1898 Proof Double Eagle - 1898 $20 PCGS PR58. This slightly circulated, rare, proof 1898 Double Eagle has a cameo-like appearance because of its frosted devices against darker fields. Although the coin shows a touch of wear on its highest points and has many hairlines, in keeping with the grade, it is nevertheless an attractive piece. As expected for a proof coin, the strike is extremely sharp and full showing the completeness of the design in all of its elements. The eye-appeal is enhanced by the contrasting components.

The double eagle was designed by James B. Longacre. The design shows a Liberty head 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.

The motto IN GOD WE TRUST was added to the original double eagle by enlarging the oval of stars above the eagles head and placing the motto in it. This modification did not require a major alteration of the design as was the case with adding the motto to the lower denominations. It was made at the behest of Salmon P. Chase, Secretary of Treasury and Congress because of pressure brought about by the Reverend M.R. Watkinson of Ridleyville, Pennsylvania.

The design change that brought about the Type 3 double eagle was the denomination. It went from TWENTY D. to TWENTY DOLLARS.  Like the addition of the motto to the reverse of the previous double eagle, it did not cause any major change in the rest of the coins design. William Barber who by then was the Engraver following Longacres death in 1869 made the modification. Later, his son Charles further modified the reverse of the double eagle by smoothing the back of the eagles neck. Many of the twentieth century double eagle coins have the new reverse, but some were made from left over hubs and have the 1899 reverse.

As the most valuable regular-issue American coin ever minted, the twenty dollar piece posed an obvious attraction to counterfeiters. After the Civil War, one method was particularly popularcounterfeiters would cut the coin in half, take out the gold, replace it with platinum, and put it back together. Perhaps amateur in comparison to todays methods, these counterfeits were quite convincing at the time, so much so that the director of the U.S. Mint recommended that the coin be discontinued. These platinum counterfeits, however, have become collectible in their own right. Of course the counterfeiting stopped when the value of platinum exceeded that of gold.

Longacres double eagle design was a new concept that endured well past the turn of the century. When Longacre first came to work at the Mint, he was opposed by Franklin Peale, the Chief Coiner. Peale was probably responsible for some blundered dies that Longacre was criticized for making. Peal was involved in a private, illegal medal manufacturing business using Mint facilities. He was concerned that this new political appointee would interfere with his business, and he resisted Longacres appointment as Chief Engraver. In the end Peale was found out and fired in 1854. Longacre flourished in his position and was responsible for creating many new designs including the Indian Head cent, the two-cent piece, the Shield nickel, the Liberty Head gold dollar, the Indian Princess gold dollar, the three-dollar gold piece, and the Liberty Head double eagle. 

With an original mintage of only 75, the 1898 proof double eagle is rare in all grades, and only 40 to 50 are known to exist today. In its population report, PCGS shows 3 in PR58 condition with 23 better.