Are you curious about the history and value of the elusive Double Eagle coin? If so, you’re not alone. This highly sought after gold coin has an interesting story and is a valuable asset for collectors and investors. Let’s dive into the intriguing world of Double Eagle coins and uncover what makes them so desirable.
What Is a Double Eagle Coin?
A double eagle coin, also known as a $20 gold coin, was produced by the United States Mint from 1849 to 1933. Originally intended for use in international trade, it has gained popularity among collectors due to its significant amount of gold and historical importance. The name of the coin comes from its ‘double’ denomination and the depiction of a heraldic eagle. These coins are highly coveted by numismatists and investors due to their rarity and high value.
The History of Double Eagle Coins
In the world of numismatics, the double eagle coin holds a special place as one of the most sought-after and valuable coins in existence. But what exactly is a double eagle coin and how did it come to be? In this section, we will delve into the rich history of these iconic coins, from their creation in the 19th century to the changes in design and production over the years. We will also touch upon the suspension and eventual return of production, adding to the intrigue and rarity of these prized coins.
1. The Creation of the Double Eagle Coin
The process of creating the double eagle coin involved several steps:
- Congress passed the Coinage Act of 1792, authorizing the production of the double eagle.
- Master engraver Robert Scot designed the initial Liberty Cap double eagle coin.
- Production began at the Philadelphia Mint in 1795.
Fun Fact: The first double eagle coins were minted in 1795 and had a face value of $20.
2. The Changes in Design and Production
- Design Changes: The transition from the Liberty Head to the Saint-Gaudens design in 1907 marked a significant shift in the appearance and production of the coin.
- Production Techniques: The introduction of the Saint-Gaudens design required changes in the minting process, including higher relief and modified edge lettering.
- Security Features: To prevent counterfeiting, the reintroduction of the Double Eagle in 1907 included new security measures such as edge lettering and a high-relief design.
Fact: The transition to the Saint-Gaudens design in 1907 was a result of President Theodore Roosevelt’s initiative to enhance the beauty of American coinage.
3. The Suspension and Return of Production
- 1929 Suspension: The production of double eagle coins was halted due to the economic crisis amidst the Great Depression.
- 1933 Return: Although over 445,000 double eagles were minted in 1933, none were released for circulation due to the Gold Reserve Act.
During the Great Depression, the US Treasury ceased the production of double eagle coins in 1929, only to resume minting in 1933. However, none were circulated due to the Gold Reserve Act, making these coins exceptionally rare and valuable today.
What Makes Double Eagle Coins Valuable?
Double Eagle coins have long been sought after by collectors and investors alike. But what exactly makes these coins so valuable? In this section, we will delve into the key factors that contribute to the value of Double Eagle coins. From their gold content to their rarity and historical significance, each aspect plays a role in determining the worth of these coveted coins. Let’s take a closer look at what makes Double Eagle coins such a valuable and desirable asset.
1. Gold Content
- Check the authenticity and value assessment of the gold content.
- Verify the purity and weight of the coin to accurately assess its gold content.
- Ensure that the gold content matches the specifications for the specific type of Double Eagle coin.
- Understand the rarity scale: Familiarize yourself with the rarity scale of double eagle coins by studying mintage numbers and historical records.
- Consult experts: Seek guidance from numismatic experts or attend coin shows to gain valuable insights into the rarity of specific double eagle coins.
- Utilize reputable resources: Make use of reliable resources such as numismatic books, online forums, and auction records to research the rarity of double eagle coins.
3. Historical Significance
- Discover the historical significance of double eagle coins and their impact on economic and numismatic history.
- Examine how historical events, such as the Gold Rush and the Great Depression, influenced the production and circulation of double eagle coins.
- Consider the influence of prominent historical figures, like President Theodore Roosevelt, on the design and symbolism of double eagle coins.
How to Identify a Double Eagle Coin?
If you have come across a coin with the denomination of “Double Eagle,” you may be wondering what exactly it is and how it differs from other coins. In this section, we will discuss the key features that can help you identify a Double Eagle coin. By examining the date and mint mark, design and inscriptions, and authenticity of the coin, you can determine if you have a genuine Double Eagle in your possession. So, let’s dive into the details and learn how to identify this unique and valuable coin.
1. Look at the Date and Mint Mark
- Examine the date: Find the year of mintage on the coin.
- Check the mint mark: Identify the mint where the coin was produced.
Fun Fact: The value of a Double Eagle coin can be significantly impacted by the presence of a mint mark.
2. Examine the Design and Inscriptions
- Examine the Design and Inscriptions: Assess the artistic elements, such as the portrayal of Liberty or a heraldic eagle, and check for phrases like ‘Twenty Dollars’ or ‘In God We Trust,’ ensuring clear and accurate lettering.
