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THE $20 (CORONET) LIBERTY HEAD DOUBLE EAGLE 1850-1907
The Gold $20 (Coronet) Liberty Head Double Eagle is an impressive Gold coin that has unquestionably been among the highest-ranked Gold coins collected and invested in of all time, and for a good reason.
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At Minuteman Rare Coin Company, with our experience and expertise, our clients own some of the finest and most valuable $20 Liberty Head Double Eagles.
The $20 Double Eagle is the largest denomination gold coin ever produced for circulation by the United States Mint.
The coin is made of almost one full ounce of gold, and its large size and beautiful design make this classic gold coin extremely popular amongst collectors and investors worldwide.
At Minuteman Rare Coin Company, our expert rare coin collecting and investing experience will help you to make informed decisions, choose the "right" coins, and navigate the exciting world of rare coins!
The creation of the $20 Liberty Head Double Eagle was a direct result of the California Gold Rush. It was minted for circulation in 1850 and ran continuously for fifty-eight years until it was replaced in 1907 by the $20 Saint Gaudens Double Eagle.
The massive California Gold strike in 1848 yielded vast quantities of the precious yellow metal, which dramatically sped up the American West's development and had far-reaching effects on America's gold coinage history.
Why is it named the Double Eagle? The reason is pretty simple. The $20 Gold pieces were quickly dubbed the Double Eagle because they were twice the size and value of the famous and popular $10 Gold Eagle.
During the $20 denominations run with the Liberty Head design from 1850 to 1907, and the Saint Gaudens from 1907 to 1933, more gold was struck into Double Eagles than all gold denominations combined. The Double Eagle was the most efficient way to coin a given quantity of gold bullion into coin form.
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There was no Mint in the Far West when the Gold rush began. The first California gold to reach the main Mint in Philadelphia was coined into $2.50 Quarter Eagles.
With the sheer mass of gold arriving at the Mint, it soon became evident that a larger denomination would be required than the $2.50, $5, or $10 gold coins.
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On March 3rd, 1849, the U.S. Congress passed a bill authorizing the production of a new $20 Gold coin, the $20 (Coronet) Liberty Head Double Eagle.
Three varieties of the $20 Gold Liberty Head Double Eagle were minted at five facilities, the main Mint at Philadelphia, New Orleans, Carson City, San Francisco, and Denver, during its 58-year history.
Type I from 1850 to 1866, Type II from 1866 to 1876, and Type III from 1877 to 1907.
$20 LIBERTY TYPE I "NO MOTTO" (1850-1866)
The new gold $20 Liberty Head Type I Double Eagle design portrays Miss Liberty wearing a Coronet, following the same design as the other three gold coin denominations in circulation. The coin was struck without the motto "IN GOD WE TRUST."
The Type I $20 Liberty double eagle was an immediate success, as merchants and banks used the new gold coin for large banking and international transactions.
Type I $20 Double Eagles were minted between 1850 and 1866 at the Philadelphia, New Orleans, and San Francisco Mints. The coin soon became the most popular gold coin regarding the number of pieces struck.
Type I commenced production in 1850, with over 1 million coins struck at the main Mint in Philadelphia, and 141,000 pieces struck at the New Orleans Mint.
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The New Orleans Mint struck the coin yearly from 1850 to 1861, mostly in small quantities. Since there was no mint in the Far West during the Gold Rush's early years, some of the gold extracted in California was transported to New Orleans for coining.
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The San Francisco Mint opened in 1854, and Mintages for the Type I $20 Double Eagle from the New Orleans Mint became light. Production stopped in 1861 when Louisiana seceded from the Union, and the Confederate Army seized the facility at the start of the Civil War.
The San Francisco branch Mint produced large quantities of Double Eagles in the 1860s. But, in most years, almost entire mintages were exported to pay for international transactions and war debts before and after the Civil War.
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Type I Uncirculated higher Mint State specimens from the San Francisco Mint present a real challenge to find, even with some significant mintage totals. Generally, they can be found in VF (Very Fine), XF (exceptionally Fine, and AU (About Uncirculated).
$20 LIBERTY TYPE II "WITH MOTTO" (1866-1876)
Type II $20 Double Eagles were struck between 1866 and 1876, at the main Mint in Philadelphia, Carson City, and San Francisco. Lasting only ten years.
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With the nation in the midst of recovering from the end of the Civil War, the Secretary of the Treasury received a proposal that American coinage should bear an expression of faith in God. After much consideration, "IN GOD WE TRUST" was agreed on.
An Act was passed in early 1865 requiring the motto to appear on all coins large enough to bear the new motto.
In 1866, the U.S. Mint added the motto to the Double Eagle's reserve side, creating the Liberty Head Double Eagle's second variety.
In 1859, the largest silver discovery in history was made in Virginia City, NV., known as the famous Comstock Lode. The discovery also included a significant amount of raw gold.
In the early years of the Comstock discovery, raw gold and silver ore had to be transported through the dangerous terrain of the Sierra Nevada Mountains to the nearest mint 200 miles away in San Francisco.
In 1863, Congress passed legislation authorizing a branch mint in Carson City, Nevada, only 12 miles from the Comstock Lode mining site.
In 1870, the Carson City mint opened for business and immediately began striking gold Liberty Head $5 Half Eagles, $10 Eagles, and $20 Double Eagles.
The Type II 1870-CC Gold $20 Liberty Head Double Eagle is a tremendous rarity. Only 3,789 were struck. Owning an 1870-CC (Carson City) $20 Liberty Head Double Eagle is every investor's and collector's dream. No matter what condition and grade it is in!
There is no such thing as a common Carson City $20 Liberty Head Gold Double Eagle.
Carson City Double Eagles struck in the 1870s experienced heavy circulation and exportation. Type II "CC" Double Eagles in Mint State condition are rare, extremely valuable, always in high demand, and legendary worldwide.
$20 LIBERTY TYPE III "TWENTY DOLLARS" (1877-1907)
The design change to the Type III $20 Double Eagle variety eliminated the letter D on the bottom of the reverse side (tails) of the coin, and "Dollars" was spelled out in full.
During the 1880s, millions of $20 Liberty Double Eagles were exported to Europe to pay for International transactions.
For many years, the coins arriving in Europe were either melted or held tightly in foreign bank vaults. The San Francisco mint continued to strike large quantities of Type III Double Eagles between 1877 and 1883.
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Beginning in 1881, the production at the main Mint in Philadelphia dropped sharply due to the general public's lack of use. $20 Double Eagles were rarely seen or circulated in the East. The coins minted at the main Mint were either sent West, exported, or melted.
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For the seven years between 1881 and 1887, only 4,521 Type III coins were produced at the main Mint in Philadelphia, with none being struck in 1882, 1883, and 1887. The New Orleans Mint reopened post-Civil War in 1879 and produced only 2,235 circulation strikes.
The 1879-O is now a great rarity even in less than Mint State condition. They are a challenge to find and come with a steep price tag when one can be found.
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Type III Carson City Double Eagles experienced heavy circulation, hoarding, and melting throughout the Far West until its closing in 1893.
After the closing of the Carson City Mint, the Philadelphia and San Francisco Mints continued to produce Type III Double Eagles until 1907. The Denver Mint opened in 1906 and struck the last two years of Type III.
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