Why Is It Called the Double Eagle Coin? Unveiling the Golden Legend

Unveiling the Origin of the Name "Double Eagle" Coin

The "Double Eagle" coin, a term widely recognized among numismatists and history enthusiasts, is a fascinating piece of currency with a rich history. But have you ever wondered why this particular coin is called a "Double Eagle"? This article delves into the origins of this name, exploring the historical context, symbolism, and numismatic significance behind this iconic coin.

Understanding the Eagle Symbolism in Coins

Before we dive into the "Double Eagle" coin, it's crucial to understand the historical significance of the eagle in coinage. The eagle, a symbol of power, strength, and freedom, has been a prominent feature on coins since ancient times. In the Roman Empire, the eagle was the symbol of Jupiter, the king of gods, and was often depicted on coins to signify imperial power.

The Eagle in American Coinage

In the United States, the eagle has been a prominent symbol on coins since the country's inception. The Great Seal of the United States, adopted in 1782, features an American bald eagle, which has since become a national emblem. The first U.S. coins, the Flowing Hair and Draped Bust designs, featured an eagle, solidifying its place in American coinage.

Enter the Double Eagle

The Double Eagle coin, specifically, was first minted in 1795. It was a $10 gold coin, with its denomination indicated by the Roman numeral "X" on the obverse. The coin's name, however, is not directly derived from its denomination. So, what gives the Double Eagle its name?

The Double Eagle's Design: A Closer Look

The Double Eagle coin's design features a majestic bald eagle on the obverse, with its wings spread wide. The eagle holds a bundle of arrows in one talon and an olive branch in the other, symbolizing the country's readiness for war and its desire for peace. The reverse features a heraldic eagle, with the words "UNITED STATES OF AMERICA" and "E PLURIBUS UNUM" inscribed around it.

The "Double" in Double Eagle

The "double" in Double Eagle is believed to refer to the coin's denomination. While the coin was worth $10, it was roughly equivalent in value to two Spanish milled dollars, which were commonly used in the United States at the time. Therefore, the "Double Eagle" name likely originated from the coin's value relative to the Spanish milled dollars.

Evolution of the Double Eagle Design

The Double Eagle coin underwent several design changes over the years. The Liberty Head design, introduced in 1849, featured a profile of Lady Liberty on the obverse, with the eagle design moved to the reverse. The Indian Head design, introduced in 1907, featured a Native American chief on the obverse, with the eagle design remaining on the reverse. Despite these changes, the coin retained its name, "Double Eagle".

The Double Eagle Today

The Double Eagle coin was minted until 1933, when President Franklin D. Roosevelt signed an executive order prohibiting the "hoarding" of gold coins. Today, Double Eagle coins are highly sought after by collectors, with some rare specimens selling for millions of dollars at auction. The coin's historical significance, unique design, and the intriguing story behind its name contribute to its enduring appeal.

• First minted: 1795
• Last minted: 1933
• Denomination: $10
• Diameter: 27 mm (Liberty Head) and 34 mm (Indian Head)
• Composition: Gold (90% for Liberty Head, 90% for Indian Head)

The Double Eagle coin, with its rich history and unique name, stands as a testament to the United States' coinage evolution. Its name, derived from its value relative to the Spanish milled dollars, adds another layer of intrigue to this iconic coin.