Let's dive into the fascinating story of America's first $20 gold coin! This isn't just about a piece of currency; it's about a pivotal moment in American history, reflecting the nation's growth, ambition, and artistic expression. We're going to explore the design, the economic context, and the legacy of this beautiful and valuable coin.

The Birth of the Double Eagle

The story begins in the mid-19th century, a period of significant economic expansion in the United States. The California Gold Rush, starting in 1848, dramatically increased the supply of gold, creating a need for larger denomination coins. Before this, the largest gold coin in regular production was the $10 eagle. However, with so much new gold entering the economy, a $20 coin seemed like a logical step. Thus, the $20 gold coin, also known as the Double Eagle, was born.

In 1849, Congress authorized the creation of the $20 gold coin. The task of designing this new coin fell to James B. Longacre, the Chief Engraver of the United States Mint. Longacre was a talented artist, but his designs weren't always universally loved. His first attempt at the Double Eagle was the Liberty Head design, which would be produced from 1849 to 1907 with some interruptions and modifications. The Liberty Head Double Eagle is what we usually think of when we talk about the first $20 gold coin.

The initial design of the Liberty Head Double Eagle featured a left-facing bust of Liberty wearing a coronet inscribed with the word "LIBERTY." Thirteen stars encircled the bust, representing the original thirteen colonies. On the reverse, an eagle with outstretched wings clutched arrows and an olive branch, symbolizing military strength and a desire for peace. A banner above the eagle proclaimed "E PLURIBUS UNUM," meaning "Out of many, one." The coin's denomination, "TWENTY D.," was also prominently displayed.

However, this design wasn't without its critics. Some felt that Longacre's Liberty was somewhat plain and lacked the artistic flair of other contemporary coin designs. There were also technical challenges in striking the coin, leading to variations in the sharpness of the details. Despite these criticisms, the Liberty Head Double Eagle became a workhorse of American commerce, facilitating large transactions and international trade.

The Liberty Head Double Eagle: A Closer Look

The Liberty Head Double Eagle underwent several modifications during its production run. The first version, produced from 1849 to 1866, is known as the "No Motto" type because it did not include the motto "IN GOD WE TRUST" on the reverse. This omission was rectified in 1866 due to increased religious sentiment after the Civil War. From 1866 to 1876, the coin featured the motto "IN GOD WE TRUST" above the eagle on the reverse.

A significant change occurred in 1877 when the coin's design was slightly altered to include the denomination expressed as "TWENTY DOLLARS" instead of "TWENTY D." This change was made to comply with a new law requiring the full denomination to be spelled out on U.S. coinage. This version of the Liberty Head Double Eagle was produced until 1907.

The Liberty Head Double Eagle was minted at several different U.S. Mint facilities, including Philadelphia, San Francisco, New Orleans, Carson City, and Denver. Each mint marked its coins with a small mintmark, allowing collectors to identify where a particular coin was produced. Coins from the Carson City Mint, marked with a "CC," are particularly prized by collectors due to their relative scarcity and historical significance, reflecting the boomtown era of the Wild West.

Owning a Liberty Head Double Eagle is like holding a piece of history in your hand. These coins circulated widely, witnessing major events like the Civil War, the Industrial Revolution, and the westward expansion of the United States. Their intrinsic gold value and historical significance make them highly sought after by collectors and investors alike.

The Economic Impact and Significance

The $20 gold coin played a vital role in the American economy during the second half of the 19th century. Its large denomination made it convenient for settling large debts, facilitating international trade, and storing wealth. Gold coins were the backbone of the U.S. monetary system, providing stability and confidence in the nation's currency.

The discovery of gold in California had a profound impact on the American economy. The influx of gold fueled economic growth, stimulated industries, and financed infrastructure projects. The Double Eagle, as the highest denomination gold coin, became a symbol of this prosperity.

The Coinage Act of 1873, sometimes called “The Crime of '73”, demonetized silver, effectively placing the United States on a gold standard. This meant that the value of the U.S. dollar was directly linked to gold, and the Double Eagle played a crucial role in maintaining this standard. The gold standard provided stability and predictability to the economy, but it also had its drawbacks, particularly during periods of economic stress.

