Types of Gold Coins Minted in the United States
Types of Gold Coins Minted in the United States
Did you know that the US dollar was pegged to gold up to 1971? After World War II the Bretton Woods system pegged the dollar at $35 per troy ounce. Gold price crossed the $1,000 mark in March 2008, reaching a nominal high of around $1,030. Despite marginal ups and downs since then, gold prices witnessed a spike in October 2009, reaching a peak of $1,226. On May 3, 2011, the London Gold Fixing pegged the gold price at new record high of $1,546.50, only to rise to $1,528 at the London Fixing on May 25.
However, not all types of gold coins can be bought at these prices. There are some rare and valuable coins that can only be bought after winning the bidding war at numismatic auctions. These coins take pride of place in any coin collector’s collection. Here is a brief introduction to some of the coveted gold coins minted in the United States.
Types of Gold Coins
The Liberty Double Eagle: Valued at $20, this gold coin was first minted in the United States in January 1850. Until then, only coins of $2.50, $5 and $10 were being minted. The decision to mint the first $20 coin came due to the California gold rush after gold was discovered at Sutter’s Mill. Three types of the Liberty Double Eagle have been produced over the years. The first type, minted during 1849-1866 had no motto inscribed on it. The second type was minted during 1866-1876 and bore the words “Twenty D” on the reverse. The third type is the most common, minted during 1877-1907. This variety had “Twenty Dollars” spelled out fully. The coin gets its name from the classic Greek image of Lady Liberty on the obverse and a magnificent eagle with wings fully spread on the reverse.
The Saint-Gaudens Double Eagle: Inspired by the classic beauty of Greek coins and with the intent of having US coins reflect the status of the nation as the most powerful country in the world, Theodore Roosevelt hired the services of Augustus Saint-Gaudens to create a new series of coins. Although the creator of the 1905 inauguration medallion died before he could see the coins he designed minted, the Saint-Gaudens Double Eagle is today considered to be the most beautiful coin to be minted. The coin, first struck in 1907, portrays Lady Liberty on the obverse, with an olive branch in her left hand and a torch held up in the right. The reverse has the American Eagle depicted in flight over the sun’s rays.
The $10 Liberty Head Eagle: Minted during 1838-1907, this coin gained popularity almost instantly and is known today as one of the most circulated coins in the US. During the Civil War, these coins were hoarded by people and you needed to pay $25 in “greenbacks” for one of these $10 coins. The Liberty Head Eagle portrays the arresting American eagle on the reverse, while the design of the obverse is based on the 1816 Coronet Large Cent.
The $10 Indian Head Eagle: This coin was also designed by Augustus Saint-Gaudens and replaced the $10 Liberty Head Eagle coins. Minted during 1907-1933, this coin depicts Lady Liberty wearing an Indian war headdress with star-tipped feathers on the obverse. This caused quite a scandal in its day. The reverse portrays a perched eagle. While the coins minted during 1908-1911 have 46 raised stars, representing the states of the Union at the time, the coins minted after 1912 contain 48 stars in recognition of the new states that joined the Union that year.
Of course, the list of all the types of gold coins does not end here. There is a vast variety of US gold coins includes the $5 Half Eagles, the $4 and $3 gold pieces, the $2.50 Quarter Eagles and the $1 gold pieces.
