Proof 1907 Double Eagle Liberty - 1907 $20 NGC PF58. This rare, last-year-of-type 1907 Proof Double Eagle was rescued from circulation before it became too heavily abraded. Significant mint luster remains within the devices. The devices are yellow-gold over darker proof surfaces, which attest to the coins originality and are clean for the grade. The strike is bold with full details on Libertys hair, the centers of the stars, and the design elements of the reverse, especially the eagle.

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. The present coin is a Type 3 specimen.

When Longacre died on New Years Day in 1869, William Barber became the Chief Engraver. Charles Barber, Williams 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 1950s and 60s, 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 eagles neck. The proofs of 1902 to 1907 have satiny, semi-brilliant devices instead of the previous proof coins which were frosty.

With an original mintage of 78, all proof 1907 double eagles are rare in all conditions. In its population report, NGC shows 2 in PF58 condition with 7 better.