The Liberty Head Double Eagle also played a role in international trade. It was widely accepted in foreign markets, making it easier for American merchants to conduct business overseas. The coin's high gold content and recognizable design made it a trusted form of payment in many countries.

From Liberty Head to Saint-Gaudens: A New Era

By the early 20th century, there was a growing desire for a more modern and artistic design for American coinage. President Theodore Roosevelt, a great admirer of art and classical design, took a personal interest in reforming the nation's coinage. He tapped the renowned sculptor Augustus Saint-Gaudens to redesign the $20 gold coin.

Augustus Saint-Gaudens created what many consider to be the most beautiful coin ever produced by the United States Mint. His design, known as the Saint-Gaudens Double Eagle, replaced the Liberty Head design in 1907. The Saint-Gaudens Double Eagle featured a striding Liberty on the obverse and a flying eagle on the reverse. The coin's high relief and intricate details made it a true work of art.

The transition from the Liberty Head Double Eagle to the Saint-Gaudens Double Eagle marked a significant shift in American coinage design. It reflected a growing appreciation for art and a desire to create coins that were not only functional but also beautiful. Although the Liberty Head Double Eagle was replaced, it remains a cherished piece of American history, reminding us of a time when gold coins were the lifeblood of the nation's economy.

Even after the Saint-Gaudens Double Eagle was introduced, the Liberty Head Double Eagles continued to circulate for several years. Many were eventually melted down due to their gold content, especially after President Franklin D. Roosevelt issued Executive Order 6102 in 1933, which prohibited the private ownership of gold coins and bullion, with some exceptions. This event drastically reduced the number of Liberty Head Double Eagles in existence, making them even more valuable to collectors today.

Collecting America's First $20 Gold Coin

Collecting Liberty Head Double Eagles can be a rewarding but challenging endeavor. The value of these coins depends on several factors, including their condition, rarity, and historical significance. Coins in excellent condition, with sharp details and minimal wear, command the highest prices. Key dates and mintmarks, such as the 1861-S Paquet Reverse or the Carson City issues, are particularly sought after by collectors.

Before starting a collection, it's essential to educate yourself about the different varieties and grades of Liberty Head Double Eagles. Several resources are available, including books, websites, and numismatic organizations. Working with a reputable coin dealer can also provide valuable guidance and ensure that you are purchasing authentic coins.

Grading is a crucial aspect of coin collecting. Professional grading services, such as the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC), assess the condition of coins using a standardized scale. Coins that have been graded and encapsulated by these services are generally more valuable and easier to sell.

Cleaning coins is generally discouraged as it can damage their surfaces and reduce their value. It's best to leave the cleaning to professional conservators who have the knowledge and skills to preserve coins properly.

Storing your Liberty Head Double Eagles in a safe and secure manner is essential to protect them from damage and theft. Coin albums, holders, and safes are all good options for storing your collection. Insuring your collection is also a wise precaution.

The $20 gold coin is more than just a piece of currency; it's a tangible link to the past. Collecting these coins allows you to connect with American history, appreciate the artistry of coin design, and potentially build a valuable investment.

The Enduring Legacy of the $20 Gold Coin

The $20 gold coin, particularly the Liberty Head Double Eagle, holds a special place in American numismatic history. It represents a time of economic growth, westward expansion, and artistic innovation. These coins circulated widely, witnessing significant events and playing a vital role in the nation's economy.

Today, Liberty Head Double Eagles are highly sought after by collectors and investors around the world. Their intrinsic gold value, historical significance, and aesthetic appeal make them a prized possession. Owning one of these coins is like owning a piece of American history.

The story of America's first $20 gold coin is a reminder of the enduring power of money and its ability to shape societies, inspire creativity, and connect us to the past. So, the next time you see a Liberty Head Double Eagle, take a moment to appreciate its beauty, its history, and its legacy.

Whether you're a seasoned collector or just starting out, the world of numismatics offers endless opportunities for discovery and appreciation. The Liberty Head Double Eagle is a great place to begin your journey into the fascinating world of coin collecting.