Latest news with #DoubleEagle
Yahoo
22-05-2025
- Business
- Yahoo
Investing in Gold: The 1933 Coin That's Illegal To Own and Other Strange Rules
When you think about investing, you may lean more toward stock market options rather than the gold standard — but investing in gold may come with a few rules that will surprise you. For those new to the scene, it's important to learn about these quirks and strange laws so you don't find yourself on the wrong side of it when buying gold. Find Out: Read Next: For example, the 1933 Double Eagle gold coin, minted but never legally circulated, is considered government property and therefore illegal to own. In fact, owning one of these rare $20 coins today is not just illegal but may result in confiscation. This makes the 1933 Double Eagle a captivating yet untouchable part of gold coin history. For this reason among many others, the price of gold investing isn't just about market trends and analysis — it's also about navigating a landscape filled with unique legal rules. These rules have shaped gold investing over the years, making it a fascinating area for investors who are aware of its legal intricacies. Here are four strange rules of gold investing. From 1933 to 1974, owning gold was not just a financial decision but a legal matter in the United States. President Franklin D. Roosevelt and the government signed Executive Order 6102, which banned private gold ownership as part of its strategy to tackle the Great Depression, requiring citizens to turn in their gold to the Federal Reserve. This dramatic rule reshaped the American investment landscape for over four decades. Watch Out: In the modern era, gold ownership is unrestricted, but large transactions aren't free from the watchful eyes of the IRS. Any gold sale or purchase exceeding $10,000 must be reported. This rule is designed to maintain transparency and ensure tax compliance, adding a layer of responsibility for large-scale gold investors. So, how much gold can you legally own in the U.S.? In the United States, there is no legal limit on the amount of gold you can own. Since the lifting of ownership restrictions of the Gold Reserve Act in 1974, individuals are free to buy, own and possess as much gold as they wish. Importing gold into the United States comes with its own set of rules, including customs duties. Typically, a duty of around 3.9% is levied on gold imports, a policy aimed at regulating the flow of precious metals into the country. This rule necessitates that investors declare their gold imports and pay the required duties, ensuring legal compliance. One of the more intriguing aspects of gold investing laws is the exemption for collectible and rare coins. Even during the height of the gold ownership ban, collectors could legally own rare gold coins. This exception not only offers a fascinating loophole but also underscores the diverse nature of gold investing and the importance of understanding its legal nuances. Gold investing in the modern era is a blend of historical awareness and current legal compliance. Whether you're a newcomer or a seasoned investor, understanding these aspects is vital for successful gold investing. Here's what you need to know: Gold forms: Gold investments come in various forms like gold bullion, coins and exchange-traded funds. Each has its own market dynamics and legal considerations. Market trends and risks: Keeping abreast of gold market trends and understanding the associated risks is crucial. This helps in making informed decisions on when and how much to invest. Choosing the right vehicle: Depending on your investment goals and risk tolerance, select the appropriate gold investment vehicle. Options range from physical gold to gold-related securities. Working with reputable dealers: Engaging with reputable dealers is key. They can provide valuable advice, ensure legal compliance and offer authentic investment products. Staying informed legally: Keep up to date with laws and regulations governing gold investments. This includes understanding tax implications, reporting requirements and any restrictions on gold transactions. The realm of gold investing is filled with rich history and unique regulations. From the legendary 1933 gold coin to the complexities of modern gold ownership laws, understanding these aspects is essential for anyone involved in gold investing. Whether for diversification or preservation of wealth, gold forms including bullion, coins and bars continue to be a captivating, shiny asset in the investment world. More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives 7 Luxury SUVs That Will Become Affordable in 2025 This article originally appeared on Investing in Gold: The 1933 Coin That's Illegal To Own and Other Strange Rules Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Indianapolis Star
11-05-2025
- Business
- Indianapolis Star
Are your old pennies worth millions? Experts say you shouldn't bank on it
