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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 III Double Eagles, 1877-1907 The double eagle's obverse and the reverse were modified in 1877, though the changes were minor. The portrait of Liberty on the obverse was positioned ever so slightly to the left, such that the tip of the coronet was midway between stars six and seven. A more obvious difference is the denomination on the reverse, where the inscription "TWENTY D." was expanded to "TWENTY DOLLARS." This created the third distinct type of the Liberty double eagle, which was utilized until 1907. When the production of the Type Three "twenty" began, Philadelphia and San Francisco mintages were rather high. Double eagles circulated extensively throughout the country, especially in the West and the South. In the east, many twenty dollar pieces were used for large transfers between banks. Historical accounts of clearinghouses and money centers indicate that large sacks of double eagles were frequently used for settlements. Bankers liked the large gold coins so much that they asked for a fifty dollar coin in 1877. From the 1850s through the 1870s, the Philadelphia Mint often produced more double eagles than San Francisco, New Orleans or Carson City. This changed drastically in the 1880s. Between 1881 and 1891, the Philadelphia Mint struck approximately 400,000 pieces for general circulation. In 1882, for example, only 571 twenty dollar pieces came off the dies, compared to a mintage of two million half eagles and eagles. In 1883 and 1884, the only double eagles struck were proofs made expressly for collectors. Meanwhile, the Carson City and San Francisco Mints bolstered their double eagle output. Production returned to healthier levels by the mid 1890s, with both Philadelphia and San Francisco minting hundreds of thousands if not millions of coins each year. All too often, numismatists treat the double eagles from 1893-1907 as being common. While it is true that nearly all of these dates are available in circulated grades, they become major rarities in Mint State levels. Furthermore, they trade for a minimal premium over generic dates. Below is a comparison between the most plentiful date, the 1904, versus a selection of scarcer dates. Type III Double Eagles: Common Dates vs. Scarcer Dates
This table demonstrates how scarcer dates can be acquired for nominal premiums over the most common dates. For both collectors and investors, rarer dates such as the ones listed above represent a superb opportunity. Indeed, they are among the best values in numismatics today. While they may be overlooked in today’s market, collectors will quickly notice the vast differences in rarity between the 1904 and its counterparts from the late 19th and early 20th centuries. In higher grades, such as MS 63 and above, the discrepancy in rarity is even greater. As of March 2001, exactly 11,400 1904 double eagles had been graded MS 64. In stark contrast, the 1904-S has only 862 graded at that level. Amazingly, the 1904-S trades for only a minimal premium, yet it is over 1300% rarer. There are countless examples of this phenomenon among the later Liberty double eagles-and shrewd coin buyers should take note. Although this situation is currently overlooked, a spike in demand will reveal the differences between the dates. While the 1904's supply will remain ample, the other dates will quickly disappear from the market. Type Three double eagles also afford the collector with seemingly endless set concepts. A handful of ideas are provided below, though there are many other ways to collect these popular and affordable double eagles. ~ Year Set: A year set consists of all the coins minted in a given year. There are many different years in the Type Three series that could be used for year sets. ~ Decade Set: Four decades are represented in the Type Three series, and a decade set would be an inexpensive group. ~ Complete Mint Run: Collectors seeking to assemble a more advanced set should consider a complete run from either the San Francisco Mint or Carson City Mint. The Carson City set would consist of twelve coins, whereas the San Francisco group is comprised of thirty coins. Interestingly, the San Francisco Mint struck double eagles continuously from 1854. Thus, collectors can pursue the entire run from 1854-1907, or focus on only one of the types. The Type Three run would be the longest set. Some particularly interesting Type Three dates include the following: ~ 1879-O: The New Orleans Mint halted double eagle production in 1861, but resumed for only one year in 1879. A mere 2,325 specimens were struck, which is one of the lowest business strike mintages. As the only New Orleans twenties from the 1870s, it is an avidly sought date. It is affordable in lower circulated grades, but less so in AU and above. ~ 1881: The 1881 is the first of seven Philadelphia rarities from the 1880s. Only 2,199 coins were struck for circulation, which is the fourth lowest business strike mintage. Like the 1879-O, specimens below AU remain within the average collector's reach. ~ 1892: Like the previous two dates mention, the 1892 is well-known for its low mintage. Moreover, it is a superb value considering its true rarity. A scant 4,430 business strikes came off the dies, yet this date is remarkably inexpensive in high circulated and low Mint State grades. It is one of the most reasonable "key dates" in the field of U.S. gold. ~ 1905: The Liberty double eagles from the 1900s are all abundant, but the 1905 is a true exception. It is difficult to locate in all grades, but is virtually non-existent in MS 63 or above. A quality MS 62 trades in the $3500 range, yet an MS 63 can cost three times as much. In MS 62, this date has ample room to grow in value considering how costly a 63 specimen can be. ~ Type Three proofs are far less expensive than its Type One and Type Two cousins. The dates from the late 1890s and early 1900s appear on the market regularly and can be had in the low five figures. Occasionally, circulated proofs are offered for sale as well. Next: The Saint-Gaudens Double Eagle, 1907-1933 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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