1905 Double Eagle - 1905 $20 PCGS PF58 CAC. This lightly circulated, rare proof 1905 Double Eagle exhibits a full strike, as expected for a proof coin, and somewhat reflective fields with satiny devices. The grade of PF58 is confirmed by CAC indicating that the coin is of premium quality and fully merits the grade it was assigned. The scuff marks on the center of the obverse are on the holder not the coin.

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 an oval 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 oval 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.

Since recent demand has increased for Liberty Head proof double eagles, the miniscule supply has been unable to keep up with it. The combined population reports show 1515 proof coins in all grades certified by both of the major grading services, and this number does not account for resubmissions.

Researchers estimate that 40 to 45 pieces of the original 92 mintage of the 1905 proof double eagle remain. This coin is also very desirable because of the rarity of business strikes for 1905. In its population report, PCGS shows 1 in PF58 1905 double eagle with 19 better. As of February 2012, CAC shows 1 in PF58 with 1 better.