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 Highlights Double Eagle Auction-->

The Saint-Gaudens Double Eagle, 1907-1933 The story of of the beautiful Saint-Gaudens double eagle design begins with Theodore Roosevelt. Roosevelt was a man of many interests and had a true passion for art. Incidentally, his concern for aesthetics carried over into America's coinage. In 1904, President Roosevelt visited the "Castle" of the Smithsonian Institution, where he examined several ancient Greek coins. Roosevelt was captivated with the exquisite design of the coins as well as their high relief. Taken by the sight, he began to recognize the dullness of the U.S. coinage in place. On December 27, 1904, Roosevelt wrote to the secretary of the Treasury, lamenting about the "hideousness" of coinage and asking whether Augustus Saint-Gaudens would be permitted to redesign the existing coins. It was not sheer coincidence that prompted Roosevelt to suggest Augustus Saint-Gaudens. Indeed, Saint-Gaudens was already a prominent artist in America and had been commissioned for other projects, including an 1893 Colombian Exposition medal and several statues. His home in Cornish, New Hampshire was actually located within a community of artists and writers. There, he shared ideas and concepts with other artists who later counseled him in the designing of the 1907 gold coinage. In early 1905, Saint-Gaudens was contracted to sculpt the medal for Roosevelt's inauguration. The President was ecstatic over the beautiful design of the medal and subsequently paid Saint-Gaudens $5,000 to redesign the whole coinage series. This was a stake in the heart of Charles E. Barber, who at the time was the Chief Engraver for the Philadelphia Mint. Barber's designs adorned the nickel, dime, quarter dollar and half dollar as well as many patterns. Although Barber reigned supreme at the Mint, he was no competition for the internationally renowned Augustus Saint-Gaudens. The strife between the two continued until Saint-Gaudens died from cancer. Barber was successful in retaining his nickel design until 1913 and the dime, quarter dollar and half dollar motifs until 1916. Before Saint-Gaudens succumbed to his illness, he did manage to convey models of his designs for the double eagle. He proposed two designs, one with an Indian wearing a headdress and another displaying a figure of Liberty standing. The latter motif was inspired by the famous Victory of Samonthrace, which is on display at the Louvre. However, a similar sculpture is located in Central Park in New York City, which was accessible to Saint-Gaudens. Both designs were converted to coinage dies while the sculptor's health further deteriorated. It was during this time when the fanous 1907 Ultra High Reliefs were struck. However, Augustus Saint-Gaudens died in August of 1907, leaving sheer confusion at the Mint. By then, Henry Hering, who was attempting to refine the designs for mass-production, was completing most of the work. The high relief dies were finally tested as Roosevelt became impatient and ordered that the coins be in circulation in a month. Apparently, the Ultra High Relief patterns required far too much physical power to produce with any success. Such an arrangement was not sensible for a coin that was to be struck in mass quantities. In fact, the Mint abandoned striking the coins in extremely high relief after minting fewer than two dozen pieces. Edgar H. Adams and William H. Woodin claimed that exactly 18 were minted in their pattern work, but their source is unknown. John H. Dryfout, in "The 1907 United States Gold Coinage," states that 19 were minted, parallel to Adams' and Woodin's guess. Pedigree research indicates that about twenty specimens still exist, so perhaps 20-24 were originally struck. A modified type of the Ultra High Relief double eagle was attempted soon thereafter. The coin was still thicker than the Liberty double eagles of 1907, but not as thick as the Ultra High Relief version. A full 11,250 specimens were minted, though Mint officials still found the coins much too difficult to produce. The third version, struck in lower relief with Arabic numerals in the date, was introduced later that year. This reduced relief type was not as thick, but the stunning Saint-Gaudens motif was retained. The Saint-Gaudens double eagle was changed again the following year, when the legend "IN GOD WE TRUST" was restored to the twenty dollar piece. Theodore Roosevelt believed that inscribing the word "god" on a coin was sacrilegious and demanded that any such references be eliminated. By 1908, however, Roosevelt was no longer in office and the motto was quickly replaced. The basic Saint-Gaudens design went unmodified until it was terminated in 1933. Double eagle mintages were strong from 1907-1920, as the large gold coin remained popular with individuals and banks. The twenty dollar piece also became Europe's favorite medium of exchange. After World War I, most European countries' currencies became severely inflated and citizens lost faith in their money. American