Top 5 Most Controversial Coins
For thousands of years, rare bullion coins have been a massive market for consumers all over the world. Even the Ancient Romans traded in bullion coins, and cultures throughout history have appreciated the look and feel of beautiful gold and silver coinage.
But this doesn’t mean that things have always been uncontroversial in the world of bullion. In fact, some coins have been extremely contentious. Would you believe us if we told you that one gold coin was actually banned as an import in the United States? Have you heard about the coin that featured nudity upon official release before being pulled from shelves following public outcry?
Buckle up, because today we’re walking readers through five of the most controversial coins in world history. We’ll start with a breakdown of what makes a coin controversial before moving into a list of some of the world’s most controversial gold and silver coins.
What is a Controversial Coin?
Coins can be controversial for a number of reasons. For this guide, we’ve selected a wide range of different coins. Some pieces are controversial because of their artwork. For an example, take a look at the original design of the Standing Liberty Quarter. This was one of the most controversial coins in history because it initially included a bare-breasted depiction of Lady Liberty on the obverse.
Other coins are controversial because of their association with unfavorable governments. Later on this page, we’ll cover the South African Krugerrand. Quickly becoming one of the most controversial coins in recent history, the gold bullion piece was actually the subject of embargos from governments who were unhappy with South Africa’s racist system of apartheid.
Can a Coin be Illegal?
Coins can be made illegal! Several of the most controversial coins that made our list were banned at some point. While the Krugerrand was banned because of its manufacturing government’s unjust political systems, many discontinued U.S. coins are illegal to own. If a coin was not meant to be struck and is not legal tender, it might be illegal to buy, sell, or hold onto.
A few of the most controversial coins in the history of bullion were – or are – illegal to stack.
Most Controversial Coins in History
The time has come to take a look at the top 5 most controversial coins in history. Surprisingly, most of the coins on our list come from the past two centuries. While thousands of years of world coinage mean that there are surely controversial coins from all eras of human history, we find that some of the most interesting examples are actually very recent.
For our picks of the most controversial coins of all time, we’ve chosen five coins that represent some of the best controversy to ever hit coin collectors and mint manufacturers. Below, you’ll learn more about the South African Krugerrand, the 1933 Saint-Gaudens $20 Double Eagle, the original Type 1 Standing Liberty Quarter, our 1964-D Peace Dollar, and the “small eagle” coins minted in early American history.
South African Gold Krugerrand
We’ve got to begin with the South African Gold Krugerrand. On the surface, these coins don’t seem to be anything special. Their obverse depicts a controversial but often beloved South African political figure, Paul Kruger. On the reverse, you’ll note South Africa’s national animal, the Springbok Antelope.
Why is it Controversial?
But the coin’s appearance is deceiving, especially if you don’t know much about South Africa’s history. It was an immediate success, dominating coin sales and making up a staggering 90% of all gold bullion coin sales during its first minting run. This success didn’t last long.
As we’ll discuss below, the South African Gold Krugerrand is one of the most controversial coins because it was the subject of embargos from some of the world’s most powerful governments. While Krugerrands remain popular today, their controversy stems from a complicated and often dark period of South African history.
South African Krugerrand Embargo
In the 1980s, prominent governments like the United States placed an embargo on the South African Gold Krugerrand. This made it illegal to import them into the country. Embargos were initially placed to express global disapproval of South Africa’s apartheid system. Apartheid instituted a system of formal segregation in South Africa.
While embargos were eventually lifted, sales for the Krugerrand never quite recovered fully. In fact, we can actually thank the embargo of the South African Krugerrand for the creation of one of the world’s most popular European coins. The Austrian Gold Philharmonic
1933 Saint-Gaudens $20 Double Eagle
While the South African Krugerrand was banned for import after it had already been distributed around the world, this coin’s controversy comes from an entirely different source. The Double Eagle is a classic American coin. It was almost immediately a hit among collectors when it premiered in 1907, and it continued mintage until 1933.
Executive Order 6102
But the story of the Saint-Augens Double Eagle turned controversial in 1933. 1933 is the last release of the Saint-Gaudens Gold Double Eagle. The Mint initially produced a large number of these coins with the year ‘1933’ on the obverse. But President Franklin Roosevelt issued Executive Order 6102, which forced banks to turn their gold over to the government and stop paying in gold coins.
Because of this, all of the 1933 Saint-Gaudens Double Eagles were melted down by the U.S. Mint. While a few specimens are rumored to have escaped the melting and fallen into private collector hands, these coins remain extremely elusive. To date, only one specimen has been deemed legal to own. The rest may have changed hands on the black market hundreds of times by now. This makes the 1933 Double Eagle one of the world’s most controversial coins.
Legal Specimen of the 1933 Double Eagle
As one of the most controversial coins in the world, searches for the 1933 Double Eagle have produced very little in the way of actual results. After an extensive legal battle, auction house Sotheby’s won the right to sell a legal specimen of the coin at auction. It broke records, selling for over $7.5 million dollars. The coin sold once more for another record-breaking sum when it was purchased in 2021 for $18.9 million dollars.
