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Tuesday, 24 September 2013

The Most Valuable Coin In The World

The world's most valuable currency would have been destroyed or disappeared in Egypt and was about to cease to exist at the World Trade Center. It measures 34 mm, weighs 27 grams and has an allegory of Liberty in front of the Capitol in Washington on one side and an eagle on the other. Its initial value was $20, but was sold in 2002 for nearly 7.6 million ( 5.7 million euros at current exchange rates).

Since today is on display at the
New York Historical Society which has managed to borrow it from a private collector and mysterious as most of the history of metal. A security guard cares currency standing beside the glass case to protect it. It is the only piece so guarded in the relaxed museum next to Central Park that keeps relics of the history of New York. "You can not take pictures. Might later give us permission," says the guard.

The currency, known as the "double eagle" (worth double the "eagle" $10), was coined in 1933 as one of the last gold that never came to be in circulation. In April of that year, Franklin D. Roosevelt abolished the gold standard to prevent panic from banks and hoarding of coins in the middle of the Great Depression. The Treasure merged all currencies that remained the Smithsonian and not considered legal tender. Other "double eagle" (about half a million) had to have been destroyed, but it is suspected that an employee of the Mint were reduced to ten. The Secret Service found and destroyed nine in 1937.

By mistake or a fake, the US Treasury authorized the export of currency to Egypt to the collection of King Farouk. In the 50s, when the monarch was overthrown, his possessions went up for auction including currency. The United States complained and the "double eagle" is withdrawn from sale, but even then the US Treasury got back. I lost track for four decades.

In 1996, a London coin dealer Stephen Fenton tried to sell it for 1.6 million dollars (1.2 million euros) in a room at the Waldorf - Astoria in New York. His alleged buyers were undercover agents of the Treasury, who seized the currency. Fenton fought it in court alleging that he had been legally sold to Egypt.
According to a settlement , the Treasury kept the currency and recognized legal value. When the Treasury auctioned in 2002,, the buyer had to pay, in addition to the price of $ 7.6 million.

The buyer at auction has never revealed his identity and Sotheby's broker has only said that it is not a coin collector, but someone fascinated by the bizarre story of this particular one. The owner lent to the Federal Reserve of New York for to expose, but as he saved 10 months has now decided to leave it to the New York Society.

The currency has survived nearly a century of hustle. Twelve years ago, again the valuable Us coins was narrowly saved from destruction. While pursuing the judicial process , Treasury put it in a safe building of World Trade Center. When the parties reached an agreement in late January 2001, the Treasury sent his deposit the bullion in Fort Knox, Kentucky, which is Less than eight months after the World Trade Center collapsed.

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