Introduction The Double Eagle is Born Type I 1850-1866 Type II 1866-1876 Type III 1877-1907 Saint-Gaudens 1907-1933 Double Eagles as Collectibles The $20 S Mints Recommendations

The Double Eagle is Born When James Marshall found some yellow dust on January 24th, 1848, he did not imagine that America's history would be forever changed. Some of the other workers at John Sutter's mill said the powder was gold, but Marshall was skeptical. However, every chemical and physical test performed suggested they had discovered the precious metal, and the news spread instantly. Within mere weeks, locals had swarmed at the American River near Sutter's mill, and a few months later, workers from all over the West arrived in California. Soon, the entire region was being scoured for gold by experienced miners using sophisticated equipment. The amount of gold hidden in the California hills was staggering. Some lucky workers found over twenty ounces per day, which would equate to about $5,500 today. Many folk stories developed, some of which are believed true. A boy named Davenport, for example, is said to have located 167 ounces of gold in only two days. Others found hundreds of ounces in a month or so. Much of this gold remained in dust form, which was difficult to assay and inconvenient to carry. Local jewelers transformed the metal into bars and ingots, but these were unwieldy. Some privately issued coins circulated, but their actual gold content could not be trusted. Almost exactly one year after the discovery, a congressional bill was introduced calling for a twenty dollar gold coin. The coin would contain a reasonable amount of the metal-larger than the ten dollar piece already minted, but smaller than the ingots already in existence. With very little resistance, the Senate agreed to the coinage proposal on March 3, 1849, and the Philadelphia Mint began to prepare the dies soon thereafter. James B. Longacre was asked to engrave the dies, which created an unfortunate dilemma. Longacre was a true novice, and was basically inept at engraving coinage dies. While he was a capable artist, his technical skills were limited. Many months past, and the dies were still not ready. While Longacre's proposed design was considered visually attractive, the design would not strike up fully. The dies were modified again so that the coins would be fully impressed, but then the coins would not stack. One problem after another plagued the United States Mint, and Longacre's job was put in jeopardy. If not for his political connections, in fact, he probably would have been released months earlier. After much debate and controversy, the dies were completed in late December of 1849. To test the finished dies, one trial double eagle was struck at the end of December 1849. That unique piece was retained for the U.S. Mint Collection and was later donated to the Smithsonian Institute, where it is permanently impounded. Since numismatists first learned that the coin existed, it has been regarded as a wondrous rarity. When Motroeville W. Dickeson wrote the first encyclopedia on American coins in 1859, he chose to have the 1849 double eagle adorn the covers. Collectors have always dreamed of owning the unique 1849 double eagle-some have even proposed trades to the U.S. Mint hoping to acquire the coin. In fact, financier J.P. Morgan offered a staggering $75,000 for the coin around 1900. For comparison, most early 20th century workers made only $75,000 in a lifetime! The U.S. Mint decided not to sell the coin, despite the astronomical bid. To this day, the 1849 double eagle is considered as a priceless rarity. Next:  The Type I Double Eagles, 1850-1866