Type 1 Standing Liberty Quarter
Yet another coin with a unique story, it’s time we finally take a look at the Type 1 Standing Liberty Quarter. This is one of the most controversial coins not because of its history – but because of its design. We’ll outline the strange and bold design choice that makes this one of the United States’ most controversial coins below.
Controversial Nude Coin Design
Lady Liberty is a classic American symbol, but most coin collectors have never seen this version of her likeness. On the original Type 1 Standing Liberty Quarter, Liberty is shown with her chest exposed. This nude version of the beloved icon for American freedom and liberty was shown with bare breasts visible. To date, we haven’t seen nudity in any other U.S. Mint coins.
Following its release, the U.S. Mint was bombarded with complaints from a number of organizations, including prominent purity organizations on the East Coast. Its design was eventually changed, but the Standing Liberty Quarter remains one of the most controversial coins ever manufactured in America.
Rare Uncovered Version
Even today, the uncovered Type 1 Standing Liberty Quarter remains a sought-after collector’s piece. It sells for high premiums, especially if the coin has been kept in near-mint condition. For fans of rare coins with interesting histories, the Standing Liberty Quarter is impossible to overlook.
Illegal Coin: 1964-D Peace Dollar
This is a good example of one of the world’s most controversial coins with a history of illegality. Actual specimens of this coin are illegal to own, considering that the U.S. Mint never officially released it. The Denver Mint was responsible for striking over 300,000 1964 Peace Dollars, but they were all melted shortly after.
PCGS Coin Bounty
The 1964-D Peace Dollar is one of the world’s most controversial coins for a reason. And the search for it has extended across the globe. Numismatic experts at Professional Coin Grading Services have offered a $10,000 cash bounty for anyone who possesses one of the coins. Surprisingly, they’re not offering to pay to buy the coin. This would, of course, be against the law. They just want to examine it!
Small Eagle U.S. Coins
The last of the most controversial coins on our list is not famous for its illegality or scarcity. Instead, these coins were controversial from the very beginning. In the late 1700s, the United States attempted to solidify its reputation as a new nation by adopting a national symbol. You know this symbol well – it’s the American bald eagle.
But the original American coins that bore the image of a bald eagle didn’t feature the strong, majestic eagle we see on coins like the American Gold Eagle. Instead, these coins featured a small, almost malnourished version of the beloved modern American design.
Public Criticism of the Design
The public was quick to criticize the eagle designs on the original American coins. Many fans of American coinage felt that the design failed to invoke the majesty and power of the United States. To this day, the coins are still known as “small eagles” as a result of their extremely small stature.
It didn’t take long for the U.S. Mint to reconsider its design choices. Moving forward, the coins instead featured a clearer image of American strength. Modern coins still continue to feature the American bald eagle, but the eagle looks much more well fed!
High Collectable Value
Small eagle coins from Early U.S. history tend to sell at high premiums over spot. While some of these coins are primarily valued for their precious metal content, their advanced age and unique designs mean that they’re more expensive than some newer coins with a similar reverse-side design. Collectors should expect to pay a hefty premium over spot in order to secure one of the world’s most controversial coins.
How to Buy Rare U.S. Coins
Buying rare U.S. coins shouldn’t be difficult. Whether you’re shopping for one of the most controversial coins the U.S. Mint has to offer or you’re just after a rare specimen of a widely celebrated piece, Hero Bullion has you covered. We aren’t the only coin dealer out there, so let’s take a look at a couple of options for collectors who want to build their precious metal portfolio with the most controversial coins.
Numismatic and Rare Coin Shops
Local numismatic and rare coin shops can be extremely lucrative, especially if a collector knows what he’s looking for. Dealers close to you might be able to provide better deals, especially on unpopular but rare bullion coins. Still, there’s a few limitations to buying locally. For one thing, local distributors can’t offer the kind of variety and inventory that you would find at an online dealer’s shop.
Online Coin Dealers
Hero Bullion is an online dealer, so we might be a bit biased. But we tend to think that the age of online bullion sales is a good thing for most rare coin buyers. We’ve worked hard to provide our customers with an extensive selection of popular and rare bullion coins from around the world. If you’re interested in putting your money on a few of the most controversial coins in history, Hero Bullion’s fair pricing model and extensive stock can help you build your stack with confidence.
Final Thoughts: Top 5 Most Controversial Coins
Who knew that rare coins could be so controversial? In this guide, we’ve explained the reason why some coins are illegal – and others are just offensive to an ever-evolving public. While some of these coins might be permanently unattainable to the average collector, we’re confident you’ll find something to build your collection within our wide inventory of rare gold and silver coins.
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About The Author
Michael Roets
Michael Roets is a writer and journalist for Hero Bullion. His work explores precious metals news, guides, and commentary.