Eagle (United States coin)

Eagle (United States coin). The eagle was a gold coin of the United States with a face value of ten dollars, first authorized by the Coinage Act of 1792. It was a foundational unit in the nation's early bimetallic monetary system, alongside the half eagle and quarter eagle. Production spanned from 1795 to 1933, with its minting halted by Executive Order 6102 and the Gold Reserve Act of 1934.

History

The eagle was established by the Coinage Act of 1792, championed by Alexander Hamilton and Thomas Jefferson, which created the United States Mint and defined the nation's currency. The first eagles, struck in 1795 at the Philadelphia Mint, featured a small eagle reverse designed by Robert Scot. The coin's production was intermittent, ceasing entirely from 1804 to 1837 due to the exportation of specie and the banking controversies of the Jackson era. The California Gold Rush and subsequent Coinage Act of 1849 revitalized gold coinage, leading to the authorization of the double eagle and renewed eagle production at new branches like the San Francisco Mint. The series concluded in 1933 during the Great Depression as part of Franklin D. Roosevelt's efforts to remove gold from circulation.

Design

The eagle underwent several major design changes throughout its history. The initial Draped Bust and Capped Bust designs by Robert Scot and John Reich featured Liberty on the obverse and a heraldic eagle on the reverse. In 1838, Christian Gobrecht introduced the Coronet design, which remained for decades. The most significant redesign came in 1907 when President Theodore Roosevelt commissioned sculptor Augustus Saint-Gaudens to create more artistic coinage, resulting in the iconic Indian Head obverse and a standing eagle on the reverse. This design, executed with the assistance of Henry Hering and mint engraver Charles E. Barber, is considered a masterpiece of American numismatic art.

Varieties and mintages

Eagles were minted at several facilities, leading to numerous collectible varieties. Key early mint marks include C and D for coins struck from Southern gold and O for that mint's output. The 1795 small eagle and 1797 large eagle reverses are notable early types. The 1864-S, struck during the American Civil War, is a significant San Francisco Mint issue. The 1907 Indian Head eagle appears in high-relief, rolled-edge, and wire-edge varieties, with the extremely rare 1933 eagle being among the last struck. Mintages varied widely, with some Philadelphia Mint issues in the tens of thousands and certain branch mint years producing only a few thousand pieces.

Collecting

Eagle coins are highly sought after by numismatists and investors in precious metals. Key factors affecting value include rarity, condition (graded by services like PCGS or NGC), mint mark, and specific variety. The 1795-1804 issues, particularly those from the Draped Bust era, command substantial premiums. The 1907 high-relief Saint-Gaudens design is a perennial favorite, while coins from the closed Dahlonega Mint and Charlotte Mint are prized for their Civil War-era provenance. Major collections, such as those of Louis E. Eliasberg and Harry W. Bass Jr., have featured superb examples. The market for eagles is active at auctions by firms like Stack's Bowers Galleries and Heritage Auctions.

Cultural impact

The eagle coin, as a symbol of American financial strength, featured prominently in 19th-century commerce and international trade. Its imagery, especially the Saint-Gaudens design, influenced later American coinage, including the American Gold Eagle bullion program launched in 1986. The coin has appeared in popular culture, such as in the film The Good, the Bad and the Ugly, and its name persists in financial jargon, with "eagle" sometimes colloquially referring to a ten-dollar denomination. The recall and melting of many eagles under the Gold Reserve Act of 1934 has cemented their status as historic artifacts of America's gold standard era.

Category:Coins of the United States Category:Gold coins Category:1795 introductions