Gold Double Eagles: The Epitome of Iconic American Coins

Gold double eagles are American $20 coins minted for circulation from 1850 to 1933. These gorgeous gold coins came in two primary designs: Liberty Head (Coronet) or Saint-Gaudens.

The gold double eagle is significant for multiple reasons:

• It was the first $20 US coin, the highest denomination at the time.

• The second design kicked off the “Renaissance of American Coinage” in 1907.

• Double eagles from 1849 and 1933 are two of the rarest, most valuable coins in the world.

Intrigued yet? We hope so! Because today, we’re employing our years of expertise to tell you all the history, designs, and values of American gold double eagle coins.

Pictured above: Obverse & reverse of 1865-S "Liberty Head" gold double eagle | Image credit: Lost Dutchman Rare Coins, Public domain

Historical Background

First, why is it called a double eagle coin?

The name “double eagle” refers to the coin having a $20 face value, double that of the $10 “eagle” denomination. Congress established the “eagle” denomination in the Coinage Act of 1792 and the “double eagle” denomination in the Coinage Act of 1849.

The US Mint created American gold double eagle coins during two eras: 1849 to 1907 and 1907 to 1933. Each era corresponds to significant events in American coinage history and overarching designs on each coin.

California Gold Rush & Liberty Head Design

Public demand for a twenty-dollar gold coin was rising in the 1830s, particularly for international purchases. However, the US simply didn’t have enough gold to make it feasible… that is, until the California Gold Rush in 1848.

Thanks to the new California finds, American gold supply was up and Congressmen proposed a new $20 gold double eagle coin in 1849. Despite some opposition, the bill went through and President James K. Polk signed it the next month.

There were plenty of hurdles thanks to conflicts and harassment between the Chief Coiner Franklin Peale and Chief Engraver James B. Longacre, but the design was eventually approved.

The coin was released for circulation in 1850 and became widely popular, particularly during 1861 when the Philadelphia Mint increased double eagle production to help fund Union forces during the Civil War.

Overall, the first US 20 dollar coin series lasted for an impressive 59 years.

Pictured above: Early plaster model by Augustus Saint-Gaudens of his design for the gold double eagle ($20 coin). On display at St. Gaudens National Historic Site, Cornish NH; Circa 1905 | Image credit: Image by Wehwalt of medal by Augustus Saint-Gaudens, Public domain

Coinage Renaissance & Saint-Gaudens Design

President Theodore Roosevelt approached American sculptor Augustus Saint-Gaudens in 1905 about redesigning the current US coins to emulate the nation’s growing power and solidifying identity.

After disagreements with the US Mint in 1891-1892, Saint-Gaudens swore off working with them ever again. But he was eager to improve on what he called the “inanities now displayed on our coins.”

Notably, Saint-Gaudens was the first non-Mint employee to design a US coin. The first coins Saint-Gaudens designed in the new series were the double eagle and the $10 eagle.

Like Longacre, Saint-Gaudens had animosity with a mint employee — this time, Chief Engraver Charles E. Barber. The biggest conflict was the coin’s high relief — it had to be reduced twice because it took too many strikes to complete.

Tragically, Saint-Gaudens died in August 1907 before he could see his coins circulate, but his double eagle design lasted until 1933.

Pictured above: Scan of obverse of 1933 gold double eagle | Image credit: US Mint Pressroom Image Library, Public domain

1933 Double Eagles

The gold double eagle series came to a close in 1933 when President Franklin D. Roosevelt tried to mend the Great Depression with the Gold Reserve Act. This act said all gold must be surrendered to the Federal Reserve and made it illegal for Americans to own gold.

The Philadelphia Mint struck 445,500 double eagles in 1933 but none were released for circulation. Roosevelt ordered all but two (donated to the Smithsonian) to be melted down for bullion. It’s estimated that 20 more were saved, nine of which were destroyed.

Only one was allowed to be privately owned legally — it belonged to shoe designer Stuart Weitzman, who sold it for over $18.8 million in 2021.

To this day, all other 1933 double eagles are illegal for Americans to own and the Secret Service still pursues leads on stolen ones. One catch, though: they can be legally owned outside the US.