Do you own an old penny worth as much as a million dollars? Experts say it's highly unlikely. You may have seen one of many headlines blasted online lately about valuable pennies in circulation, "Lincoln Wheat Penny Worth $124M You Could Have at Home" reads one, but the reality is most pennies are worth one cent or possibly a bit more. Reality does not meet the hype, according to one expert. "There are million-dollar pennies, but there are no $100 million pennies," said Donn Pearlman, spokesman for the Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the nation's rare coin experts. "Only a few Lincoln cents dated 1909 to 1959 with the wheat stalks design on the back ("wheat pennies") have sold for $1 million or more." The most valuable U.S. coin ever, a $20 gold piece, a 1933 "Double Eagle" coin, sold for $18.9 million at auction in 2021. The most valuable pennies, which are rare but possibly still in circulation, are 1943 copper Lincoln wheat pennies, a few of which were produced accidentally as the U.S. mints were supposed to use zinc to save copper for the World War II effort, said John Feigenbaum, publisher of rare coin price guide Greysheet. In rare cases, some 1943 pennies have sold for $1 million, while one went for more than $200,000 at an auction in 2019. Big Lots: Retailer set to open more than 70 stores: Is your store on the list? Depending on their condition, those 1943 Lincoln wheat pennies would be worth at most between $100,000 and $250,000, Feigenbaum told USA TODAY. But the likelihood of having a near-priceless penny is similar to "saying your lottery ticket might be worth $100,000. Of course, anything is possible, right? But not likely," said Feigenbaum, who is also the PNG's executive director. So-called "wheat pennies" get their name from the back of the coin having stalks of wheat encircling the "One Cent" text. They were produced from 1909 to 1958. In 1959, the wheat stalks were shorn and pennies began displaying an engraving of the Lincoln Memorial. Most Lincoln wheat pennies are not super-valuable and are worth just a few cents more than one cent. However, some may escalate into the hundreds of dollars, depending on the condition and when minted. Certain vintages, especially with minting errors, may be worth thousands. You can see the NGC price guide here. But headlines about super-valuable "Lincoln wheat pennies" stretch the imagination. Most likely, the headlines are created by artificial intelligence to drive traffic to a website, Feigenbaum said. "These coins are improbably in people's change," he said. Still, all the online-stirred interest has resulted in "coin shops being inundated with these folks who believe they have something rare, but they don't," according to Feigenbaum. Increased interest in coins has led to overvalued coins being sold on eBay and Etsy, plus there are counterfeit Lincoln wheat pennies made in China being hawked. "If I've seen these coins ... somebody is every now and again being taken advantage of," Feigenbaum said. Even though the most valuable coins are usually in collections and have very publicly been "sold and resold," Feigenbaum said, sometimes people may inherit a cache of well-preserved coins or purchase some at an estate sale. Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@
Indianapolis Star
11-05-2025
- Business
- Indianapolis Star
Are your old pennies worth millions? Experts say you shouldn't bank on it
Do you own an old penny worth as much as a million dollars? Experts say it's highly unlikely. You may have seen one of many headlines blasted online lately about valuable pennies in circulation, "Lincoln Wheat Penny Worth $124M You Could Have at Home" reads one, but the reality is most pennies are worth one cent or possibly a bit more. Reality does not meet the hype, according to one expert. "There are million-dollar pennies, but there are no $100 million pennies," said Donn Pearlman, spokesman for the Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the nation's rare coin experts. "Only a few Lincoln cents dated 1909 to 1959 with the wheat stalks design on the back ("wheat pennies") have sold for $1 million or more." The most valuable U.S. coin ever, a $20 gold piece, a 1933 "Double Eagle" coin, sold for $18.9 million at auction in 2021. The most valuable pennies, which are rare but possibly still in circulation, are 1943 copper Lincoln wheat pennies, a few of which were produced accidentally as the U.S. mints were supposed to use zinc to save copper for the World War II effort, said John Feigenbaum, publisher of rare coin price guide Greysheet. In rare cases, some 1943 pennies have sold for $1 million, while one went for more than $200,000 at an auction in 2019. Big Lots: Retailer set to open more than 70 stores: Is your store on the list? Depending on their condition, those 1943 Lincoln wheat pennies would be worth at most between $100,000 and $250,000, Feigenbaum told USA TODAY. But the likelihood of having a near-priceless penny is similar to "saying your lottery ticket might be worth $100,000. Of course, anything is possible, right? But not likely," said Feigenbaum, who is also the PNG's executive director. So-called "wheat pennies" get their name from the back of the coin having stalks of wheat encircling the "One Cent" text. They were produced from 1909 to 1958. In 1959, the wheat stalks were shorn and pennies began displaying an engraving of the Lincoln Memorial. Most Lincoln wheat pennies are not super-valuable and are worth just a few cents more than one cent. However, some may escalate into the hundreds of dollars, depending on the condition and when minted. Certain vintages, especially with minting errors, may be worth thousands. You can see the NGC price guide here. But headlines about super-valuable "Lincoln wheat pennies" stretch the imagination. Most likely, the headlines are created by artificial intelligence to drive traffic to a website, Feigenbaum said. "These coins are improbably in people's change," he said. Still, all the online-stirred interest has resulted in "coin shops being inundated with these folks who believe they have something rare, but they don't," according to Feigenbaum. Increased interest in coins has led to overvalued coins being sold on eBay and Etsy, plus there are counterfeit Lincoln wheat pennies made in China being hawked. "If I've seen these coins ... somebody is every now and again being taken advantage of," Feigenbaum said. Even though the most valuable coins are usually in collections and have very publicly been "sold and resold," Feigenbaum said, sometimes people may inherit a cache of well-preserved coins or purchase some at an estate sale. Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@
