Customer Reviews

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

5 star:		(8)
4 star:		(4)
3 star:		(2)
2 star:		(1)
1 star:		(1)

 

 

If you are a fan of novels like "Topaz" and "The Maltese Falcon" then you are bound to enjoy David Tripp's "Illegal Tender: Gold, Greed and the Mystery of the Lost 1933 Double Eagle". But this is not fiction. Rather it is a true story spanning more than 70 years and starring of all things a $20 gold coin!!!

You see when Franklin Roosevelt took the country off the gold standard immediately after his inauguration in 1933, he ordered that all gold coins in circulation be returned to the government. It was a monumental task of course but most patriotic Americans voluntarily complied. Likewise, any gold coins that had been minted and not yet circulated were also ordered to be destroyed. In early 1933, more than 445,000 double eagle coins had been struck by the U.S. Mint. Somehow, a tiny quantity of these coins managed to see the light of day. And this is what "Illegal Tender" is all about. You'll learn how these coins managed to escape the clutches of the U.S. Mint in Philadelphia and all about the individual who was responsible. It is equally fascinating to read about those collectors who were able to obtain a rare 1933 "double eagle". For most of these folks the "double eagle" turned out to be an albatross. Be careful what you wish for!!! And as it became known that a quantity of these "illegal" coins had somehow fallen into the hands of collectors, David Tripp chronicles the Herculean efforts of the Secret Service to retreive them. Pretty compelling stuff!!!! Along the way you'll also be introduced to a number of coin dealers, lawyers and other assorted charactors who also play a role in this intriguing tale. Just what was it about these coins that was causing such a commotion?

"Illegal Tender" gets off to a fast start and I found myself hooked right away. However, I thought the story lost a bit of momentum over the final few chapters. Nevertheless this is a well written book that certainly deserves your attention. Recommended.

Although hard core coin collectors will enjoy this book, those of us who enjoy reading non-fiction crime stories will be a little disappointed. The author does a good job in describing the history of the coin at stake but loses something in the translation. The sad fact is that this coin's history is checkered and unknown. Therefore, the reader is always left guessing and speculating about how it ended up at auction. There is very little that is "known" when it comes to how this coin escaped the melt-down. Perhaps this is not the author's fault as he is limited by his subject. The book is readable and grabs the reader at times with the description of the auction as well as the FBI investigation in the 1930's as they tried to track down where the coins came from and who had them. All in all, the author did a competent job but the subject, which could have been fascinating, is somewhat dull.

Rare coins, government fowlups, kings and presidents, big money, criminals, artists and a beautiful girl (on the coin)...all elements in this fascinating book. I am an avid reader of non-fiction and I have the collector gene, but I never expected this to be a one-night-read. Just great!

One of those stories where truth is stranger than fiction.
Meticulous research, great writing and intrigue kept me up well past my bedtime.

This book has it all: kings, cops, crooks, and millionaire collectors all in pursuit of a fabulous gold coin that can't be legally owned or sold. Tripp's taut tale is exciting non-fiction, and the story and vivid personalities will keep you hooked. If you've ever looked at your spare change and wondered if one of your coins might be worth a fortune, this book is for you!

Illegal Tender reads like a fast-paced detective thriller. All the elements of a great "whodunit" are here. The elusive treasure, the thieving insider, the hard nosed by the book detectives and tying it all together is the outstanding writing of David Tripp.

In addition to weaving a fascinating tale of the fate of these precious 1933 Double Eagle coins, Tripp masterfully expands the panorama of the story to bring the reader back to the early 1930s and FDRs decision to essentially ban private ownership of gold. Indeed, while reading the first few chapters, I couldn't help but think the story of FDR's first 30 (forget 100) days in office would itself fill a book.

The story of the hunt for the purloined gold coins is wonderfully told with rich texture given to the main characters, an insider's look on how an FBI sting operates, the sometimes shady world of numismatism, and everything in between. The kernels of information laced throughout this book will literally leave you saying this CAN'T be true. But it is. There's a great coda to the story, I won't spoil here, but Tripp leaves one last twist until the very end.

