1850 Double Eagle (1850 $20) NGC AU55. Type 1 Double Eagle. Subdued mint luster peaks out from with the devices of this first year of issue double eagle. Very light wear is seen on the hair above the eye and ear as well as the top of the head, in keeping with the grade. The surfaces show light abrasion marks on both sides. The strike, which is average, shows central weakness on both sides of the coin, more on the obverse than the reverse. James Barton Longacre designed the pattern for the twenty dollar coin in 1849. It was produced because of the huge amount of gold that came into the Mint from California. The vast quantity of gold produced led to a need for a standard form of exchange. The double eagle was the governments response. They also felt that the double eagle would be useful for large commercial transactions and that it would facilitate foreign trade.

The reverse of the coin shows a heraldic eagle with elaborate ribbons on both sides of the shield extending from the top corner down to the eagles tail feathers. The ribbons are inscribed, on the left E PLURIBUS and UNUM on the right. The ribbons were added to the design to symbolize the denomination since this was the first double eagle coin.

The design remained unchanged from 1850 until 1866 when the motto IN GOD WE TRUST was added to the oval of stars on the reverse. Later the denomination was changed from TWNETY D. to TWENTY DOLLARS.