USA Today
10-05-2025
- Business
- USA Today
Are your old pennies worth millions? Experts say you shouldn't bank on it
Are your old pennies worth millions? Experts say you shouldn't bank on it Lincoln wheat pennies, produced from 1909 to 1958, had stalks of wheat engraved on the back before the look changed in 1959. But online hype has folks thinking some of the pennies are worth millions. Show Caption Hide Caption Donald Trump tells Treasury Department to stop making pennies President Donald Trump told the Treasury Department to stop making pennies, citing production costs. Do you own an old penny worth as much as a million dollars? Experts say it's highly unlikely. You may have seen one of many headlines blasted online lately about valuable pennies in circulation, "Lincoln Wheat Penny Worth $124M You Could Have at Home" reads one, but the reality is most pennies are worth one cent or possibly a bit more. Reality does not meet the hype, according to one expert. "There are million-dollar pennies, but there are no $100 million pennies," said Donn Pearlman, spokesman for the Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the nation's rare coin experts. "Only a few Lincoln cents dated 1909 to 1959 with the wheat stalks design on the back ("wheat pennies") have sold for $1 million or more." The most valuable U.S. coin ever, a $20 gold piece, a 1933 "Double Eagle" coin, sold for $18.9 million at auction in 2021. The most valuable pennies, which are rare but possibly still in circulation, are 1943 copper Lincoln wheat pennies, a few of which were produced accidentally as the U.S. mints were supposed to use zinc to save copper for the World War II effort, said John Feigenbaum, publisher of rare coin price guide Greysheet. In rare cases, some 1943 pennies have sold for $1 million, while one went for more than $200,000 at an auction in 2019. Big Lots: Retailer set to open more than 70 stores: Is your store on the list? Depending on their condition, those 1943 Lincoln wheat pennies would be worth at most between $100,000 and $250,000, Feigenbaum told USA TODAY. But the likelihood of having a near-priceless penny is similar to "saying your lottery ticket might be worth $100,000. Of course, anything is possible, right? But not likely," said Feigenbaum, who is also the PNG's executive director. What are wheat pennies worth? So-called "wheat pennies" get their name from the back of the coin having stalks of wheat encircling the "One Cent" text. They were produced from 1909 to 1958. In 1959, the wheat stalks were shorn and pennies began displaying an engraving of the Lincoln Memorial. Most Lincoln wheat pennies are not super-valuable and are worth just a few cents more than one cent. However, some may escalate into the hundreds of dollars, depending on the condition and when minted. Certain vintages, especially with minting errors, may be worth thousands. You can see the NGC price guide here. But headlines about super-valuable "Lincoln wheat pennies" stretch the imagination. Most likely, the headlines are created by artificial intelligence to drive traffic to a website, Feigenbaum said. "These coins are improbably in people's change," he said. Still, all the online-stirred interest has resulted in "coin shops being inundated with these folks who believe they have something rare, but they don't," according to Feigenbaum. Increased interest in coins has led to overvalued coins being sold on eBay and Etsy, plus there are counterfeit Lincoln wheat pennies made in China being hawked. "If I've seen these coins ... somebody is every now and again being taken advantage of," Feigenbaum said. What should I do if I have some pennies or other coins I think are valuable? Even though the most valuable coins are usually in collections and have very publicly been "sold and resold," Feigenbaum said, sometimes people may inherit a cache of well-preserved coins or purchase some at an estate sale. Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day
Reuters
14-02-2025
- Business
- Reuters
Diamondback in talks to buy Double Eagle for more than $5 billion, WSJ reports
Feb 14 (Reuters) - Diamondback Energy (FANG.O), opens new tab is in talks to buy EnCap-backed Double Eagle, a big West Texas energy producer, for more than $5 billion, the Wall Street Journal reported on Friday, citing people familiar with the matter. Last year, Reuters reported that Double Eagle was exploring a sale of its Permian Basin-based producer in a deal that could be worth more than $6.5 billion, including debt. The WSJ report said a deal could be announced in coming days, if the talks don't fall apart, and it is also possible another suitor could emerge. In September, Diamondback acquired Endeavor Energy Resources for $26 billion to create an oil and gas company valued at more than $50 billion. Diamondback and Double Eagle did not immediately respond to Reuters' requests for comment.