Types of Gold Double Eagles

Let’s start with the general specs of the gold double eagles:

• Weight: 33.431 g (~1.18 standard oz)

• Purity: 21K gold (90 percent gold, 10 percent copper)

• Diameter: 34.1 mm

• Thickness: 2-4 mm (Saint-Gaudens); 2 mm (Liberty Head)

How much gold is in a double eagle? Each double eagle contains just under 1 troy oz (0.9675 troy oz or ~30 g) of pure gold. For context, gold was worth $20.67 per ounce in 1849.

Pictured above: Obverse and reverse of 1866 Liberty Head gold double eagle, Type 2 | Image credit: National Numismatic Collection, National Museum of American History; Public domain

Liberty Head (1849-1907)

Chief Engraver James Barton Longacre designed and engraved the Liberty Head (or Coronet) double eagle in 1849. Peter F. Cross helped Longacre create the dies and stamps. They finished the first pattern coin in late 1849.

After much conflict with Chief Coiner Peale, Longacre got his design approved to start minting for circulation in 1850.

The obverse (heads side) features a Greco-Roman style bust of Lady Liberty reportedly inspired by the 2nd-century Doidalsa sculpture Crouching Venus.

Liberty is facing left with her hair partly twisted back into a bun. She wears a pearl-studded coronet bearing the inscription “LIBERTY” and 13 stars surround her. The mintage year is inscribed below her.

The reverse (tails side) features a heraldic eagle emblematic of the Great Seal of the United States. The eagle holds two ribbons, referencing the double eagle denomination, which together bear an “E PLURIBUS UNUM” inscription.

A halo of thirteen stars and an arc of rays are above the eagle. The inscriptions “UNITED STATES OF AMERICA” and the denomination (as “TWENTY D.” or “TWENTY DOLLARS”) are the top and bottom, respectively.

There were three circulated Liberty Head subtypes, differing in reverse elements:

1. Type 1 (1850-1866): As described above, with "TWENTY D." denomination

2. Type 2 (1866-1876): Inscription of motto “IN GOD WE TRUST” added within the halo of 13 stars

3. Type 3 (1877-1907): Denomination inscription adjusted to “TWENTY DOLLARS” in slightly smaller lettering

Some obverse adjustments also occurred:

In 1859, Longacre added his initials “JBL” along Liberty’s neck.

From 1850 to 1858, the word “LIBERTY” was subtly spelled as “LLBERTY.”

Assistant Engraver Anthony C. Paquet adjusted the reverse letters in 1861 to be taller and narrower, which was soon changed back.

From 1877 on, the stars and head of Liberty were slightly adjusted, with the head noticeably tilted slightly upwards.

Pictured above: Obverse & reverse of 1908-D Saint-Gaudens gold double eagle, 3rd type (Motto) | Image credit: National Numismatic Collection, National Museum of American History; Public domain

Saint-Gaudens (1907-1933)

Collaborating with Theodore Roosevelt, American sculptor Augustus Saint-Gaudens started redesigning gold double eagle coins in 1905.

Inspired by ancient coins, the initial designs were high-relief with Roman numerals for the mintage year.

This first proof variety is called Ultra High Relief (or Extra High Relief). Experts estimate only around 22-24 were struck, all proofs.

The Saint-Gaudens double eagle obverse features a full-length Lady Liberty walking across a rocky outcrop, holding a torch and olive branch. The US Capitol and sun rays are behind her.

The inscription “LIBERTY” is at the top. The mint mark (if present), mintage year, and Saint-Gaudens’ initials “ASG” are stacked at the bottom right. Forty-six stars encircle the design.

The coin’s reverse depicts a flying eagle facing left in front of a rising sun with long, extending rays. The inscriptions “UNITED STATES OF AMERICA” and “TWENTY DOLLARS” are stacked at the top.

The coin’s edge has “E PLURIBUS UNUM” with each word separated by a star.

There were three varieties of Saint-Gaudens double eagles minted for circulation:

1. High Relief (1907): Thicker rim but shallower strike than non-proof high relief; Mintage year in Roman numerals (e.g. “MCMVII”); Dies made by Saint-Gaudens and finished by Hering after Saint-Gaudens’ death

2. Low Relief & Numerals (1907-1908): Less raised design; Mintage year in Arabic numerals (e.g. “1907”); Dies completed by Barber

3. Motto (1908-1933): Inscription of motto “IN GOD WE TRUST” added to reverse, above the sun at the bottom

Additionally, the obverse design went from 46 to 48 stars in 1912 after Arizona and New Mexico were admitted to the union early that year.

