Double Eagle
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For the device in heraldry, see Double-headed eagle.
A Double Eagle is a gold coin of the United States with a denomination of $20. Although the "eagle"-based nomenclature for gold U.S. coinage is often assumed to be a nickname, the "eagle," "half-eagle" and "quarter-eagle" were specifically given these names in the Act of Congress that originally authorized them ("An Act establishing a Mint, and regulating Coins of the United States", section 9, April 2, 1792). Likewise, the Double Eagle was specifically created as such by name ("An Act to authorize the Coinage of Gold Dollars and Double Eagles", title and section 1, March 3, 1849).
The first double eagle was minted in 1849, coinciding with the California Gold Rush. In that year, the mint produced one piece, which now resides in the Smithsonian Institution in Washington DC. In 1850 regular production began. Prior to that time, eagles with a denomination of $10 were the largest denomination of US coin. $10 eagles were produced beginning in 1795, just two years after the first U.S. mint opened. Since the $20 gold piece had twice the value of the eagle, these coins were designated "double eagles".
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[edit] Regular issue
Regular issue double eagles come in two major types and six minor varieties as follows:
- Liberty Head (Coronet) 1849–1907
- Liberty Head, no motto, value "Twenty D." 1849–1866
- Liberty Head, with motto, value "Twenty D." 1866–1876
- Liberty Head, with motto, value "Twenty Dollars" 1877–1907
- Saint Gaudens 1907–1933
- Saint Gaudens, High Relief, Roman Numerals, no motto 1907
- Saint Gaudens, Low Relief, Arabic Numerals, no motto 1907–1908
- Saint Gaudens, Low Relief, Arabic Numerals, with motto 1908–1933
[edit] Liberty Head
Due to the less desirable artwork and therefore lower demand, Liberty Coronet $20 gold pieces are less often encountered, and the common subtype commands less, than the St. Gaudens' type. In 1866, the motto "In God We Trust" was added to the Liberty Coronet double eagle creating a second subtype. In 1877, the coin's denomination design on the reverse was changed from "Twenty D" to "Twenty Dollars" creating a third and final subtype for the series. An 1879 pattern coin was made for the quintuple stella using a design combining features of the Liberty head double eagle and stella pattern coin and using the same alloy as the stella (60 parts gold, 3 parts silver, and 7 parts copper).
[edit] Saint Gaudens
The Saint Gaudens' double eagle is named for the designer, Augustus St. Gaudens, one of the premier sculptors in American history. Theodore Roosevelt imposed upon him in his last few years to redesign the nation's coinage at the beginning of the 20th century. St. Gaudens' work on the high-relief $20 gold piece is considered to be one of the most extraordinary pieces of art on any American coin. The mint eventually insisted on a low-relief version, as the high-relief coin took up to eleven strikes to bring up the details. Only 11,250 of these coins were struck in 1907. The current value of these coins is over $100,000.
The design of the St. Gaudens coin was slightly changed once when the number of stars along the rim was increased from 46 to 48 when New Mexico and Arizona became states. Double eagles were routinely minted through 1932, although few of the very last years' coinages were released and they bring very high prices.
The St. Gaudens obverse design was reused in the American Eagle gold bullion coins that were instituted in 1986.
[edit] 1933 Double Eagle
In 1933 President Franklin D. Roosevelt stopped the coinage of gold and made it illegal to hoard the metal (although coin collectors could retain their pieces). With one exception no 1933 double eagles were ever legally released, although some were stolen from the government and over the years several were recovered.
In the summer of 2002, a 1933 Double Eagle was auctioned off for $7.59 million US, which shattered the old record of just over $4 million paid at a public auction for a coin. This piece is unique as the only 1933 double eagle the U.S. government has deemed legal for its citizens to own. Even illegal instances of the 1933 double eagle would be worth hundreds of thousands of dollars, but it would be illegal for a U.S. coin dealer to broker a deal with one of these coins. There is no other date of double eagle that is worth a significant fraction of this extraordinary coin. In fact a complete uncirculated set of all other St. Gaudens' double eagles could be put together for just over a million dollars including the extremely rare proof prototypes. Without these rare patterns, the set would be less than $50,000.
In August 2005, the United States Mint recovered ten unauthorized 1933 Double Eagle coins from a private collector who had contacted the United States Mint to facilitate their surrender. Joan S. Langbord has claimed that she inherited the coins from her father, a suspect in the original theft, but is now planning a federal suit to recover the coins after her hopes of receiving monetary compensation from the federal government were not realized. As of August 2005, the Mint has announced that it would consider saving the coins for display, though as of February 2007, no formal statement has since been made. [1]
[edit] References
- ^ "U.S. Mint confiscates 10 rare gold coins", USA Today, published 25 August 2005, retrieved 30 January 2007
[edit] See also
[edit] External links
- US Double Eagle by year and type. Histories, photos, and more.
- Pictures of Gold Double Eagles
- The Saint Saint-Gaudens Double Eagles
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| Topics | United States coinage · United States dollar · History of the United States dollar · Large denominations of currency |
| Coins | Half cent · Large cent · Two-cent piece · Three-cent piece · Half dime · Twenty-cent piece · Trade Dollar |
| Gold Coins | Gold dollar · Quarter Eagle ($2.50) · Three-dollar piece · Stella ($4) · Half Eagle ($5) · Eagle ($10) · Double Eagle ($20) |
| Currency | Compound Interest Treasury Note · Demand Note · Federal Reserve Bank Note · Gold Certificate · Interest Bearing Note · National Bank Note · National Gold Bank Note · Refunding Certificate · Silver Certificate · Fractional currency · Treasury or 'Coin' Note · United States Note |
