$20 Liberty Head Double Eagle Gold Coin
The Double Eagle evokes American prosperity and wealth during the late 19th and early 20th centuries. This iconic coin is a testament to the nation's status as a world leader and reflects America's resilient spirit.
History
The Liberty Head Double Eagle Gold Coins were first minted in 1850 and ceased production in 1907. These coins were crucial in facilitating high-value international transactions, especially when foreign governments hesitated to trust paper money.
The production of the first $20 gold coin coincided with the 1849 California Gold Rush, a period marked by the discovery of vast quantities of gold in California.
This coin, valued at twice the highest denomination of the time (the Eagle, worth $10), was introduced to accommodate the increased gold supply and demand for larger denominations.
The Philadelphia Mint (No Mint Mark) began production of this design in 1850, followed by the San Francisco branch (S), which started in 1854, and both ceased in 1907. The New Orleans facility (O) produced the coin from 1850 until 1866, while the Carson City Mint (CC) contributed from 1870 to 1893. Finally, the Denver Mint (D) produced the series for a brief period from 1906 to 1907.
The St. Gaudens $20 coin succeeded the Liberty Head design, minted from 1907 until 1933.
Design
Designed by James B. Longacre, the fourth chief engraver of the United States Mint, the obverse features Miss Liberty's compact head, her hair tied in a bun, and her coronet inscribed with "LIBERTY." Thirteen stars surround her head, with the date placed just below her. This design is similar to the one used on the gold dollars from 1849 to 1854.
The most recent reverse of the liberty head double eagle presents a unique motif: it depicts an eagle with a squared shield on its breast, holding an olive branch and arrows, with its wings spread.
Ornaments flank the eagle, while stars and rays appear above. The inscription "UNITED STATES OF AMERICA, TWENTY DOLLARS" surrounds the design. Thirteen stars encircle the American motto: IN GOD WE TRUST.
The coins went through small but significant changes throughout its release:
The 1850-1866 style or type 1 has the denomination expressed as TWENTY D, the 1866-1876 type 2 has the denomination expressed the same way but with the addition of IN GOD WE TRUST, and the 1877-1907 type 3 has the denomination changed to TWENTY DOLLARS.
Features and Variations of the Double Eagle Gold Coin
Weight, Diameter, and Composition
The Double Eagle weighs 0.9675 troy oz and weighs 33.40 grams. The coin is made of 90% gold and 10% copper alloy.
Type 1, No Motto (1849-1866)
Type one has no motto on the reverse and the mintmark below the eagle.
Double eagles of type 1 were produced in large quantities from 1850 forward, although the type is full of scarce and rare dates. The New Orleans issues of 1854 and 1856 are major rarities, including the 1861 issues with a modified reverse by Anthony C. Paquet.
Type 2, With Motto, "TWENTY D." on Reverse (1866-1876)
In 1866, the reverse of the Liberty Head style was modified by adding the motto IN GOD WE TRUST within the circle of thirteen stars above the eagle's image.
The Philadelphia and San Francisco mints continuously produced coins. Carson City started production in 1870, and the 1870-CC coins are rare issues.
Type 3, With Motto, "TWENTY DOLLARS" on Reverse (1877-1907)
The denomination, previously written TWENTY D., was changed to TWENTY DOLLARS. Which automatically creates a new type.
Examples were produced in all years in Philadelphia, and those pieces struck from 1881 through 1887 are rarities. They were also produced intermittently in Carson City and San Francisco.
New Orleans produced this type only in 1879, making it a rarity. Pieces were struck in Denver in the final two years of the type (1906-07).
Saint Gaudens Double Eagle
Finally, in 1907, sculptor Augustus Saint-Gaudens redesigned the $20 piece, employing the obverse motif of Miss Liberty striding forward, ending the classic Liberty Head design. The initial Saint Gaudens Double Eagle design was struck in high relief, giving the coins an almost sculptured appearance. Surviving Saint Gaudens tend to be highly desirable and one of the most popular gold coins to collect.
Collecting and Investing in Double Eagles
Pre-1933 Gold Coins
There was a time when paper money in the United States was backed by physical gold. Under the gold standard, the country could only print money equivalent to its physical gold reserves.
However, during the Great Depression, people began hoarding gold due to a lack of trust in the government and disbelief that the economy would improve. This led President Roosevelt in 1933 to remove the country from the gold standard and prohibit hoarding gold. Roosevelt felt that his confiscation act was a necessary measure to stop the rising inflation.
The ceasing of gold coin production for circulation in 1933 marked the end of the gold standard era for American coinage. The confiscation of many of Pre-33 gold coins seriously reduced their availability in the market, that is why these coins in uncirculated condition are so desired by collectors.
Rarity
Valuable coins are not necessarily scarce, but rarity always enhances a coin's value, and its mint mark can contribute to it.
Several scarce and rare issues exist within the 1850-1907 era, notably the 1854-O (New Orleans), 1856-O, 1861-S (San Francisco Mint) Paquet reverse, 1870-CC (Carson City), and the 1879-O. Philadelphia Mint coins, 1883 and 1884, were minted only in the Proof finish, with no related business strikes, to the extent of 92 and 71 pieces, respectively.
Several other issues are elusive, and the Philadelphia Mint version of the 1861 Paquet reverse is a great rarity.
Condition
The coin's condition and grading greatly affect its value. The scale used by respected grading services like PCGS and NGC is the Sheldon Scale, which goes from 1 to 70, with 1 being the poorest and 70 being the perfect condition.
Collectors and numismatists might purchase high-grade specimens, typically uncirculated coins, which fetch higher premiums than circulated ones. Mint State coins, those graded between MS60 and MS70, exhibit minimal signs of wear and retain much of their original luster.
Investment
The Liberty Head Coins are composed of .900 gold and .100 copper. The value of a gold double eagle coin is tied to the price of gold, making it a reasonable investment option.
Private investors looking to diversify their portfolios have long favored gold bullion purchases due to its historical stability and high appreciation potential.
The coin’s historical significance and gold content make it valuable to any collection. Collecting Double Eagles is an excellent way to own a piece of American history and gold coinage. It is indeed a work of art, exemplifying how even difficult times can create remarkable pieces of beauty.