COINS OF THE CALIFORNIA GOLD RUSH
The Liberty Double Eagle
Designer: James B. Longacre
Face Value : $20.00
Minted: 1849-1907
Precious Metal Content: .96750 oz. Pure Gold
Diameter: 34 mm
The great 1849 gold rush in the American west threw the gold supply of our nation out of balance. The U.S. Congress responded by authorizing America's first $20 gold piece--one of the largest gold coins the world had ever seen: the Liberty Double Eagle.
The largest and most impressive of all regular-issue gold denominations, the Double Eagle, containing nearly a full ounce of gold, is a favorite among investors, collectors and professional numismatists. Although the concept of a $20 gold issue was not new in 1849, it was not until that year that the denomination became a reality. The increase in the supply of gold bullion on the market after the discovery of gold in California made the Double Eagle a practical idea as it was possible to strike more bullion into money faster because the new denomination contained twice as much gold as the $10 Eagle and four times as much gold as the $5 Half Eagle.
Designed by James B. Longacre, the first regular production $20 Liberty appeared on January 26, 1850. From that year until 1907, Liberty Double Eagles were produced in three types: Type I, the "no motto" variety, was minted from 1849 to 1866. The Type II was born when, after the Civil War, it was decided to add the motto "In God We Trust." In addition, the Type II bears the designation "TWENTY D" on the reverse. The Type II was minted until 1876 when it was followed by the Type III, with "TWENTY DOLLARS" fully spelled out.
The obverse of the Liberty Double Eagle features a bust of Miss Liberty, her hair tied loosely in a bun, wearing a coronet inscribed LIBERTY. The perimeter is decorated with thirteen six-pointed stars, representing the original colonies. The date appears directly below the bust. This is basically an enlarged version of the motif used on the gold dollar, also a new denomination in 1849.
The reverse of this issue has been described as the most spectacular in U.S. coinage. It features a defiant American eagle, its wings fully spread. Protecting the eagle's breast is a shield adorned with prominent vertical striping. The tail feathers protrude neatly from below the shield. In one talon, the eagle is holding an olive branch, symbolic of peace. In the other talon, the eagle holds a bundle of arrows, symbolic of military preparedness. Flanking the eagle on both sides are ornate decorations. Above the eagle is a circle of thirteen six-pointed stars, once again symbolic of the original colonies. Above the stars, as well as emerging from the eagle's wingtips, are rays of light.
The Liberty Double Eagle reigned as "King of American Coins" from 1850 to 1907. It is one of the most significant gold coins of the 19th century. Liberty Double Eagles are, by their very nature, magnificent coins. They epitomize America's awakening coinage art, they reveal that artistry in a way unlike virtually any other American coin. They are world class examples of what the Mint's engravers and pressmen could accomplish.
The Famous 1848 "Cal" Quarter Eagle
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