1850 $20 (1850 Double Eagle) PCGS MS61. This first year of type, mint state 1850 Double Eagle has a full, bold strike on both sides. The stars centers, hair details, and the eagles feathers are all strong and sharp. No wear is seen on the high points, in keeping with the grade. Mint luster is seen in protected areas of the coin.

The 1848 discovery of gold in California changed the American economy. Huge amounts of gold were now available to be converted into coin. The Treasury Department decided that it would be an opportunity to create a double eagle or twenty dollar coin.

The Type 1 was made in Philadelphia, San Francisco, and New Orleans. However, the San Francisco Mint did not begin to coin double eagles until 1854 so much of the California gold was shipped to Philadelphia where mintages often exceeded one million coins.

James B. Longacre designed the double eagle. It shows a Liberty head in profile facing left wearing coronet inscribed LIBERTY. Her hair is tightly tied in the back with two loose curls hanging down her neck to the end of the truncation. She is surrounded by thirteen six pointed stars with the date below. Dentils are near the edge on both sides of the coin. The reverse 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 twenty dollar coin. There is an oval of thirteen stars above the eagles head and an arc of rays from wing tip to wing tip behind the upper half of the oval. UNITED STATES OF AMERICA is in an arc above the eagle, and the denomination TWENTY D. is below.

Longacres design for the double eagle was an original work that lasted until well into the twentieth century. Much of his work showed his excellent sense of proportion. Although criticized for creating blundered dies, most likely those were done by Chief Coiner and nemesis, Franklin Peale. Peale opposed Longacres appointment as Chief Engraver because he felt that Longacre would interfere with the profitable medal-making business that he ran using the mint facilities. In 1854 Peale was fired by the President, and Longacres job became much easier. Longacre was responsible for creating many designs including the Liberty Head dollar and double eagle, the Indian Princess gold dollar and three dollar pieces, the two cent piece, the shield nickel, many five cent pattern pieces, and the Indian head cent. His dies were used on hundreds of trial pieces and pattern coins.

Most 1850 double eagles are seen today in VF to AU condition. Mint state examples tend to be rare. The shipwrecked S.S. Central America had twenty-six 1850 double eagles as part of its treasure, but all were in circulated condition. In its population report, PCGS shows 20 1850 double eagles in MS61 with 40 better.