The $20 Double Eagle gold coin is not familiar to most Americans; this coin was minted between 1850 and 1933. The Double Eagle was minted soon after California gold rush and supplanted the $10 gold coins, called the Eagle as the largest denomination.
Smaller denominations like the $2.50 Quarter Eagle and the $5 Half Eagle were also minted. The $20 Double Eagle came on the scene in 1850 as a larger coin.
When the U.S. Mint introduced a gold bullion coin program in 1986, the American Gold Eagle was a popular piece for collection. The gold bullion dollar denominations were no longer regarded as the coins’ values were based more on the spot price rather than the face value of the gold coin. The spot price now determines the value of each gold bullion coin, with the amount of gold content in each coin.
Hence, today there is no real meaning or significance of the term ‘Eagle’ to the named gold bullion coin denominations as was during the 19th century or 20th century.
History of the Double Eagle
The smaller denominations already existed. Why was there a need to create the Double Eagle?
It was because of the 1848 California Gold Rush which saw an oversupply of gold; the US Mint thus created the Double Eagle, a bigger coin to take in the excess gold supply. The Double Eagle is twice as heavy in gold content as the Eagle with a $20 face value.
Although minting the $20 Double Eagle relieved the oversupply of gold, not everyone could afford to purchase it, as $20 was considered a large sum; equivalent to a month’s wages for many Americans. As such, the common folk did not see any practical use of the large denomination; unlike the smaller denominations of $2.50, $5.00 and $10.00. These were easily exchanged in the daily transactions between common folk.
Hence, the Double Eagle ended up mainly in interbank transactions or international commerce with foreign trading associates or business partners.
Types of Double Eagles
There were 2 kinds of Double Eagles minted in the 83 years between the year 1850 and the year 1933.
The first, Liberty Double Eagle was also known as $20 Liberty or Coronet type, referring to Lady Liberty’s headdress on the coin’s obverse.
The large Double Eagle coin was known as the “King of American coins” over many years. The coin’s obverse has an outstanding Lady Liberty bust with stars around the coin’s perimeter and the date below the bust. Its reverse has the American symbol, the majestic eagle flying across.
Minting of the Double Eagle continued until the year 1907 when a new design by famous sculptor Augustus Saint-Gaudens came on the scene. The Double Eagle is also famously known as St. Gaudens Double Eagle or $20.00 Saint Guadens, after the famous sculptor. The coin’s obverse shows Lady Liberty in full image facing the viewer, holding high a torch with sun-rays shining all around her. The coin’s obverse shows a flying eagle through the sun-rays.
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