Liberty Head Double Eagles ($20 Gold)

Birth of the Double Eagle

The $20 double eagle is the largest regular-issue gold coin produced by the United States Mint, containing nearly one full troy ounce of pure gold (0.9675 oz). Born from the California Gold Rush of 1849, the double eagle was authorized to absorb the massive influx of gold pouring out of the Sierra Nevada foothills. The first double eagles were struck in 1850, and over the next 83 years, the denomination became the standard for international trade, bank reserves, and large transactions. More gold was coined in double eagle form than all other US gold denominations combined.

Type 1: Liberty Head No Motto (1850–1866)

James B. Longacre's original Liberty Head design features Liberty wearing a coronet inscribed LIBERTY, surrounded by thirteen stars and the date. The reverse displays a heraldic eagle with a shield, olive branch, and arrows, with the denomination expressed as TWENTY D. These Type 1 double eagles were struck primarily at Philadelphia and San Francisco, with small quantities from New Orleans and, for one year only, Carson City (the extremely rare 1870-CC).

Type 1 double eagles from the 1850s are fascinating coins connected to the Gold Rush era. San Francisco issues from 1854 through 1866 were produced in large quantities to serve West Coast commerce. The 1854-O with a mintage of only 3,250 is the key rarity of the type. Many Type 1 double eagles were lost at sea in shipwrecks, and recovered coins from the SS Central America (sank 1857) and SS Republic (sank 1865) have provided the hobby with spectacular specimens in near-mint condition.

For collectors, Type 1 double eagles in VF to AU grades represent excellent value. The large size (34mm diameter), substantial gold content, and Civil War-era history make these coins enormously appealing. Common Philadelphia dates from the late 1850s and early 1860s can be found for moderate premiums over gold value.

Type 2: Liberty Head With Motto (1866–1876)

In 1866, the motto "In God We Trust" was added to the reverse, creating the Type 2 double eagle. This subtype coincides with the post-Civil War era and the opening of the Carson City Mint in 1870. Carson City double eagles from this period are among the most sought-after US gold coins, combining the romanticism of the Wild West, the Comstock Lode silver bonanza, and the rarity of small-mintage production.

Key dates in Type 2 include the 1870-CC (3,789 struck), 1871-CC (17,387), and 1872-CC (26,900). Even the more common CC dates like the 1875-CC and 1876-CC carry significant premiums. Philadelphia and San Francisco issues from this period are more affordable and offer attractive collecting opportunities. The denomination "TWENTY D." was used throughout this subtype.

Type 3: Liberty Head TWENTY DOLLARS (1877–1907)

The final Liberty Head subtype changed the denomination on the reverse from "TWENTY D." to the fully spelled "TWENTY DOLLARS." This is by far the most available subtype, as production ramped up significantly in the 1880s and 1890s. Many Type 3 double eagles were stored in European bank vaults, surviving in remarkable condition, and have been repatriated to the US market over the decades.

Key dates include the 1879-O (2,325 struck, the rarest regular-issue double eagle), 1881 (2,260), and 1882 (630 — the rarest Philadelphia Mint double eagle). Carson City issues continue through 1893, with the 1879-CC (10,708) and 1885-CC (9,450) being notable rarities. However, most Type 3 dates from Philadelphia and San Francisco are readily available in AU and MS grades at very competitive premiums over gold melt value.

For investors and collectors alike, common-date Type 3 Liberty double eagles in MS-62 to MS-63 grades represent some of the best values in all of numismatics. You get nearly one ounce of gold in a historic, beautifully designed coin for a modest premium over the spot price of gold. These coins are highly liquid, universally recognized, and have a built-in floor value that provides downside protection. Many coin dealers at shows specialize in these coins and can help you find well-struck, lustrous examples.

The Double Eagle Legacy

Liberty Head double eagles represent one of the great achievements of 19th-century American coinage. Their story encompasses the California Gold Rush, the Civil War, the opening of the American West, the Gilded Age, and the dawn of the 20th century. Whether you're drawn to the historical narrative, the substantial gold content, the challenge of assembling a date set, or the investment potential of these coins, the Liberty Head double eagle rewards collectors with a depth of interest that few other series can match.

The Saint-Gaudens design that replaced the Liberty Head in 1907 is often called the most beautiful US coin, but many collectors find the stately Liberty Head design equally appealing. The two types together span the entire history of $20 gold coinage, and collecting both offers a comprehensive view of America's most important gold denomination.