Gold Double Eagle
1849–1933 • Liberty Head • Saint-Gaudens • America's Largest Regular Gold Coin
The History of the Gold Double Eagle
The gold double eagle — America's $20 gold coin and its largest regularly issued gold denomination — was authorized by the Coinage Act of 1849, created specifically in response to the enormous influx of gold flowing from the California Gold Rush. With so much new gold entering the economy, the Mint needed a larger denomination than the existing $10 eagle to handle the volume efficiently, and the double eagle (literally "twice the eagle") filled that role for the next 84 years, becoming the workhorse coin of America's gold-standard economy and a primary vehicle for large-scale gold transactions, bank reserves, and international settlements.
Struck continuously from 1850 (following a unique 1849 pattern piece) through 1933, the double eagle's production run spans from the Gold Rush era through the Civil War, the Gilded Age, and into the Great Depression, when President Franklin Roosevelt's gold recall order effectively ended the coin's circulating life. Its substantial gold content — nearly a full troy ounce — combined with its long production run and genuine artistic achievement in its later Saint-Gaudens design, has made the double eagle one of the most collected and most celebrated denominations in all of American numismatics.
Major Design Types
The double eagle series divides into two fundamentally distinct design eras. The Liberty Head (Coronet) type, designed by James B. Longacre, ran from 1850 to 1907 and itself divides into three sub-types based on reverse motto placement: Type I (1850–1866, no motto), Type II (1866–1876, "IN GOD WE TRUST" added but without "TWENTY DOLLARS" spelled out), and Type III (1877–1907, with "TWENTY DOLLARS" added to the reverse). This progression of subtle design refinements over more than five decades gives the Liberty Head double eagle genuine collecting depth for specialists.
The Saint-Gaudens double eagle (1907–1933), designed by the celebrated sculptor Augustus Saint-Gaudens at the direct commission of President Theodore Roosevelt — who was determined to elevate American coin design to the artistic standard of ancient Greek coinage — is widely considered the most beautiful coin the United States has ever produced. Featuring a full-figure Liberty striding forward with a torch and olive branch on the obverse and a soaring eagle on the reverse, the design was so artistically ambitious that early Ultra High Relief versions proved impractical for mass production and had to be simplified for regular circulation strikes, though the reduced-relief version that followed remains a landmark achievement in American numismatic art.
Liberty Head Type I (1850–1866)
The earliest double eagles — no motto on the reverse, spanning the Gold Rush through the Civil War.
Liberty Head Type II (1866–1876)
"IN GOD WE TRUST" added, but without "TWENTY DOLLARS" spelled out on the reverse.
Liberty Head Type III (1877–1907)
The final Liberty Head refinement — "TWENTY DOLLARS" added to complete the reverse design.
Saint-Gaudens (1907–1933)
Augustus Saint-Gaudens' masterpiece — widely considered the most beautiful U.S. coin ever produced.
Ultra High Relief
The original 1907 pattern design, so dramatically sculpted it proved impractical for regular mass production.
The Legendary 1933
Struck but never officially released — nearly all were melted following the gold recall, making survivors legendary.
Key Dates and Notable Rarities
Among Liberty Head double eagles, the 1861-S Paquet Reverse is a major rarity — a brief die variety featuring taller, more widely spaced lettering designed by Assistant Engraver Anthony Paquet, quickly withdrawn after the Mint determined the design's thin rim would strike poorly and cause coins to stack unevenly. Only a small number were released before the recall, making surviving examples highly prized. Among Saint-Gaudens issues, the 1907 Ultra High Relief — struck in extremely limited numbers as a pattern before the design was simplified for production — is among the most artistically celebrated and valuable coins in American numismatics.
The 1927-D presents a fascinating case: while its original mintage was substantial, the overwhelming majority were never released into circulation and were instead melted following the 1933 gold recall, leaving only a small handful of surviving examples today despite the coin's large original production figures — a genuine condition-census rarity hiding behind an unremarkable mintage number. This same fate befell many late-date double eagles from the early 1930s, making several dates from this final period surprisingly scarce despite substantial original mintages.
Value Guide
Values shown are approximate market ranges for authentic examples in collectible condition. Gold content provides a substantial floor given the coin's nearly full troy ounce weight; key dates and better grades command significant premiums above bullion value.
| Date / Type | Mint | Gold Content | Circulated Value | Value Range | Shop |
|---|---|---|---|---|---|
| Liberty Head Type I (common) | Philadelphia | 0.9675 oz | $2,200–$2,800 | $2,200–$10,000+ | eBay → |
| 1861-S Paquet Reverse KEY | San Francisco | 0.9675 oz | $100,000+ | $100,000–$1,000,000+ | eBay → |
| Liberty Head Type III (common) | Philadelphia | 0.9675 oz | $2,100–$2,600 | $2,100–$6,000+ | eBay → |
| 1907 Ultra High Relief KEY | Philadelphia | 0.9675 oz | N/A | $500,000–$3,000,000+ | eBay → |
| Saint-Gaudens (common date) | Philadelphia | 0.9675 oz | $2,100–$2,600 | $2,100–$8,000+ | eBay → |
| 1927-D KEY | Denver | 0.9675 oz | $1,000,000+ | $1,000,000–$3,000,000+ | eBay → |
| 1932 (last widely available) | Philadelphia | 0.9675 oz | $2,500–$4,000 | $2,500–$15,000+ | eBay → |
The 1933 Double Eagle — A Coin You Cannot Legally Own
The 1933 Saint-Gaudens double eagle occupies a singular place in American numismatic and legal history. Roughly 445,500 were struck, but before any were officially released into circulation, President Roosevelt's gold recall order took effect, and the U.S. Mint was instructed to melt the entire issue. A small number were removed from the Mint before melting — under circumstances that remain historically disputed — and the U.S. government has treated all surviving examples as stolen government property for decades, pursuing legal action to recover them whenever one has surfaced.