This book is highly recommended.

Who would have thought that a book about an old gold coin would be interesting? Tripp does a fine job in explaining the financial problems this country was facing at the start of FDR's first term and how gold coins played a major part in saving the US banking system. The story of the '33 Double Eagle is fascinating--full of intrigue with a cast of characters worthy of Dickens.

One does not need to be a numismatic to appreciate this story. A great example of narrative non-fiction. Bravo, Mr. Tripp.

As with any thriller, the book opens with the background and history of the our protagonist, in this case, the Saint-Gaudens $20 Double Eagle. Tripp repeats the well known history of how President Theodore Roosevelt wanted to extend the gilded age and update the design of US coinage. Roosevelt thought the design of the Mint's Chief Engraver Charles E. Barber's were bland and not fitting of a great nation. Tripp reproduces reports of conversations and letters from Roosevelt to Barber and other US Mint officials demanding they follow the instructions of sculptor, Augustus Saint-Gaudens, as to how the coin would be minted. If you have not heard the details of this history, the first chapter is a must read.

From the history of the rise of the Saint-Gaudens $20 Double Eagle, Tripp then talks about its demise. With the country in the throes of the Great Depression and the country revolting against President Herbert Hoover at the polls, Tripp discusses the tension between Hoover and the transition team of Franklin D. Roosevelt. While the country was experience a near total economic collapse, Tripp writes how FDR did not want to do anything that would give Hoover credit for doing anything before the March, 1933 inauguration.

Hours after FDR's inauguration, the Senate approved the appointment of William H. Woodin as the Secretary of the Treasury. Woodin worked tirelessly with the Hoover administration to try to stop the damage. Tripp paints a great word picture as to how Woodin and FDR created a policy that helped the country pull out of the depression.

One of the problem was the amount of gold leaving the United States and being used for overseas trade. More gold was leaving the Treasury than they were taking in. At Woodin's urging, FDR signed an executive order recalling all privately held gold. As this executive order goes through many updates, Tripp brings us inside the Philadelphia Mint facilities as they continue to mint 1933 $20 Double Eagles. Tripp puts us right in the Mint and traces the path of these gold beauties.

With the order to melt these coins in 1934, the mystery begins. Tripp weaves the story in true mystery novel style following the trail of several of these coins as they leave the Mint. This includes the one coin with a legal export receipt that was shipped to King Farouk of Egypt. Tripp' coverage of the "Palace Collections of Egypt" or King Farouk's by the Egyptian government (website in English) is a classic twist of capitalism and greed meeting politics.

The book bogs down a bit starting in the late 1950s as the trail for all of the Double Eagles gets cold and the various law suits are settled. The story picks up again with the discovery of the Farouk coin. Tripp follows the trail from its consignment in England through the seizure in the Waldorf Astoria Hotel in New York City by the United States Secret Service. From there, the book reads like an episode of Law and Order leading up to the settlement and auction of this one-of-a-kind coin.

The only thing that makes this only a four-star book is that Tripp's prosaic tome makes this composition a somewhat arduous read. One may require a dictionary close at hand to fully understand the lexicon he uses. If nothing else, the book did help improve my vocabulary. Otherwise, Illegal Tender is a wonderful book to read and better than most mystery novels because it is true!

Illegal Tender won the 2005 Book of the Year award from the Numismatic Literary Guild.

I expected Illegal Tender to be heavy on historical facts and otherwise a dry, boring read. What I got was something completely different. Tripp does an outstanding job of keeping dry subject matter exciting. Well, exciting if you enjoy numismatics + history. Highly recommend this book if you're looking for something different from the usual run of the mill crap out there on the shelves.

This is not a great book, but it is a good book. Until a few years ago I would now and then visit a coin show and, of course, hear the occasional rumor of what had happened to those few 1933 St. Gaudens gold double eagles that had missed being melted down. This well researched and well written book gives the complete story. This book is not for everyone. If you have no interest in gold coins it might seem a bore, but if you do, then you might find yourself with that urge to hold some heavy yellow metal again.