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Product Details
Hardcover: 384 pages
Publisher: Atria Books; first edition (September 9, 2004)
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.
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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!
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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.
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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.
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David Tripp's references show contact with many people acquainted personally with the families of historical figures mentioned in the book, of whom the most important by far was Will Woodin, who became FDR's Treasury Secretary in 1933. Woodin was a first-rate coin-collector and a man who could afford to buy what he wanted to own. But there were others in the shadows for whom keeping a few coins could generate all the money they could ever want - motive enough for skulduggery. So the reader has the distinct sense that some questions about the Double Eagles are not settled and may never be - mysteries about missing coins and where they might be. The Treasury went after someone who tried to sell a missing coin, so there is no doubt that the Federal Government is aware of what must in the absence of further information be described as a theft of coins. The topic is a real-life mystery, and the auction of the Double Eagle was itself a concession.
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Coin collecting is a longstanding interest of mine. Like so many others, the story of the St. Gaudens designs has always intrigued me. I found this book very illuminating and informative as well as the source of some rather remarkable irony. I'm surprised that the the private sale of one of these coins to King Farouk, apparently with the knowledge and approval of the United States government, did not establish the legality of private ownership once and for all. It is also surprising that in the middle of a world war the Secret Service devoted so much time and energy to the pursuit of these coins.Also, in light of the price realized by the coin sold at auction a dozen years ago, the government's destruction of the coins in it's possession in 1956 seems now to have been more than a little bit ill - advised. An updated version of this book would be welcome in light of the discovery of ten examples of this coin in 2005.The story seems far from over. I enjoyed this book very much and recommend it highly.
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