Double eagle

Double eagle. The double eagle is a gold coin of the United States with a denomination of twenty dollars. First authorized by the Coinage Act of 1849 following the California Gold Rush, it was produced until 1933, when President Franklin D. Roosevelt halted gold coinage via Executive Order 6102. The most famous designs are the Coronet type by James B. Longacre and the celebrated Saint-Gaudens double eagle created by sculptor Augustus Saint-Gaudens.

History

The coin's creation was spurred by the massive influx of gold from the California Gold Rush, which prompted Congress to authorize new denominations. The Mint initially produced a single Secretary of the Treasury-approved pattern piece in 1849, now held in the Smithsonian Institution. Throughout its history, the coin served as a major vehicle for monetary gold and a symbol of American financial strength, circulating domestically and internationally. Its minting was abruptly ended in 1933 as part of the government's response to the Great Depression and the Banking Act of 1933, which sought to remove gold from circulation.

Design and specifications

The two primary types are the Liberty Head (or Coronet) double eagle, designed by Chief Engraver James B. Longacre, and the Saint-Gaudens double eagle. The latter, considered one of the most beautiful American coins, was commissioned by President Theodore Roosevelt to rival the artistry of ancient Greek coinage. It features a full-length figure of Liberty holding a torch and olive branch on the obverse, and a majestic flying eagle on the reverse. The coin's specifications, consistent for most issues, are 90% gold and 10% copper, with a weight of 33.431 grams and a diameter of 34.1 mm.

Minting and rarity

Double eagles were struck at multiple branch mints, including the Philadelphia Mint, San Francisco Mint, New Orleans Mint, Dahlonega Mint, and Carson City Mint, with mint marks indicating their origin. The 1933 double eagle is among the world's rarest and most valuable coins; nearly all were ordered melted after the gold recall, but a few escaped. One specimen sold at auction for over $7 million. Other notable rare dates include the 1854-O, 1856-O, and the 1870-CC, known from a single example reportedly minted for the coin cabinet of Assayer John Jay Knox.

Collecting and value

Double eagles are highly prized by numismatists and investors in precious metals. Values range widely based on date, mint mark, condition, and rarity, with common-date Saint-Gaudens coins trading for a premium over their gold bullion value, while rare issues command six- and seven-figure prices at auction. The market is significantly influenced by major grading services like the PCGS and NGC. The legal ownership of certain 1933 double eagles was famously contested in a protracted case involving the U.S. Treasury and the collection of King Farouk of Egypt.

In popular culture

The double eagle, particularly the 1933 issue, has captured public imagination, featuring in novels, films, and television series about heists and treasure. Its story is intertwined with figures like Theodore Roosevelt, Augustus Saint-Gaudens, and Franklin D. Roosevelt, and events like the Great Depression. The coin's aesthetic grandeur and historical narrative make it a frequent subject in documentaries produced by networks like the History Channel and a potent symbol of America's Gilded Age prosperity and subsequent economic turmoil.

Category:Coins of the United States Category:Gold coins