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History of $20 Saint Gaudens Double Eagle Gold Coins

Blog Dec 15, 2011

History of $20 Saint Gaudens Double Eagle Gold Coins

The sales of the 2011 commemorative coins which have been offered by the US Mint will conclude on December 16, 2011. There are two programs that feature the US Army and Medal of Honor. Coins offered do not include the most popular US minted gold coins, such as Liberty Gold Coins, Indian Head or the $20 Saint Gaudens Double Eagle Coins.

The authorization of the United States Army Commemorative Coin Program was made under the Public Law 110-450. Each coin that is offered for sale is available in the uncirculated or its proof version. This program fixes the upper level of mintage for:

• $5 gold coins at 100,000
• Silver dollars at 500,000
• Clad composition half dollars at 750,000

The coins had been offered for sale on January 31, 2011. However, they were offered at introductory prices only till March 2, 2011, after which the coins were offered at regular pricing. In mid-August, there was a temporary suspension in the sale of $5 gold coins due to the rising prices of gold in the market. Their sales resumed at the end of the month as per a flexible pricing arrangement.

According to the latest sales report, the United States Mint has sold 24,380 of $5 gold coins, 104,719 of half dollars and 159,449 of silver dollars, which include both uncirculated and proof coins. The surcharges that have been added to these coin prices will be given to the Army Historical Foundation. This will further help in the construction of the National Museum of the United States Army at Fort Belvoir in Virginia.

Many people develop a hobby to collect gold coins. This hobby is a serious one, as it requires in-depth knowledge of the markets, along with the rarity and grading of gold coins.

There are many US minted gold coins available in the market these days, which include the American Eagle, Indian Head and Liberty Gold Coins. However, out of all of them, the $20 Saint Gaudens Double Eagle is considered as the most beautiful. This has withstood the test of time. The $20 Saint Gaudens Double Eagle gold coins were minted at Philadelphia (1907-1933), Denver (1908-1931) and San Francisco (1908-1930).

Interesting Facts about the $20 Saint Gaudens Double Eagle Gold Coins

These coins played an extremely important role in the United State’s Industrial Revolution during the 19th and early 20th century.

These coins were made on the insistence of President Theodore Roosevelt, who felt that even America should have coins with beautiful designs. It was for this reason that Augustus St. Gaudens, one of America’s greatest sculptors, was commissioned to create and design a gold coin with the highest denomination of that time. St Gaudens also created two complete designs which are known as the Double Eagle and the Indian Eagle. The Double Eagle is used even today on the American gold bullion coinage.

St. Gaudens designed the Double Eagle in ultra-high relief. In 1907, when this coin was first minted, it was designed in high relief; however subsequent minted coins was made in a lower relief design as it made it easier to stack them.
The design of the $20 Saint Gaudens Double Eagle is considered to be unique not because it was the first gold coin to bear the mint mark on the obverse, but because it was the first US minted gold coin to use Roman numerals. This feature is present only in the early 1907 gold coins. After 1907, Arabic numbers were used on US coins.

Controversy Surrounding the $20 Saint Gaudens Double Eagle Design

In the early years, that is, in 1907-1908, the Double Eagles that went into circulation did not include the motto “In God We Trust”, as it was felt by President Roosevelt that it profaned the name of God. However, in 1908, an act was passed by the Congress which made it mandatory for all coinage to include the motto and the Double Eagle coins were re-introduced.


During the Great Depression, President Roosevelt asked for all good coins in circulation to be returned to the government where they were melted down. At this time, almost all Double Eagles were melted. However, 20%-30% of such coinage survived and one such coin ended in the world-renowned collection of Egyptian King Farouk. In 2002, the coin resurfaced and was auctioned at Sotheby’s for a whopping $7,590,020, which made the 1933 make Double Eagle the most valued coin of the world.

 

Thumbnail Photo We believe that everyone deserves a properly developed strategy for financial safety.

Lynette Zang

Chief Market Analyst, ITM Trading

Sources & References In This Article

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