Pictured above: Reverse of 1908 Saint-Gaudens double eagle without motto | Image credit: Lost Dutchman Rare Coins, Public domain

Minting and Production

Over 174 million gold double eagles were struck for circulation from 1850 to 1933. Almost 104 million were Liberty Head, while over 70 million were Saint-Gaudens.

Five mint branches struck the coins, denoted by their mint mark below the reverse eagle (Liberty Head) or above the obverse mintage year (Saint-Gaudens):

• None — Philadelphia Mint

• “CC” — Carson City Mint

• “D” — Denver Mint

• “O” — New Orleans Mint

• “S” — San Francisco Mint

All of these mints struck Liberty Head varieties, but Saint-Gaudens varieties only came from Philadelphia, Denver, and San Francisco.

Proofs were scarce and only came from Philadelphia. The Liberty Head design had 3,110 to 3,111 proofs. The Saint-Gaudens design had around 710 proofs total, excluding the 1933 proofs.

Most double eagles were minted in San Francisco or Philadelphia. The Denver Mint only struck double eagles over 14 years.

Notably, double eagles struck in New Orleans were authorized by the federal government from 1850 to 1861. But after Louisiana seceded to join the Confederacy in 1861, the New Orleans Mint struck double eagles under the Confederacy and state’s authority only for that year.

Lowest Mintages

The lowest mintage issue for the Liberty Head series, excluding the 1849 double eagle pattern coin, was 1882-P at 571. The highest was 1904-P at over 6.2 million.

The lowest mintage for circulated Saint-Gaudens issues were the 1907 High Relief at 12,367 and the 1908-S Low Relief (with motto) at 22,000.

However, the key dates aren’t necessarily the lowest mintage issues, as many higher mintage issues had few survivors.

Pictured above: Obverse of 1907 Ultra High Relief Saint-Gaudens gold double eagle proof with inverted edge letters & "ASG" on edge, graded PR68 | Image credit: Heritage Auctions, Public domain

Key Dates and Notable Series

All double eagles are valuable, but their exact value depends on:

• Variety: Proofs had much lower mintages and higher quality than circulation strikes, making proofs higher value.

• Low Mintage: Issues where fewer coins were minted (e.g. 1907-P High Relief) are harder to find and command higher prices.

• Mint Errors: Double eagles with unintentional errors that were still released hold significant value.

• Demand: Generally, gold double eagles are always popular, but certain issues may fluctuate in popularity and thus market value.

• Condition: Finding well-preserved historical double eagles is a task, adding another important layer of value.

We’ll go over grading in a bit, but first let’s check out key dates — issues that collectors often pay big bucks for.

Pictured above: Obverse & reverse of 1864-O Liberty Head double eagle | Image credit: PCGS CoinFacts, Free use

Key Dates: Liberty Head

The most valuable Liberty Head double eagle is the 1870-CC issue, of which only 40 to 50 are known. These are valued at $450,000 to $2.75 million.

• 1854-O: Around 12 known; Worth $7,700 to $100,000

• 1856-O: Only 30-40 known; Worth $300,000 to $657,000

• 1870-CC: Just 40-50 known; Worth $450,000 to $2.75 million

• 1859-O: Around 75-100 known; Worth $30,000 to $200,000

• 1882-P: Around 25-35 known; Worth $70,000 to $300,000

• 1885-P: Around 100 known; Worth $30,000 to $175,000

• 1886-P: Around 40-60 known; Worth $70,000 to $215,000

Another sought-after variety: 1861 issues.

For historical coin collectors, these coins are significant for their ties to the Civil War (1861-1865). For investors, the 1861-P or 1861-S Paquet reverse varieties, only 2 of which are known, are worth $65,000 to $9 million.

Pictured above: Obverse of Saint-Gaudens gold double eagle model struck in 1907 | Image credit: National Gallery of Art, Public domain

Key Dates: Saint Gaudens

Some Saint-Gaudens examples are a tier above key dates. One is the 1933 double eagle, only 13 of which are known. In 2021, one of these sold for $18.8 million.

Another is the 1907 Ultra High Relief proofs, with under two dozen struck. One of these sold for $4.75 million in 2021, and specimens with PR-65 grades are valued at $22.5 million.