The single significant exception is the "Farouk specimen," which was legally exported to Egypt's King Farouk in 1944 (apparently through a Treasury Department clerical oversight that granted an export license before the government realized the coin should never have left the Mint) and later resurfaced decades later, ultimately becoming the subject of a landmark legal settlement between the U.S. government and the coin's then-owner. As part of that settlement, this single example was declared the only 1933 double eagle legally permitted to be privately owned — it sold at auction in 2002 for over $7.5 million and again in 2021 for more than $18 million, making it one of the most valuable coins ever sold. Every other surviving 1933 double eagle remains U.S. government property and cannot be legally owned by private collectors.
Where to Buy Gold Double Eagles
eBay — Certified Gold Double Eagles
PCGS and NGC certified examples across both major design types. Filter by type, date, and grade for the most reliable buying experience.
Shop Certified Coins →eBay — Saint-Gaudens Double Eagles
Search specifically for the Saint-Gaudens design (1907–1933) — widely regarded as the most beautiful U.S. coin ever produced.
Shop Saint-Gaudens →JM Bullion
Pre-1933 double eagles are among the most popular historic gold coins for investors, offered by bullion dealers near their gold content value.
Shop JM Bullion →Kitco
Live gold spot pricing alongside historic pre-1933 U.S. gold coinage — useful for tracking melt value on common-date double eagles.
Shop Kitco →Money Metals Exchange
Competitive pricing on historic pre-1933 U.S. gold coinage, including common-date double eagles sold near melt value.
Shop Money Metals →SD Bullion
Transparent, spot-based pricing on common-date pre-1933 gold double eagles — one of the most popular historic gold coins among investors.
Shop SD Bullion →Silver Gold Bull
International bullion dealer carrying historic pre-1933 U.S. gold coinage with competitive pricing and worldwide shipping options.
Shop Silver Gold Bull →FRC Coin Price Guide
Research certified values for gold double eagles and other U.S. gold denominations before you buy or sell.
View Price Guide →Related Coin Guides
Frequently Asked Questions
What is a gold double eagle worth?
Common-date gold double eagles typically sell for $2,100–$2,800 in circulated condition, driven primarily by their substantial gold content of 0.9675 troy ounces plus a modest numismatic premium. Key dates and rarities command dramatically higher prices — the 1927-D, despite a large original mintage, is worth over $1 million due to the near-total melting of surviving examples, and the 1907 Ultra High Relief pattern issue can exceed $1 million as well.
Why is the Saint-Gaudens double eagle considered the most beautiful U.S. coin?
Sculptor Augustus Saint-Gaudens was personally commissioned by President Theodore Roosevelt, who wanted American coinage to achieve the artistic standard of ancient Greek coins. Saint-Gaudens' design features a dramatic full-figure Liberty striding forward with a torch and olive branch, rendered with a sculptural depth and artistic ambition unmatched by any prior U.S. coin. The original 1907 Ultra High Relief version was so dramatically sculpted that it proved genuinely impractical to mass-produce, requiring multiple strikes per coin — a testament to how far Saint-Gaudens pushed the boundaries of coin design.
Can I legally own a 1933 gold double eagle?
No, with one specific exception. Nearly the entire 1933 mintage was melted following the gold recall before any were officially released, and the U.S. government considers all surviving examples stolen federal property, actively pursuing legal recovery whenever one surfaces. The single exception is the "Farouk specimen," which was legally exported decades ago and became the subject of a landmark legal settlement declaring it the only 1933 double eagle legally permitted to be privately owned. It sold at auction for over $18 million in 2021. Any other 1933 double eagle offered for sale should be treated with extreme caution, as it would represent stolen government property.
What is the difference between Liberty Head Type I, II, and III double eagles?
These three sub-types reflect gradual reverse motto changes across the Liberty Head design's 57-year run. Type I (1850–1866) has no motto at all. Type II (1866–1876) added "IN GOD WE TRUST" but did not spell out "TWENTY DOLLARS." Type III (1877–1907) completed the design by adding "TWENTY DOLLARS" to the reverse. Collectors often pursue one example of each type to represent the design's full evolution across the Liberty Head era.
Are gold double eagles a good investment?
Gold double eagles are among the most popular pre-1933 gold coins for investors, given their substantial gold content (nearly a full troy ounce) and the fact that common dates trade at relatively modest premiums over melt value compared to many other numismatic gold coins. Whether they represent a "good investment" depends on gold's price performance and your personal financial situation — we recommend consulting a qualified financial advisor before making significant precious metal purchases. Their historic significance and artistic merit (particularly the Saint-Gaudens design) also give them collector appeal beyond pure bullion value.
What is a good starting point for collecting this series?
Common-date Liberty Head Type III or Saint-Gaudens double eagles in circulated to lightly circulated condition offer the most accessible entry point, typically $2,100–$2,800 — close to their substantial gold melt value with a modest numismatic premium. Building a type set — one example each of Liberty Head Type I, II, and III, plus a Saint-Gaudens example — is a popular and historically rich goal that captures the denomination's full 84-year design evolution.
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Collecting and Investing Strategies for United States Gold Coins This book covers regular-issue gold series from 1795 through 1933 and informs the reader on a number of investing strategies, including collecting by type, variety, or rarer issues.
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