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 Patterson’s
approval and help, was making medals on the side. Patterson
was afraid that Longacre would interfere with Peale’s
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 Gobrecht’s 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.
When Longacre died on New Year’s Day
in 1869, William Barber became the Chief Engraver. Charles
Barber, William’s son, was his successor. Most of
the issues were very large, and the coins became known as
generic “Liberty Head Twenties.” Throughout
the years since their production, but especially in the
1950’s and 60’s, these coins were held by investors
as a hedge against inflation.
When he became the Engraver, Charles Barber
attempted to improve the design. In so doing he smoothed
the back of the eagle’s neck. The proofs of 1902 to
1907 have satiny, semi-brilliant devices instead of the
previous proof coins which were frosty.
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.
In 1849, several proof patterns were struck
in gold. One is known to exist today. It is one of the most
famous rarities in the National Numismatic Collection in
the Smithsonian Institution in Washington, D.C. It is reported
that J.P. Morgan offered $35,000 for this coin in the early
1900’s, but his offer was not taken by the mint.
In 1850, two proofs were struck, one for
the Congressional Committee on the Library and the other
a part of the Longacre estate. The whereabouts of these
coins is unknown. From 1851 to 1853, there were no proof
double eagles struck.
In 1854, a double eagle proof was struck
as a presentation piece for the city of Bremen. Its current
location is unknown. Another 1854 proof double eagle was
struck in San Francisco. The branch mint proof is now in
the Smithsonian. While some 1800’s
proof double eagles are available to collectors, the most
readily available are dated after the turn of the century.
For example the 1901 had a mintage of 96. In its population
report NGC shows 42 proof coins for this date, and PGCS
shows 41.
The double eagles of 1902 to 1907 have semi-brilliant
devices. Prior issues were frosty. All are rare. For example,
in 1902 there were 114 proof coins struck. The date on these
coins is above center. It is a famous date because it has
the lowest business strike mintage since 1893. In its population
report NGC shows 27 proof coins for this date, and PGCS
shows 33.
In 1904, 98 proof coins were struck. On
this coin the date slants down to the right. Many survived
but are found to have been mishandled. The NGC population
report shows 39, and PCGS shows 64. (The higher combined
total of the two grading services’ population reports
shows that there have been a number of resubmissions and
crossovers, which is true for all of the proof coins in
this series.) In 1906, 94 were minted.
It is known as the “Broken Nose” because of
an over polished die. The NGC population report shows 44,
and PCGS shows 53.