Other Saint-Gaudens double eagle key dates and their values:

• 1920-S: Around 100-150 known; Worth $35,000 to $850,000

• 1921-P: Around 150 known; Worth $55,000 to $1 million

• 1927-D: Around 15-18 known, despite over 2.9 million minted; Worth $2 million to $6.5 million

• 1931-P or 1931-D: Only 100-150 known in each issue; Worth $65,000 to $525,000

• 1932-P: Around 100 known; Worth $90,000 to $550,000

Pictured above: Close-up of 1853/2 overdate on obverse of Liberty Head double eagle | Image credit: PCGS CoinFacts, Free use

Mint Errors: Liberty Head

Some notable errors on Liberty Head double eagles are:

• Partial Collar: 1875-CC & 1900-S

• Double-Strike: 1904-P

• Rotated Double-Strike: 1904-P & 1906-D

• Off-Center Strike: 1904-P

• Broadstrike: 1861-P & 1906-D

• MPD (Misplaced Date): 1857-P, 1866-S Type 2, 1871-S, 1883-S

• DDR (Double-Die Reverse): 1866-P, 1879-P & 1888-P

• DDO (Double-Die Obverse): 1859-S & 1873-P

• Overdate: 1853/2-P

• RPD (Repunched Date): 1852-P & 1896-P

One significant double eagle error coin is the 1906-D rotated double-strike, valued at $150,000.

Mint Errors: Saint Gaudens

Known errors on Saint-Gaudens gold double eagles include:

• RPM (Repunched Mint Mark): 1911-D/D & 1909-S/S

• DDR (Double Die Reverse): 1925-P & 1922-P

• TDO (Triple Die Obverse): 1926-P

• Overdate: 1909/8-P

Rare or not, knowing your coin’s grade is crucial to knowing its value.

Pictured above: Obverse of 1892-P Liberty Head gold double eagle graded AU55 by PCGS | Image credit: PCGS TrueView, Free use

Collecting and Grading

The market value of any gold double eagle is higher than its $50 face value, just based on the higher modern spot price of gold.

However, the coin’s condition makes a huge difference. Condition is typically given as a grade by a professional third-party service like Professional Coin Grading Services (PCGS) or Numismatic Guaranty Company (NGC).

Different coin grading systems exist, but the general grade meanings are:

1. Uncirculated: Struck for circulation but never circulated; Looks like it did the day it was minted

2. Mint State (MS): Like Uncirculated but with sub-grades from 60 to 70 for many visible marks to flawless, respectively

3. Proof (PR): Struck as a proof coin; Sub-grades from 60 to 70 just like Mint State

4. About Uncirculated (AU): Very minor wear on high points of design from circulation, well-preserved surfaces, near-complete mint luster; Sub-grades from 50 to 58

5. Extremely Fine (XF or EF): Probably never used; Close to Uncirculated but with minor flaws usually not visible to the naked eye; Sub-grades 40 & 45

6. Very Fine (VF): Minor to moderate wear on highest points of design (beginning to flatten), still attractive condition; Sub-grades 20 to 35

7. Fine: Circulated briefly but still in good condition; Some flaws visible to the naked eye but design isn’t damaged much; Sub-grades 12 &15

8. Very Good (VG): Well worn, major design elements flat but defined; Sub-grades 8 &10

9. Good: Circulated heavily but in decent condition; Many flaws visible to the naked eye but design isn’t worn away; Sub-grades 4 & 6

10. About Good-3 (AG): Heavily worn, inscriptions not easily readable, partial rim blending, dates possibly worn away

Overall, any gold double eagle with a Mint State grade above 60 (MS-60) is rare premium, while lower-grade specimens are more accessible for beginners or collectors finishing a gold double eagle set.

Pictured above: Obverse of 2009 commemorative 1 oz gold Ultra High Relief double eagle | Image credit: US Mint, Public domain

Secure A Stunning Piece of History with a Gold Double Eagle!

The designers of both double gold eagles faced challenges in these coins’ creations, but they came out the other side with two of the most gorgeous, sought-after gold coins. In 2009, the US Mint even released a commemorative 1-oz gold version of the 1907 Ultra High Relief double eagle.

Besides their gold content, these coins have the added value of being prestigious, historically significant, pre-1933 gold coins, making them brilliant specimens for any collector.

Buy American gold double eagle coins today!