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 Type I Double Eagles, 1850-1866 When the double eagle was introduced in 1850, production was intense. With the demand for physical money in California, gold coins in general were desperately needed. In 1850, the Philadelphia Mint produced well over a million pieces, with an additional 141,000 specimens struck in New Orleans that year. While output remained high in Philadelphia, the New Orleans Mint cut back production after a few years. All of the New Orleans "twenties" from 1854 through 1860 are scarce, but the 1854-O and 1856-O are recognized as extreme rarities. Transporting coins from the East to California was virtually impossible. The voyage by land was dangerous and slow, but sea transport was no better. A federal assay office was set up in San Francisco, but it could not satisfy the severe demand for gold coinage. Finally, a mint was established in San Francisco in 1854. Although many different denominations were produced there, its main thrust was to mint the largest gold coins. For decades, the San Francisco Mint focused its efforts on eagles and double eagles. Philadelphia production peaked in 1861, but with the onslaught of the Civil War, mintages dropped substantially. Not only did the double eagles from 1862-1865 have low mintages, but they also have low survival rates. Since bullion prices skyrocketed during the War, nearly all gold coins were melted. When a specimen does appear on the market, it is apt to be well worn or impaired in some way. The rarity and wartime status of these coins makes them exceedingly popular. Type One double eagles can be collected in variety of different ways. Some possible set concepts include: ~ Mint Set: One possibility is to acquire a Type One double eagle from each of the three mints. For the Philadelphia coin, the 1851, 1852, or 1853 are all readily available. The 1850-O, 1851-O, and 1852-O are the most available New Orleans dates, while the 1857-S and 1865-S would be good choices for the San Francisco representative. ~ Date Run: All of the Type One Philadelphia dates are affordable, and completing a set of these coins is certainly feasible. The same holds true for the San Francisco issues. However, a run of New Orleans Type One twenties would prove extremely costly. ~ "Shipwreck Dates": Interestingly, quite a few Type One double eagles were salvaged from shipwrecks in recent years. These coins, despite the fact they were underwater for over a century, exhibit beautiful luster and immaculate surfaces. They are also the most affordable Type One twenties in high grades. Pieces dated 1863-S, 1864-S, and 1865-S were on the S.S. Brother Jonathan, while specimens dated 1856-S and 1857-S sunk with the S.S. Central America. A collection of these shipwreck dates would make for an extremely creative, unusual, and undeniably historic set. Some interesting but affordable Type One dates include the following: ~ 1850: The 1850 is popular as the first double eagle ever struck, just as the 1794 dollar is avidly sought as the first silver dollar. This date is always in demand as a result, but remains inexpensive in circulated grades. ~ 1853/2: Overdates are intriguing coins and are especially rare in the gold series. In fact, it is one of only two overdates known on a twenty dollar gold piece. ~ 1859: With only 43,517 pieces struck, this date has the lowest mintage prior to 1881. ~ 1861-S Paquet: Anthony Paquet was employed by the United States for many years as an engraver, but none of his coinage motifs was adopted. However, he designed many pattern coins, all of which have tall, thin lettering. A small quantity of 1861-S double eagles feature this lettering on the reverse. This date is pricier than the 1850, 1853/2, and 1859, but a perennial favorite. Type One proofs are wildly scarce and appear on the market very infrequently. The only dates confirmed to exist in proof format are the 1859, 1860, 1861, 1862, 1863, 1864, and 1865. In addition, one 1856-O is known with highly prooflike surfaces; many believe that it is a presentation piece. In short, the Type One double eagles have many historical connections, including the Gold Rush, shipwrecks, and the Civil War. Many of them are affordable in lower grades and can be located easily. Since many different sets can be assembled within the average collector's budget, they are among the most popular twenty dollar pieces. Next:  The Type II Double Eagles, 1866-1876