The $20 Gold Coin: Liberty Head and Saint-Gaudens Double Eagles

The $20 gold coin, known as the Double Eagle, was the largest regular-issue gold coin of the United States for more than eighty years. Struck from 1850 to 1933, it carried nearly an ounce of gold and played a central role in international payments and bank reserves. Today it sits at the crossroads of two markets: many common-date coins trade close to their gold value, while scarce dates and high grades are serious collector items.

Why “Double Eagle”?

Under the Coinage Act of 1792, the $10 gold coin was called an eagle. The California Gold Rush, which began in 1848, brought enormous quantities of gold to the Mint, and Congress authorized a larger coin worth twice as much in 1849: the double eagle. A small number of pattern pieces were struck that year, but regular production began in 1850.

For the next eight decades the Double Eagle was the workhorse of large gold transactions, especially in foreign trade and between banks. Huge numbers were shipped abroad and held in European bank vaults, which is why many survive in good condition today.

Specifications

Throughout its life the Double Eagle kept the same standard: 90% gold and 10% copper.

Because its gold content is just under one ounce, a Double Eagle’s melt value is easy to calculate: multiply the gold spot price by 0.9675. You can follow the metal on our gold prices page.

Liberty Head type (1850–1907)

The first design, by Chief Engraver James B. Longacre, shows a head of Liberty wearing a coronet on the obverse and a heraldic eagle with shield on the reverse. Collectors divide the series into three types:

• Type 1 (1850–1866): no motto on the reverse.
• Type 2 (1866–1876): the motto “In God We Trust” added above the eagle.
• Type 3 (1877–1907): the denomination spelled “Twenty Dollars” instead of “Twenty D.”

Liberty Head Double Eagles were struck at several mints, including Philadelphia, San Francisco, New Orleans and Carson City. Mint marks matter greatly for collectors, as some branch-mint issues had very small mintages or high losses.

Saint-Gaudens type (1907–1933)

In the early 20th century President Theodore Roosevelt sought to make American coinage more artistic and commissioned the sculptor Augustus Saint-Gaudens to redesign the gold coins. His Double Eagle shows a full-length Liberty striding forward with a torch and olive branch, the Capitol in the background, and on the reverse an eagle in flight above a rising sun.

The first 1907 coins were struck in very high relief, with the date in Roman numerals. They proved hard to produce and to stack, so the relief was lowered and Arabic numerals adopted the same year. The motto “In God We Trust” was absent at first and added in 1908. Many consider this one of the most beautiful coins ever struck in the United States, and its obverse was later adapted for the American Gold Eagle bullion coin (see our page on American Eagle bullion coins).

The end of gold coinage

In 1933, amid the banking crisis of the Great Depression, the government ordered private holdings of gold coins, bullion and certificates to be delivered to the Federal Reserve, with limited exceptions such as coins of recognized special value to collectors. The Gold Reserve Act of 1934 then transferred monetary gold to the Treasury and changed the official gold price. Gold coins ceased to be struck for circulation.

Double Eagles dated 1933 had been minted but were never officially released, and almost the entire mintage was melted. A few pieces nevertheless left the Mint, and the US government has long treated them as unlawfully removed. The 1933 Double Eagle has since become one of the most famous rarities in American numismatics, the subject of legal disputes and record-setting sales.

Private gold ownership was later restored, and Double Eagles that survived in collections or abroad returned to the market in large numbers.

Bullion value versus numismatic value

A Double Eagle can be worth either “melt plus a premium” or very much more, depending on three factors:

1. Date and mint mark. Common dates, especially from the early 1900s and the 1920s, exist in large numbers and are often sold as “generic” Double Eagles at a modest premium over gold. Scarce dates and branch-mint issues can be worth many times their gold value.
2. Grade. Condition is assessed on a standardized 70-point scale. A coin with sharp detail and original luster commands far more than a worn or cleaned example of the same date.
3. Authenticity and certification. Many valuable US gold coins are submitted to independent grading services, which authenticate the coin and seal it in a holder with its grade. Certified coins are easier to resell to collectors.

Even generic Double Eagles usually carry a higher premium than modern bullion coins, because supply is finite and many buyers like owning historic gold. For pure gold exposure, modern coins described in our gold bullion coins guide are generally cheaper per ounce.

Before you buy

• Know whether you are paying for gold or for rarity, and compare prices accordingly.
• For anything beyond a common date, certified coins reduce the risk of counterfeits and altered dates.
• Cleaning destroys numismatic value; never polish an old gold coin.
• Our page on how to buy gold coins covers practical checks for any purchase.

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