6 Most Controversial Coins in History and Why They Matter

1. The “Trial” or “Saint-Gaudens” Double Eagle (1933)

Controversy: The 1933 Saint-Gaudens Double Eagle is one of the most famous and valuable coins in U.S. history, primarily due to its association with a high-profile theft. Minted in the early 1930s, this gold coin was designed by Augustus Saint-Gaudens and featured a majestic image of Lady Liberty.

However, before they were released to the public, President Franklin D. Roosevelt took the U.S. off the gold standard in 1933, making the coin illegal to own under the Gold Reserve Act.

Despite the prohibition, a small number of these coins were stolen from the U.S. Mint. Many were later recovered, but some—such as the one that fetched over $7 million at auction in 2002—remained shrouded in mystery.

In 2011, a U.S. federal court ruled that the coin in question should remain in the U.S. Mint’s possession, making this particular coin a symbol of legal battles, theft, and the government’s control over money.

Why It Matters: The 1933 Double Eagle coin is a representation of the intersection of monetary policy, legal authority, and the black market. The legal battles surrounding it have also raised important questions about ownership and the sanctity of government-issued currency.

2. The 1913 Liberty Head Nickel

Controversy: The 1913 Liberty Head Nickel is controversial because it was never officially authorized by the U.S. Mint. The coin features the image of Liberty, but by 1913, the Mint had already replaced the Liberty Head design with the Buffalo Nickel.

However, five of these unauthorized coins were struck by a Mint employee, allegedly without permission, and were not discovered until decades later.

Despite its controversial origins, the coin became highly sought after by collectors, particularly after one was sold in 2003 for $3.7 million. The mystery behind its creation and the rarity of the coin has made it a central figure in the history of U.S. numismatics.

Why It Matters: The 1913 Liberty Head Nickel is a symbol of the boundaries between minting authority, the actions of rogue employees, and the obsession with rare coins in the collector market. It raises questions about the limits of official control over money and the unexpected historical significance of seemingly minor anomalies.

3. The “Killer” Coins of Ancient Rome: The Denarii of Caligula

Controversy: Roman Emperor Caligula, who ruled from 37 AD to 41 AD, was notorious for his erratic behavior and despotic reign.

Among his many controversial actions was his decision to issue coins that depicted him as a god and even included his own image on one side of the coin, accompanied by the words “Dominus et Deus” (Lord and God). These coins were meant to solidify his divine status, which offended many Romans who saw this as blasphemous.

Moreover, some coins issued during his reign showed the emperor’s infamy through imagery associated with violence and corruption.

These coins are often referred to as “Killer Coins,” as they may have symbolized the ruthless power and cruelty that defined Caligula’s rule. Caligula was assassinated in 41 AD, and his reign is often considered one of the most controversial in Roman history.

Why It Matters: These coins matter because they reflect the cult of personality and the way rulers used currency as propaganda to elevate their power. They also serve as a reminder of how empires often relied on symbolic imagery to manipulate and control public opinion.

4. The Nazi Reichsmark (1933–1945)

Controversy: The Nazi Reichsmark, the currency of Nazi Germany during Adolf Hitler’s regime, is one of the most infamous coins in history.

Not only did the Reichsmark serve as the monetary backbone for the Nazi economy, but coins issued during this period were often used for propaganda purposes, featuring symbols of Nazi ideology, such as swastikas and eagles. These coins were designed to legitimize the power of the Nazi regime and reinforce the idea of Aryan supremacy.

The controversy surrounding these coins is twofold: first, because they were used to support a regime responsible for the deaths of millions, and second, because of the moral and historical weight of collecting such coins today.

Many people find the idea of collecting Nazi-era currency distasteful, while others argue that the coins serve as important reminders of history and the dangers of totalitarianism.

Why It Matters: The Nazi Reichsmark coins are powerful symbols of how currency can be used to promote ideologies, both destructive and authoritarian. They also highlight the tension between historical preservation and the ethical considerations of collecting such items.

5. The 1977 “No Mintmark” Lincoln Cent

Controversy: The 1977 “No Mintmark” Lincoln Cent is often cited as one of the most significant errors in U.S. coinage history. The controversy lies in the fact that, during the 1977 minting process, a batch of Lincoln cents was produced without the expected mintmark (a small letter indicating the location of minting, such as “D” for Denver).

The absence of the mintmark created confusion, and some speculated that these coins were intentional rarities or errors, making them highly valuable.

While some of these coins were later proven to be mere production errors, they continue to be a subject of fascination among coin collectors. The incident raised questions about the quality control processes at the U.S. Mint and the public’s obsession with errors and rarities.

Why It Matters: This coin is an example of how minor mistakes in minting can generate enormous interest, leading to debates about the value and meaning of rarity in the world of numismatics. It also serves as a case study in the role of collectors and how errors can shape the perception of historical currency.

6. The “African American” Commemorative Half Dollar (1946)

Controversy: In 1946, the U.S. Mint issued a commemorative half dollar to honor the contributions of African Americans, particularly in the military. However, the design of the coin, which featured the image of Booker T.

Washington on one side, was controversial due to its limited scope and the failure to adequately represent the African American community at large. Critics argued that the coin trivialized African American history and oversimplified the contributions of black Americans.

While the coin’s release was an attempt at recognition, it is often viewed as a missed opportunity for more meaningful engagement with African American history. The debate over this coin highlighted the limitations of commemorative coins in addressing complex historical and social issues.

Why It Matters: The “African American” Commemorative Half Dollar illustrates how coins can serve as instruments of recognition, but also as symbols of exclusion or oversimplification. It raises important questions about the ways in which history is remembered and honored.

FAQ

1. Why are controversial coins so valuable?

Controversial coins often become valuable due to their rarity, historical significance, or the emotional reactions they provoke. Whether due to errors, political implications, or cultural significance, coins with controversial backgrounds are often seen as highly desirable by collectors, investors, and historians.

2. What role do coins play in historical memory?

Coins are often used to commemorate important events, figures, and ideologies. They can encapsulate the values, struggles, and political climates of their time, serving as a tangible reminder of historical moments. Controversial coins, in particular, raise questions about how societies choose to remember and memorialize their past.

3. How does the value of controversial coins fluctuate over time?

The value of controversial coins can fluctuate significantly due to changing public sentiment, historical discoveries, or shifts in the numismatic market. For example, coins associated with criminal activities or authoritarian regimes may see spikes in value as interest in them increases, only to decline once the initial curiosity fades.

4. Should controversial coins be collected?

Collecting controversial coins is a personal choice. Some collectors see these coins as important historical artifacts, while others may find them ethically problematic. The decision to collect such coins depends on individual perspectives on history, morality, and the role of numismatics in understanding the past.

Conclusion

Coins have long been more than just instruments of exchange; they are symbols of power, culture, and history. The six controversial coins discussed here highlight the complexities of using currency as a tool of propaganda, rebellion, and commemoration.

Understanding their significance helps us appreciate the ways in which coins can shape, reflect, and distort historical narratives. Whether viewed as rare collectibles or as potent reminders of past injustices, these coins continue to provoke thought and discussion.