The term "double eagle" is a fascinating and historic moniker for a specific type of gold coin, but where did this name originate? To understand why it's called a double eagle, we must delve into the rich history of coinage, the symbolism behind the name, and the coin's unique characteristics.
Understanding the Double Eagle: A Brief History
The Double Eagle gold coin was first minted in the United States in 1795, during the early years of the country's independence. It was designed by Chief Engraver of the United States Mint, Robert Scot, and was the largest and most valuable gold coin produced by the U.S. Mint until the introduction of the American Eagle bullion coin in 1986.
Why "Eagle"?
The name "eagle" was chosen for the coin due to the majestic bird featured on its obverse. The bald eagle, a symbol of strength and freedom, was an apt choice for a nation seeking to establish its independence and power. However, the question remains: why "double" eagle?
The Double Eagle's Design: A Closer Look
The Double Eagle was initially minted in denominations of $10, but its size and gold content made it equivalent to approximately $20 in value. This discrepancy in name and value led to the coin's unique moniker. The "double" in Double Eagle refers not to the coin's denomination, but rather to its double thickness and weight compared to the standard eagle coin.
Design Elements
- Obverse: The obverse of the Double Eagle features a majestic bald eagle in flight, with the words "UNITED STATES OF AMERICA" and the coin's denomination, "TWENTY DOLLARS," inscribed around the edge.
- Reverse: The reverse displays a heraldic eagle with outstretched wings, clutching arrows and an olive branch in its talons, symbolizing the country's readiness for war and its desire for peace. The words "E PLURIBUS UNUM" and the coin's date of minting are also inscribed.
The Double Eagle's Legacy
The Double Eagle gold coin played a significant role in the U.S. economy and currency system for over a century. It was demonetized in 1933 by President Franklin D. Roosevelt's Executive Order 6102, which prohibited the "hoarding" of gold coins, bars, and bullion by U.S. citizens. Today, Double Eagle coins are highly sought after by collectors and investors alike, with some rare specimens commanding millions of dollars at auction.
Rarity and Value
| Year | Mintage | Estimated Value (PCGS MS65) |
|---|---|---|
| 1854 | 5,000 | $100,000 - $150,000 |
| 1856 | 5,000 | $80,000 - $120,000 |
| 1861 | 2,000 | $150,000 - $200,000 |
The Double Eagle's legacy continues to captivate collectors and historians, and its unique name remains a testament to the coin's rich history and symbolism. From its origins as a symbol of American power and independence to its status as a highly sought-after collectible, the Double Eagle gold coin stands as a enduring reminder of the nation's past.
More Details
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