbinder. David Tripp's Illegal Tender has all the elements of a classic thriller -- foreign intrigue with Egyptian royalty and American presidents, a government sting, a rare object with a multimillion-dollar price tag -- and most amazing of all, the story he so deftly weaves together is all true.

Neal Bascomb, author of The Perfect Mile and Higher Dazzling history....Tripp compellingly unravels the mystery behind the rarest of rare coins. Entertaining and illuminating!

Review
Neal Bascomb, author of The Perfect Mile and Higher Dazzling history....Tripp compellingly unravels the mystery behind the rarest of rare coins. Entertaining and illuminating!

Book Description
It is one of America's treasures -- the most valuable ounce of gold in the world, the celebrated, the fabled, the infamous 1933 double eagle. 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). Illegal to own and coveted all the more, it has been sought with passion by men of wealth and with steely persistence by the United States government for more than a half century. 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.ÿIn 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.

From the Inside Flap
"I was dazzled and mesmerized by this wonderful, exciting story. The oddballs and villains who populate the world of numismatics--King Farouk most notably among them--are matched only for interest by the thin-lipped zealots who, for decades, have tried to track down the missing gold coins that lie at the heart of this extraordinary tale. David Tripp has added vaults-full of absorbing details, and in living color, to the ancient notion that the love of money - or coin - is the root of all evil." --Simon Winchester, author of Krakatoa and The Professor and the Madman




Illegal Tender: Gold, Greed, and the Mystery of the Lost 1933 Double Eagle

FROM THE PUBLISHER

"In 1905, at the height of the exuberant Gilded Age, President Theodore Roosevelt commissioned America's greatest sculptor, Augustus Saint-Gaudens to create what became America's most beautiful coin. In 1933, in the darkness of the Great Depression, Franklin Delano Roosevelt assumed wartime powers and 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." Illegal Tender, revealing information available for the first time, tells a 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.

FROM THE CRITICS

Publishers Weekly

In July 2002, a very rare U.S. gold Double Eagle coin sold for a record $7,590,020 at Sotheby's, making it by far the most valuable coin in the world. First-time author Tripp, former head of Sotheby's coin department, traces the peripatetic career of this Double Eagle, minted in 1933. FDR took the U.S. off the gold standard soon after a million $20 Double Eagles were minted. Never circulated, the coins were melted into gold bricks -save for two sent to the Smithsonian. Or such was the belief. In fact, mint workers purloined several Double Eagles, which were eventually seized by the Secret Service-all except one. Over the next 60 years, it was illicitly traded by various shady coin merchants and finally retrieved in 1996 during a much publicized sting at New York's Waldorf-Astoria Hotel. The coin later spent time in a vault at the World Trade Center, but was removed just a month before the September 11 attacks. Several courtroom skirmishes later, the federal government finally allowed the gold coin to be auctioned at Sotheby's. Tripp's entertaining narrative is made more so by the many dramatic, sometimes nefarious characters of the coin trade, whom he paints in all their seediness. But covetous human nature-which always makes for an interesting read-stands center stage. B&w photos. Agent, Scott Waxman. (Sept. 9) Copyright 2004 Reed Business Information.

Library Journal

A 1933 $20 double-eagle gold coin was auctioned in 2002 for $7.5 million, the largest sum ever for a U.S. coin. Like all other 1933 double eagles, it was produced by the U.S. Mint as President Franklin Roosevelt responded to a national banking crisis by declaring that private ownership of gold was illegal. These coins were never legally issued, but a number of them slipped into collectors' hands. In time, all but one were tracked down by the Secret Service, confiscated, and melted. That one, spared because its owner had been abroad and it was at times unaccounted for, was returned to the United States in a Secret Service sting and embroiled in contentious legal proceedings before its record-setting auction. Tripp, the former head of Sotheby's coin department, provides an exhaustively researched narrative that focuses primarily on the quest to reclaim all extant 1933 double eagles but also includes informative sections about the design and creation of this style of double eagle. This engaging record of an important numismatic saga has the suspense of a whodunit. Recommended for public and academic libraries. David Van de Streek, Pennsylvania State Univ. Libs., York Copyright 2004 Reed Business Information.

Kirkus Reviews

The former head of Sotheby's coin department tracks one of the most coveted American coins from its Depression-era minting to a spectacular auction in July 2002, when one example sold for more than $7.5 million. Debut author Tripp rightly begins his story of the 1933 Double Eagle, a $20 gold piece, with its designer, celebrated sculptor Augustus Saint-Gaudens. Commissioned (if not outright bullied) by Theodore Roosevelt in 1905 to restore mythic grandeur to US coinage, Saint-Gaudens created the beautiful Double Eagle. But as the incoming Roosevelt administration faced economic catastrophe in 1933-gold was fleeing the country, and banks were toppling like tenpins-his quick-thinking Treasury Secretary convinced FDR to take the country off the gold standard, recall all gold tender, and make ownership of it illegal. But wait: somebody forgot to tell the US Mint in Philadelphia, which stamped out thousands of brand-new 1933 $20 Double Eagles before finally getting the word just as the coins were about to be issued. Except for two placed on display at the Smithsonian, all Double Eagles were remelted into gold bars-supposedly. But in 1944, agents for Egypt's King Farouk applied for-and, astonishingly, obtained-an export license for a '33 Double Eagle, destined for the king's prodigious coin collection. Hearing that Farouk paid more than $1,500 for his, coin dealers scattered across the US began running ads soliciting Double Eagles. A newspaper editor finally buzzed the Secret Service (first responders in counterfeit cases) and reminded them that the coin was not supposed to exist. For Agent Strang of the Secret Service, the game was afoot, and Tripp's account of the tortuous recapture of allknown "escaped" coins makes for exciting reading. A true-life thriller-and, yes, there just might be more Double Eagles out there. Agent: Scott Waxman/Scott Waxman Agency

WHAT PEOPLE ARE SAYING

"I was dazzled and mesmerized by this wonderful and exciting story. The oddballs and villains who populate the world of numismatics-King Farouk most notably among them-are matched only for interest by the thin-lipped zealots who, for decades, have tried to track down the missing gold coins that lie at the heart of this extraordinary tale. David Tripp has added vaults-full of absorbing details, and in living color, to the ancient notion that the love of money-or coin-is the root of all evil."

Ben Mezrich

Illegal Tender is an excellent read-the first book I've ever read where the protagonist is a coin, the 1933 Double Eagle. It's a first-rate adventure story, and I was instantly hooked. Anyone who as a kid dug for treasure in his backyard will love this book. It made me want to get my metal detector out of the closet and go on a quest of my own. — author of the New York Times bestseller, Bringing Down the House

"I was dazzled and mesmerized by this wonderful and exciting story. The oddballs and villains who populate the world of numismatics-King Farouk most notably among them-are matched only for interest by the thin-lipped zealots who, for decades, have tried to track down the missing gold coins that lie at the heart of this extraordinary tale. David Tripp has added vaults-full of absorbing details, and in living color, to the ancient notion that the love of money-or coin-is the root of all evil." — Simon Winchester

Linda Fairstein

A solid-gold spellbinder. David Tripp's Illegal Tender has all the elements of a classic thriller-foreign intrigue with Egyptian royalty and American presidents, a government sting, a rare object with a multi-million dollar price tag-and most amazing of all, the story he so deftly weaves together is all true. — author of the New York Times bestseller, The Kills

Neal Bascomb

Dazzling history...Tripp compellingly unravels the mystery behind the rarest of rare coins. Entertaining and illuminating. — author of THE PERFECT MILE and HIGHER: A Historic Race to the Sky and the Making of a City

     



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