1901 $20 (1901 Double Eagle) PCGS PF50. Occasionally rare proof coins have entered circulation and were treated like ordinary currency. That is certainly the case for this rare, proof double eagle that had an original mintage of 96. The coin, which comes in an OGH (old green holder), shows light circulation appropriate to the grade assigned. For the grade, the surfaces are clean with no noteworthy individual marks. A considerable amount of mint luster adheres to both sides, especially on the coins devices. The strike is full, as expected for a proof coin. The marks on the right ribbon and the A in DOLLARS are on the holder not the coin.

James B. Longacre designed the double eagle. It 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 double eagle 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 DOLLARS 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, 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 by smoothing the back of the eagles neck.

James Barton Longacre was born in Pennsylvania in 1794. When he finished his apprenticeship in Philadelphia as a bookseller and a banknote engraver, he worked on his own as an engraver of book illustrations and bank notes. His works included one on the signers of the Declaration of Independence and another on stage personalities. In 1830, Longacre planned to do a series of biographies of famous men in the military and the political arena. In 1834 the result of this series became the National Portrait Gallery of Distinguished Americans that was published in four volumes. Longacre and those who worked with him became famous because of this work. In 1844 Longacre 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. Finally in 1854, Peale was fired by President Franklin Pearce. 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 dollars, the Three-dollar gold piece, and, the Liberty Head double eagle.

Only 40 to 50 proof 1901 double eagles are known to exist today. In its population report, PCGS shows 2 in PF50 with 20 better.