1903 Double Eagle - 1903 $20 PCGS PF53 CAC. Occasionally a rare proof coin makes its way into circulation. That is the case with this proof 53 1903 Double Eagle, which is the second finest known at CAC. The coin has the striking qualities of a proof coin and some light wear from circulation. None of its abrasions or contact marks is so sever as to require individual description. Original mint luster remains within its devices. The surfaces are a mixture of light and dark yellow gold. The combination of the mint luster and colors proclaim the coins originality. As expected for a proof coin, the strike is strong with full details on the centers of the stars, Libertys hair, and the design details of the reverse, especially the eagle. The CAC sticker affirms the grade and also indicates that the coin is of premium quality. 

The double eagle of 1849-1907 was designed by James Barton Longacre. For all dates the total proof mintage was 2,426 coins. Therefore, all proof double eagles of this type are rare, and some are exceedingly rare.

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. The motto E Pluribus Unum is on each side of the eagle on matching ribbons. This design remained in use for almost sixty years.

There were three types of Longacre double eagles. The first had the denomination abbreviated as TWENTY D. In 1866 the motto IN GOD WE TRUST was added to the top of the reverse creating Type 2. This change 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. This addition did not cause crowding of the design because it was only necessary to enlarge the circle of stars to accommodate the motto within it. The Type 3 coins were created in 1877 when the denomination was changed to TWENTY DOLLARS. This double eagle is known as the Longacre-Barber type.

In its population report, as of September 2013, CAC has confirmed 1 1903 proof double eagle in PR53 condition with 2 better. Only 5% of the NGC and PCGS certified proof double eagles for this year have been awarded a CAC sticker.