Why Is a Double Eagle Called a Double Eagle? The Shocking Story Behind the Name

The term "double eagle" in numismatics, the study of coins, is a fascinating one that has a rich history and a logical explanation behind its name. This article aims to delve into the reasons why a double eagle is called a double eagle, exploring its origins, the coin's denomination, and its significance in numismatic history.

Understanding the Term "Eagle"

Before we dive into the "double" aspect of the double eagle, it's crucial to understand the term "eagle" in the context of coinage. In many countries, including the United States, an eagle has been a symbol on coins, often representing power, strength, and freedom. The term "eagle" in coinage typically refers to a specific denomination, usually equivalent to a unit of currency, such as a dollar in the U.S.

The Birth of the U.S. Double Eagle

The U.S. double eagle coin was first minted in 1792, following the Coinage Act passed by the U.S. Congress. The act established the U.S. Mint and defined the denominations of U.S. coins. The eagle was designated as a denomination worth ten dollars, making it one of the highest-value coins at the time. However, it was not until 1849 that the double eagle was introduced.

The Need for a Higher-Denomination Coin

In the mid-19th century, the U.S. was experiencing significant economic growth, particularly due to the California Gold Rush. There was a growing need for a higher-denomination coin to facilitate large transactions. The eagle, at ten dollars, was not sufficient for these purposes. Thus, the idea of a coin worth twice the value of an eagle, or twenty dollars, was proposed.

The Double Eagle's Design and Minting

The double eagle was designed by James B. Longacre, the Chief Engraver of the U.S. Mint from 1844 to 1869. The coin featured Lady Liberty on the obverse and an eagle on the reverse, with the denomination "TWENTY DOLLARS" inscribed. The first double eagle was minted in 1849 at the Philadelphia Mint, with production continuing until 1933.

The "Double" in Double Eagle

Now that we've established the history and denomination of the double eagle, let's address the "double" in its name. The term "double" in this context is a simple reflection of the coin's value. As mentioned earlier, an eagle was worth ten dollars. Therefore, a double eagle, logically, is worth twice that amount - twenty dollars. The name is a straightforward indication of the coin's denomination, making it a clear and descriptive term in numismatics.

Double Eagles in Other Countries

While the U.S. double eagle is the most well-known, other countries have also minted double eagle coins. For instance, the Austrian 80-fluorin double eagle was worth 80 florins, or approximately 20 dollars, when it was first minted in the late 19th century. Similarly, the Mexican 20-peso double eagle was worth 20 pesos, or about 20 dollars, during the late 19th and early 20th centuries. In both cases, the "double" in the coin's name reflects its denomination, just as it does in the U.S. double eagle.

Significance and Collectibility of Double Eagles

Today, double eagle coins are highly sought after by collectors due to their historical significance and rarity. The U.S. double eagle, in particular, is considered a cornerstone of many U.S. coin collections. The 1933 double eagle, for example, is one of the most valuable coins in the world, with a single specimen selling for over $76 million at auction in 2021.

In conclusion, the term "double eagle" is a clear and descriptive one, reflecting the coin's denomination and historical significance. Its name is a testament to the logical and straightforward nature of numismatic terminology, which serves to educate and inform collectors and enthusiasts alike.