Pre-1933 U.S. Rare Gold Coins
History, Legacy, Value, and Investment Potential
Pre-1933 United States rare gold coins are highly sought after and coveted by collectors and investors worldwide due to their historical significance, rarity, value as collectibles, and the exceptional investment opportunities they offer.
In 1933, President Franklin Roosevelt signed Executive Order 6102, which prohibited private ownership of gold in all forms valued over $100 to aid in combating the Great Depression.
This led to millions of gold coins being removed from circulation, melted, and added to U.S. gold reserves.
1933 represents a monumental time in U.S. gold coinage history, marking the end of their use as consumer and commercial currency.
As a consequence, Pre-1933 U.S. gold coins have become increasingly rare, with well-preserved examples in higher Uncirculated Mint State condition being especially rare and extremely valuable.
At Minuteman Rare Coin, we excel at curating remarkable, eye-opening, historically significant, valuable, and rewarding Pre-1933 rare United States gold coin collections.
With our experience and expertise, we meticulously examine and carefully select only the best specimens.
MINTAGE ACT OF 1792
The Mint Act of 1792 established the monetary system of the United States. It enabled the nation to produce and mint its own coins while defining the design and production standards for public currency. The Act laid the groundwork for modern U.S. currency.
This Act also designated the silver dollar as the standard monetary unit, authorized the regulation of U.S. coinage, and established the first U.S. Mint in Philadelphia.
It was the first legislation allowing the production of gold coins, approving three denominations: the $5 Half-Eagle, the $10 Eagle, and the $2.50 Quarter-Eagle.
In 1795, the U.S. began gold coin production with the $5 Half-Eagle, followed later that year by the $10 Eagle, and the $2.50 Quarter-Eagle in 1796.
For the following 138 years, circulating gold coins with various denominations and designs served as official currency.
From 1795 to 1933, the U.S. Mint issued 36 major types of gold coins for circulation.
THE HISTORY OF U.S. GOLD COINS 1795-1933
Pre-1933 U.S. GOLD COIN DENOMINATIONS
$1 Liberty/Princess (1849-1889)
$2.50 Quarter Eagle (1796-1929)
$3 Gold Princess (1854-1889)
$5 Half Eagle (1795-1929)
$10 Eagle (1795-1933)
$20 Double Eagle (1850-1933)
EARLY & CLASSIC HEAD GOLD COINS 1795-1839
The United States Mint faced a challenge from the beginning, as the country did not have a well-established primary source of native gold.
As a result, the U.S. had to rely on gold bullion depositors and melted foreign gold coins, primarily the Spanish dollar (peso), to mint official U.S. currency.
All "early gold" coins are regarded as scarce to very rare in any condition. In 1804, President Thomas Jefferson instructed the U.S. Treasury to withdraw the $10 gold eagle from circulation due to its weight discrepancy with foreign gold currencies.
For the following 34 years, an entire generation went without a $10 gold coin in circulation, with the $5 gold half eagle being the primary denomination and functioning as a "workhorse" within the U.S. economic and monetary system.
However, in the late 1820s and early 1830s, major gold discoveries in North Carolina and Georgia revolutionized American gold coinage.
The recent gold discoveries and the wars in Europe drove up the global price of gold. Metals speculators and bullion brokers purchased U.S. gold coins and exported them for substantial profits. The melting of U.S. gold coins in Europe reached unprecedented levels.
U.S. gold coins had never circulated widely from the start, and now they began to vanish from circulation entirely.
In 1834, President Andrew Jackson pressured Congress to enact a new Coinage Act. This Act raised the silver-to-gold weight ratio, positioning the spot price of gold below the international market price.
Only two gold denominations were being produced: the $5 Gold Half Eagle and the $2.50 Gold Quarter Eagle, both featuring a Capped Head design.
The U.S. Mint altered the designs of both denominations. The gold coinage from this era is known as the "Classic Head," minted between 1834 and 1839.
COINAGE ACT OF 1834
The Coinage Act of 1834 authorized the establishment of three branch mints. In 1838, the mints in Charlotte, NC, Dahlonega, GA, and New Orleans commenced operations.
The Charlotte and Dahlonega branches were permitted to produce only gold coins, while the New Orleans branch was authorized to mint both gold and silver coins.
In 1861, South Carolina seceded from the Union, marking the beginning of the Civil War. The Confederate Army took control of all three southern branch mints, leading to the closure of these facilities.
Charlotte and Dahlonega would never reopen. The New Orleans branch mint resumed operations eighteen years later in 1879 and continued to mint gold and silver coins until its closure in 1909.
Investors and collectors worldwide highly prize gold coins produced at all three Southern branch mints.
During this significant period in United States history, the New Orleans mint produced some of the most valuable gold coins, which remain rare today.
THE (CORONET) LIBERTY HEAD DESIGN
In 1839, Chief Mint Engraver Christian Gobrecht revamped the designs of the $5 Half-Eagle and the $2.50 Quarter-Eagle Classic Head. After a 30-year absence, he introduced a new design for the $10 Eagle.
Gobrecht's new design, known as the Coronet Liberty Head, featured Miss Liberty's likeness wearing a coronet. This design later adorned the $1 gold piece and the $20 Gold Liberty Head Double Eagle.
The Liberty Head design remained in circulation through the early 20th century.
THE CALIFORNIA GOLD RUSH
Due to the massive influx of gold from the California Gold Rush of 1848 and 1849, the United States Congress authorized two new gold coins featuring the Coronet Liberty Head motif.
The first coin approved was the $1 Liberty gold piece, issued in 1849 and produced until 1889.
The second coin authorized was the $20 Liberty Head Double Eagle, which debuted in 1850 and continued to be minted until 1907, when it was replaced by the $20 Saint-Gaudens.
The new Liberty Head $20 gold coin was twice the size and value of the $10 gold Eagle, which is why it was aptly named the Double Eagle. It quickly became one of the most admired gold coins in the world.
As a result of the Gold Rush, a new branch mint opened in San Francisco in 1854, and a new gold coin, the $3 Princess, was approved. The U.S. now had six gold coin denominations in circulation.
EARLY 20TH-CENTURY GOLD COINS
In 1900, the U.S. officially adopted the gold standard. Under this system, participating countries stored their gold in central banks and exchanged paper currency or certificates to settle transactions.
After 1900, large quantities of U.S. gold coins were deposited into European, South American, and other foreign bank vaults.
Domestically, gold coins became increasingly rare in everyday commerce, except in the Far West, where they remained integral to the marketplace.
If you had been a typical citizen living in the eastern part of the United States during a 12-month period, chances are you would not have encountered a single gold coin. Gold coins primarily circulated in the West.
The early 20th century saw the United States issue four gold coins with notable design changes: the $2.50 Indian Quarter Eagle, the $5 Indian Half Eagle, the $10 Indian Eagle, and the $20 Saint-Gaudens Double Eagle.
These gold coins are highly sought after by collectors and investors as early 20th-century treasures for their historical significance, unique designs, and exceptional investment opportunities.
Without Executive Order 6102, signed by President Franklin Roosevelt in 1933, we would not have the remarkable, scarce, and valuable gold coins that exist today.
The year 1933 essentially established the rare gold coin market in the United States as we know it.