double eagles became the coin of choice-and countless bags were exported across the ocean. In fact, some experts believe that over 90% of the double eagles in existence once resided in Europe. The "Saints" of the 1920s generally come in two flavors: extremely common or extremely rare. By this point double eagles either landed in Europe or sat dormant in American bank vaults; so very few pieces entered circulation. Many of the Philadelphia dates were shipped overseas, while the Denver and San Francisco issues remained in American institutions for years. This, numismatists would learn, had a crucial impact on rarity. When Franklin D. Roosevelt took office in 1933, he immediately demanded that gold coins should be removed from circulation. This, he believed, would help the American economy recover from the crippling depression. This order resulted in massive gold melts. All of the coins sitting unreleased at the mints plus those sitting in bank vaults were instantly melted. In addition, citizens were required to turn in their gold coins-these, too, went to the melting pot. This created an interesting situation in that many high-mintage dates became famous rarities. Over 3.1 million 1927-S twenties were struck, for example, yet only 150 or so still exist. In all likelihood only a couple of bags escaped the mint while all the other pieces were destroyed. There are over a dozen of these rare "late-date Saints," and all are highly desirable among collectors and investors. The most famous of the late-date Saints, and quite possibly the most illustrious U.S. gold piece, is the 1933 double eagle. As mentioned earlier, Roosevelt recalled all American gold coins in 1933. A small number of ten-dollar eagles had already been released, but the 445,500 1933 double eagles were still sitting in the Philadelphia Mint. These coins were never officially released, therefore owning a specimen would be illegal. However, four coins somehow managed to survive. Two of these coins were donated to the Smithsonian Institution, but another two coins slipped into the private market. One coin was purchased by Colonel James W. Flanagan, a prominent collector in the 1930s and 1940s. His collection was offered for sale in 1944 by Stack's, where the 1933 double eagle appeared as the last lot. The Secret Service considered the coin stolen government property, and immediately seized the piece. Its whereabouts are no longer known. The other coin has gained national attraction in recent months. This specimen was owned by King Farouk of Egypt, though his source is uncertain. After Farouk was exiled, Sotheby's was commissioned to sell his extensive collection in 1954. The U.S. government asked that the 1933 double eagle be returned, but the coin was never reclaimed by the Secret Service. Over forty years later, a British dealer acquired the coin and attempted to sell it. A major legal battle ensued, but the coin was eventually returned to the owner. For the first time in 47 years, the 1933 double eagle is now legally in private hands and available for sale. This has incited tremendous interest in the 1933 Saint, and double eagles in general. When it is sold, many believe the piece will realize a record price for an American gold coin. The history of the United States double eagle begins and ends with a priceless rarity. The first date struck, the 1849 twenty dollar piece, is one of the most famous of all American coins, yet it has never entered private hands. The final double eagle minted, the 1933, has had a parallel story. For decades, collectors could only dream of owning a 1933 double eagle. Now, this awe-inspiring coin is officially available to numismatists-for the first time ever. The average collector might never own a 1933 double eagle, but there are many other fascinating Saint-Gaudens pieces. Some interesting dates include the following: ~ 1907 High Relief: Arguably, the 1907 High Relief is the most popular United States coin of all time. The contrast between the deep fields against the high, raised devices creates a striking effect found on no other American coin. Although many adjectives could be used to describe this coin, it is often hailed as an artistic triumph. ~ 1908-S: With only 22,000 pieces struck, this popular Saint has the lowest mintage in the series. ~ 1909/8: Overdates are always well-liked by collectors, and the 1909/8 is a particular favorite. It is readily available in high circulated and low Mint State grades, but becomes scarce in MS 63 or above. ~ 1926-S: Along with the 1924-D and 1925-S, this is one of the most affordable of the late-date Saint-Gaudens pieces. Unlike the Liberty double eagle proofs, the Saint-Gaudens proofs have a radically different appearance. As tastes changed in the 20th century, the Mint decided a mattelike sandblast finish would have greater appeal than the reflective look utilized earlier. These modified proofs were unpopular at the time, but are now extremely well-likes. Their fine, granular surfaces have a fascinating texture. Next:  Double Eagles as Collectibles