The Double Eagle, a $20 gold coin, holds a prominent place in the history of American coinage. First minted in 1849, this large denomination gold coin was introduced to handle the substantial quantities of gold being mined and to facilitate large transactions. It became a symbol of wealth and stability, featuring some of the most iconic designs in U.S. numismatics.
Why it Started
The Double Eagle was introduced in response to the California Gold Rush, which dramatically increased the amount of gold available in the United States. The U.S. Mint saw the need for a higher denomination coin to efficiently manage large sums of gold and facilitate significant financial transactions. The $20 Double Eagle filled this role perfectly, enabling more straightforward handling of substantial monetary values in gold.
Why it Ended
The production of the Double Eagle ceased in 1933 due to President Franklin D. Roosevelt’s Executive Order 6102, which prohibited the hoarding of gold coins, gold bullion, and gold certificates. This order was part of a broader strategy to combat the Great Depression by stabilizing the economy and moving the nation to a fiat currency system. Consequently, the gold standard was abandoned, and gold coinage, including the Double Eagle, was discontinued.
| Years | Species | Front | Back | Evolve |
|---|---|---|---|---|
| 1849–1907 | Liberty Head | |||
| 1907–1933 | Saint-Gaudens |