THE $20 (CORONET) LIBERTY DOUBLE EAGLE 1850-1907
The $20 Liberty Head (Coronet) Double Eagle is a remarkable gold coin that has consistently ranked among the most sought-after by collectors and investors alike, and for good reason.
At Minuteman Rare Coin, we excel at curating the most historically significant, valuable, and personally rewarding collections of authenticated and certified $20 Liberty Head Double Eagles.
As the largest denomination gold coin ever minted for circulation by the United States Mint, the $20 Double Eagle contains nearly one full ounce of gold. Due to its impressive size and exquisite design, it is a favorite among collectors and investors worldwide.
Let our extensive experience in rare coin collecting and investing guide you in making informed decisions, selecting the "right" coins, and avoiding the pitfalls that collectors and investors often encounter.
The $20 Liberty Head Double Eagle was created as a direct result of the massive gold discovery at Sutter's Mill, CA, in 1848, which in turn ignited the California Gold Rush.
It entered circulation in 1850 and was minted annually until 1907.
The significant gold strike in California in 1848 led to an abundance of this precious metal, accelerating the development of the American West and profoundly influencing the history of both the United States and its gold coinage.
The term "Double Eagle" simply refers to the new $20 gold coins, which are twice the size and value of the $10 Gold Eagle.
On March 3, 1849, the U.S. Congress approved a bill for a new $20 gold coin, leading to the creation of the $20 Liberty Head (Coronet) Double Eagle. Three types were minted at five facilities: Philadelphia, New Orleans, Carson City, San Francisco, and Denver.
Between 1850 and 1907, more $20 Double Eagles were minted than all other gold denominations combined. The Double Eagle quickly became the preferred method of payment for large transactions, both domestically and internationally.
At the start of the Gold Rush, there was no Mint in the Far West. The first California gold to reach the main Mint in Philadelphia was converted into $2.50 Quarter Eagles. With the massive influx of newfound gold, it became evident that larger denominations than the $2.50, $5, and $10 gold coins were needed.
Type I was produced from 1850 to 1866, Type II from 1866 to 1876, and Type III from 1877 to 1907.
$20 LIBERTY TYPE 1
"NO MOTTO"
(1850-1866)
The new $20 Liberty Head Type I Double Eagle design showcases Miss Liberty wearing a Coronet, keeping in line with the design style of the other three gold coin denominations in circulation. The Type I was minted without the motto "IN GOD WE TRUST."
The $20 Type 1 Liberty double eagle quickly gained popularity as merchants and banks embraced this new gold coin for significant banking and international transactions.
Minted from 1850 to 1866 at the Philadelphia, New Orleans, and San Francisco Mints, Type 1 $20 Double Eagles became the most widely produced gold coin by quantity.
Production started in 1850, with over 1 million coins struck at the Philadelphia Mint and 141,000 at the New Orleans Mint.
Due to the lack of a mint in the Far West during the early years of the Gold Rush, some gold mined in California was sent to New Orleans for coining.
The New Orleans Mint produced the coin annually from 1850 to 1861 in limited amounts.
The mintages for the Type I $20 Double Eagle from New Orleans decreased after the San Francisco Mint opened in 1854.
Production ceased in 1861 when Louisiana seceded from the Union, leading to the Confederate Army taking control of the facility at the start of the Civil War.
The San Francisco Mint produced substantial numbers of Double Eagles during the 1860s; however, in most years, nearly all of these coins were exported to settle international transactions and war debts related to the Civil War.
Despite some substantial mintage figures for certain issues, Type 1 Uncirculated specimens in Mint State grades from the San Francisco Mint are notably difficult to find.
$20 LIBERTY TYPE 2
"WITH MOTTO"
(1866-1876)
Type II $20 Double Eagles were minted from 1866 to 1876 at the main Mint in Philadelphia, as well as at Carson City and San Francisco. The Type 2 design circulated for only a decade.
In the aftermath of the Civil War, a proposal was presented to the Secretary of the Treasury suggesting that American coinage should embody faith in God.
After careful consideration, the phrase "IN GOD WE TRUST" was selected.
In 1866, the U.S. Mint added this motto to the reverse side of the Double Eagle, creating a second type of the Liberty Head Double Eagle.
The most significant silver discovery in history, the Comstock Lode, took place in Virginia City, NV, in 1859. It also produced a substantial amount of raw gold.
In the early years after the Comstock discovery, raw gold had to be transported through the dangerous Sierra Nevada Mountains to reach the nearest mint, which was located 200 miles away in San Francisco.
Consequently, the Carson City mint was established and began operations in 1870. It quickly started producing $20 Type 2 Double Eagles, though in very limited quantities.
There is no such thing as a common Carson City $20 Liberty Head Gold Double Eagle.
The Type 2 1870-CC Gold $20 Liberty Head Double Eagle is exceptionally rare. Only 3,789 coins were minted, and the estimated survival rate is fewer than 50 in all grades.
For investors and collectors, owning an 1870-CC (Carson City) $20 Liberty Head Double Eagle is a dream come true, no matter its condition or grade. It is also quite costly!
Double Eagles from Carson City, minted in the 1870s, faced extensive circulation, hoarding, and melting. Type 2 "CC" Double Eagles in Mint State condition are incredibly rare, highly coveted, and renowned worldwide.
$20 LIBERTY TYPE 3
"TWENTY DOLLARS"
(1877-1907)
In 1877, the Type 2 $20 Double Eagle underwent a design modification. The letter D was removed from the bottom of the coin's reverse side (tails) and replaced with the word "Dollars," spelled out in full.
During the 1880s, millions of Type 3 $20 Liberty Double Eagles were shipped to Europe to facilitate international transactions.
For many years, the $20 Type 3 coins that arrived in Europe were either melted down or stored away in foreign bank vaults.
The San Francisco Mint produced a substantial number of Type 3 Double Eagles from 1877 to 1883.
Consequently, in 1881, production of the $20 Liberty at the main Mint in Philadelphia sharply declined due to the public's limited use of these coins.
$20 Double Eagles were rarely seen or circulated in the East; ironically, those minted at the main Mint were either shipped West, exported, or melted down.
During the seven years from 1881 to 1887, only 4,521 Type 3 coins were minted in Philadelphia, with none produced in 1882, 1883, and 1887.
The New Orleans Mint reopened after the Civil War and the post-Reconstruction Era in 1879, producing only 2,235 coins for circulation.
The 1879-O is now regarded as a true rarity. Even in circulated condition, it is difficult to find and commands a significant premium.
Type 3 Carson City Double Eagles saw widespread circulation, hoarding, and melting throughout the Far West until the mint's closure in 1893.
After the Carson City Mint closed, the Philadelphia and San Francisco Mints continued to produce Type 3 Double Eagles until 1907.
The Denver Mint opened in 1906 and minted the final two years of Type 3 $20 coins.
