1868 $20 (1868 Double Eagle) NGC AU58. Type 2 Double Eagle. This rare 1868 Double Eagle has a very sharp, full strike on both sides. The centers of the stars, the lines of Libertys hair, and the eagles feathers are all well struck. Sufficient separation in the lines of Libertys hair is seen to warrant the grade, which is confirmed by the CAC sticker. These stickers are only placed on quality coins that are indentified by CAC as solid for the grade. A significant amount of mint luster remains within the devices of the coin.

With the Gold Rush of 1849 in California, there was a large increase in the amount of gold coming into the Mint for coinage. Consequently, a bill was introduced in the House to coin $20.00 denominations called double eagles. Mint Director Robert Patterson tried to use this new coinage bill as an excuse to terminate James Longacre as the Engraver because of political and other differences. The Chief Coiner, Franklin Peale, with Pattersons approval and help, was making medals on the side. Patterson was afraid that Longacre would interfere with Peales profitable business.

Therefore, Peale would not cooperate with Longacre; however, Longacre prevailed and was able to retain his position and complete the dies for the double eagles.
Longacre designed the coin, which was substantially different from the previous capped Liberty eagle. It was similar to Gobrechts Large Cent Braided Hair Coronets of 1839 to 1857 in that instead of the cap, Liberty now wore coronet with her hair tied in the back. The reverse design depicted a modified heraldic eagle with a circle of stars above its head which are in turn surrounded by rays. Within the circle is IN GOD WE TRUST, the motto that makes the coin a Type 2. The motto E Pluribus Unum is on each side of the eagle on matching ribbons. This design remained in use for almost sixty years.

The 1868 double eagle is rare in all grades. With an original mintage below 100,000, most are found in VF or XF condition. Few were saved at the time of issue. In its population report, NGC has 45 in AU58 condition with 8 better. CAC has confirmed 4 in AU58 with 2 better.