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

The term "double eagle" in the numismatic world is not a reference to the majestic bird of prey, but rather a coin denomination that has captivated collectors and historians alike. The question "Why is a double eagle coin called a double eagle?" is one that delves into the rich history of American coinage and the evolution of its currency system.

Understanding the Double Eagle Coin

The Double Eagle is a $20 gold coin that was minted by the United States from 1849 to 1933. It is one of the most iconic and valuable coins in American history, with a fascinating story behind its name.

Historical Context: The Eagle and the Dollar

To understand why a $20 gold coin is called a Double Eagle, we must first look at the historical context of the American currency system. When the United States Mint was established in 1792, the dollar was defined as being equal to a certain weight of gold or silver. The eagle, a symbol of strength and power, was chosen as the primary motif for the gold coins, with the $10 gold coin being named the "Eagle" and the $5 gold coin being named the "Half Eagle".

The Double Eagle's Introduction

In 1849, as the California Gold Rush was in full swing, there was a pressing need for a higher denomination gold coin. The $20 gold piece was introduced to meet this demand, and it was naturally named the "Double Eagle" as it was worth twice as much as the standard Eagle coin. The name "Double Eagle" was officially adopted by the Coinage Act of 1873.

The Double Eagle's Design and Symbolism

The Double Eagle coin is not only significant for its denomination but also for its design and symbolism. The obverse features Lady Liberty, while the reverse depicts an eagle with outstretched wings, clutching arrows and an olive branch in its talons. This design is a powerful representation of the United States' commitment to peace and preparedness for defense.

Lady Liberty and the Eagle

The Lady Liberty motif on the Double Eagle is a symbol of freedom and democracy, while the eagle on the reverse represents the strength and power of the United States. The combination of these two powerful symbols on a single coin is a testament to the country's resolve and aspirations.

The End of the Double Eagle

The Double Eagle coin was minted until 1933, when President Franklin D. Roosevelt signed Executive Order 6102, prohibiting the "hoarding" of gold coins, bullion, and gold certificates by U.S. citizens. This effectively ended the circulation of gold coins in the United States and marked the end of the Double Eagle's reign.

The Double Eagle's Legacy

Despite its discontinuation, the Double Eagle coin continues to be a symbol of American history and a sought-after collectible. Its name, "Double Eagle," remains a testament to its historical significance and the rich tapestry of American coinage.

Double Eagle Coins Today

Today, Double Eagle coins are highly valued by collectors and investors alike. The 1933 Double Eagle, in particular, holds the record for the most expensive coin ever sold, fetching a staggering $7.59 million at auction in 2002. The Double Eagle's legacy continues to inspire coin collectors and historians, providing a unique window into the past.