Double Eagles: America's Magnificent $20 Gold Coins

Double Eagles ($20 gold pieces) represent America's largest regularly-issued gold coins, minted from 1849 to 1933. The Liberty Head (1849-1907) and Saint-Gaudens (1907-1933) types are both highly prized. The Saint-Gaudens Double Eagle is widely considered the most beautiful U.S. coin ever made. Containing nearly one troy ounce of gold (0.9675 oz), these magnificent coins saw use in large transactions and international trade. The 1933 Double Eagle is one of the world's most valuable coins.

Origins: The California Gold Rush

The discovery of gold at Sutter's Mill in 1848 created an unprecedented need for higher denomination gold coins. Existing denominations couldn't efficiently handle the flood of California gold. Congress authorized the $20 gold piece in 1849 - the highest denomination regular-issue U.S. coin until the 1900s.

Liberty Head/Type I, II, III (1849-1907)

Type I - No Motto (1849-1866)

James B. Longacre's original design featured Liberty wearing a coronet with "LIBERTY" inscribed. The reverse showed a heraldic eagle surrounded by "UNITED STATES OF AMERICA" and "TWENTY D." The denomination is expressed as "TWENTY D." for twenty dollars.

Type II - Motto Added (1866-1876)

In 1866, "In God We Trust" was added on a ribbon above the eagle. The letters in "TWENTY D." were also made taller. These changes create the Type II variety. Production included several branch mints during this period.

Type III - "TWENTY DOLLARS" (1877-1907)

The denomination was changed from "TWENTY D." to "TWENTY DOLLARS" spelled out. This final Liberty Head variety continued until the Saint-Gaudens redesign in 1907.

Key Dates - Liberty Head

• 1849: First year, Open Wreath variety especially scarce
• 1854-S: Very low mintage
• 1856-O: Extremely rare New Orleans issue
• 1861 Paquet Reverse: Rare experimental design
• 1866 No Motto: Transitional issue, extremely rare
• 1870-CC: First Carson City double eagle
• 1883 Proof Only: No business strikes, 92 proofs
• Carson City issues (1870-1885, 1889-1893): All highly collectible

Saint-Gaudens Double Eagle (1907-1933)

Theodore Roosevelt's Vision

President Theodore Roosevelt believed American coins lacked artistic merit. He commissioned Augustus Saint-Gaudens, the preeminent American sculptor, to redesign the gold coins. The resulting double eagle is considered by many to be the most beautiful coin ever produced by any nation.

Design Features

• Obverse: Liberty striding forward holding torch and olive branch, sun rays behind
• Reverse: Eagle in flight over sun, Capitol building visible below (early strikes)
• Ultra High Relief (1907): Original design required multiple strikes, impractical for commerce
• High Relief (1907): Slightly reduced relief, still required more pressure than normal
• Low Relief (1907-1933): Modified for regular production

1907 MCMVII Ultra High Relief

The original design was so high in relief it required up to nine strikes to bring up full detail. Only about 12,367 were made in a special trial. These rank among the most beautiful and sought-after of all U.S. coins, with prices reaching six figures even in lower grades.

Motto Controversy

• No Motto (1907-1908): Roosevelt believed "In God We Trust" on coins was sacrilege
• With Motto (1908-1933): Congress mandated the motto's return after public outcry

Key Dates - Saint-Gaudens

• 1907 Ultra High Relief: Extremely valuable in all grades
• 1907 High Relief: More available but still premium coins
• 1920-S: Low survival rate in high grades
• 1921: Low mintage of 528,500
• 1927-D: Key date of the series
• 1930-S: Low mintage
• 1933: The most famous rarity in American numismatics

The 1933 Double Eagle: The World's Most Valuable Coin

The Story

In 1933, 445,500 double eagles were struck at Philadelphia. However, President Roosevelt's gold recall executive order prevented their release to the public. All were ordered melted - except for a few dozen that mysteriously left the mint.

Legal Battles

The Secret Service spent decades tracking down illegally held 1933 double eagles. Most were confiscated and destroyed. In 2002, one example was sold at auction for $7.59 million (over $10 million with buyer's premium). In 2021, another sold for $18.9 million, making it the most valuable coin ever sold.

Current Status

Only one 1933 double eagle has been legalized for private ownership (the 2021 sale). The Smithsonian holds two examples, and a few others exist in institutional or foreign holdings. Any others that surface are subject to confiscation.

Specifications

• Denomination: $20
• Diameter: 34mm
• Weight: 33.436 grams
• Composition: 90% gold, 10% copper
• Gold Content: 0.9675 troy ounces pure gold
• Edge: Reeded

Historical Role

Double eagles served as the primary large-denomination coin for major transactions, bank reserves, and international trade. European banks held millions for settlement of international accounts. They backed paper currency and served as a store of value during economic uncertainty.

The European Connection

Millions of double eagles were shipped to Europe for international trade settlement. Many remained in European bank vaults when the 1933 gold recall occurred. These escaped melting and provide the bulk of available examples today, particularly for common dates from the early 1900s.

Collecting Strategies

Type Set

Collecting one of each major type (Liberty Type I, II, III, and Saint-Gaudens) is popular. Common date Saint-Gaudens double eagles are affordable relative to their size and beauty.

Date Runs

Building complete date sets is challenging due to rarities and the 1933 impossibility. Most collectors focus on specific eras or exclude major rarities.

Carson City Collection

Carson City double eagles (1870-1885, 1889-1893) are highly sought after. These Old West coins carry premiums but are more available than CC examples of smaller denominations.

Investment Grade

Common date Saint-Gaudens in MS63-MS65 grades are popular with both collectors and investors. They combine bullion value with numismatic appeal and high liquidity.

Grading Considerations

Liberty Head Wear Points

• Hair above Liberty's ear and forehead
• Stars, especially the upper ones
• Eagle's neck and breast

Saint-Gaudens Wear Points

• Liberty's breast and knee
• High points of the torch and dress
• Eagle's breast and wings

Market and Investment

Double eagles are among the most liquid coins in numismatics. Common date Saint-Gaudens trade worldwide at small premiums over gold content. Rare dates and high-grade examples command substantial premiums. The combination of nearly one ounce of gold and artistic merit makes them attractive to both investors and collectors.