- Inspect the Edge: Verify if the edge is reeded or lettered, as it may indicate the coin’s date.
3. Check for Authenticity
- Check the edges of the coin for any seams or inconsistencies.
- Look for the presence of a reeded edge, which is a series of grooves around the circumference of the coin.
- Verify the weight and dimensions of the coin to ensure they match the specifications of an authentic Double Eagle.
When examining a Double Eagle coin for authenticity, it is crucial to carefully observe the details and seek expert opinions if unsure.
The Different Types of Double Eagle Coins
When it comes to collecting coins, the double eagle is a highly sought after and valuable piece. But did you know that there are actually three different types of double eagle coins? In this section, we will take a closer look at each type: the Liberty Head double eagle, the Saint-Gaudens double eagle, and the High Relief double eagle. Each of these coins has its own unique history and design, making them fascinating additions to any coin collection.
1. Liberty Head Double Eagle Coins
- Inspect the date and mint mark to determine the minting details of the Liberty Head Double Eagle Coins.
- Examine the design and inscriptions to identify the unique features of the Liberty Head.
- Verify the authenticity of the coins through reputable sources and experts.
2. Saint-Gaudens Double Eagle Coins
The famous Saint-Gaudens Double Eagle coins, produced between 1907 and 1933, are well-known for their stunning design created by sculptor Augustus Saint-Gaudens. These coins depict Lady Liberty holding a torch and an olive branch on one side, with a majestic eagle on the other. Due to their artistic beauty and historical importance, these coins are highly coveted by collectors.
3. High Relief Double Eagle Coins
- Examine the design: High relief double eagle coins stand out with their detailed and deeper design compared to other types of coins.
- Take note of the rarity: These coins were only produced for a short period in 1907 due to production difficulties, making them highly sought after and scarce.
- Evaluate condition: Be sure to check for any signs of wear or damage, as well-preserved high relief coins are considered more valuable.
How to Collect Double Eagle Coins?
For coin collectors, the Double Eagle coin holds a special allure due to its historical significance and rarity. But how does one go about collecting these coveted coins? In this section, we will discuss the steps to building a collection of Double Eagle coins. From understanding the market and values to finding reputable dealers, we will cover all the necessary aspects to ensure a successful and enjoyable collecting experience. Additionally, we will also touch upon the importance of proper handling and storage techniques to preserve the quality of these valuable coins.
1. Know the Market and Values
- Conduct Market Research: Gain insights on current market trends, prices, and demand for Double Eagle coins.
- Evaluate Coin Values: Utilize reputable numismatic resources to determine the value of different Double Eagle coin types and conditions.
- Consider Rarity: Understand the rarity factor for specific Double Eagle coins to gauge their potential long-term value.
- Seek Expert Advice: Consult experienced numismatists or coin dealers to gain in-depth knowledge and guidance on market dynamics and coin valuation.
2. Buy from Reputable Dealers
- Research: Investigate the reputation, customer reviews, and industry standing of potential dealers.
- Verification: Verify that the dealer is licensed, knowledgeable, and follows ethical practices.
- Transparency: Look for dealers who offer transparent pricing, grading, and return policies.
Pro-tip: When making a purchase, it is recommended to compare prices and services from multiple reputable dealers to ensure the best value for your investment.
3. Handle and Store Coins Properly
- When handling coins, be sure to use clean hands to avoid transferring oils and dirt.
- For valuable coins, it is recommended to use cotton gloves to prevent fingerprints and damage.
- To prevent scratches and abrasions, store coins in protective holders such as capsules or holders.
Proper handling and storage are crucial in preserving the condition and value of Double Eagle Coins. Take care to clean, protect, and store them appropriately to maintain their historical and monetary significance.
Frequently Asked Questions
What is a Double Eagle Coin?
A Double Eagle Coin is a gold coin that was minted in the United States from 1849 to 1933. It has a face value of $20 and contains 0.9675 ounces of gold.
How did the Double Eagle Coin get its name?
The name “Double Eagle” comes from the coin’s denomination of $20, which was twice the value of the previously issued $10 Eagle coin.
Who designed the Double Eagle Coin?
The original design of the Double Eagle Coin was created by James B. Longacre, a Chief Engraver at the US Mint. However, the design went through several changes over the years.
Are all Double Eagle Coins made of gold?
Yes, all Double Eagle Coins are made of 90% gold and 10% copper. This was the standard composition for gold coins in the US at the time of its production.
How rare are Double Eagle Coins?
Double Eagle Coins are considered rare because they were only produced for 85 years. Additionally, many were melted down after the US government abandoned the gold standard in 1933.
What is the value of a Double Eagle Coin?
The value of a Double Eagle Coin can vary depending on its condition, rarity, and historical significance. Some coins can sell for millions of dollars at auctions, while others may be worth only the value of its gold content.