Just about every American collector knows this coin. And for good
reason: the Saint-Gaudens gold twenty dollar Double Eagle is one of our
most interesting pieces of currency.
In 1904, President Theodore Roosevelt decided he’d had enough with
what was, in his opinion, his country’s butt-ugly coinage. Shortly
after viewing an exhibit of ancient Greek coinage at Washington D.C.’s
Smithsonian Institute, he wrote up a letter to Treasury Secretary L. M.
Shaw, asking him to fix their coinage, which he called “artistically of
atrocious hideousness.” (For an example of one of the coins Roosevelt
was talking about, check out the slabbed coin in this post.
Personally, I agree with Teddy.) Roosevelt suggested he hire Augustus
Saint-Gaudens, a then-famous American sculptor who had designed many
celebrated monuments.
Saint-Gaudens took the job and produced the design that would become
the new Double Eagle. The new twenty dollar coin featured a walking
Lady Liberty on the obverse and an eagle flying over the radiant Sun on
the reverse. The original series ran from 1907 to 1932, when President
Franklin D. Roosevelt criminalized private gold ownership in an attempt
to prevent wealth hoarding during the Great Depression. Executive Order
6102 required all US residents to deliver all their “gold coin, gold
bullion, and gold certificates” to a Federal Reserve member bank and
levied high fines and imprisonment on those who disobeyed the order.
Above,
a familiar face on an unfamiliar bill. In the early part of the 20th
century, you’d have been able to exchange one of these twenty dollar
gold certificates for a twenty dollar double eagle.
This executive order didn’t actually result in any convictions.
However, it did inadvertently create one of the rarest coins in the
world. As a result of order 6102, ownership of the 1933 Double Eagle
was effectively made illegal, and the US Mint melted their stock of that
year’s gold coins after sending two 1933 Double Eagles to the
Smithsonian to put on display.
Despite the ban, several 1933 Double Eagles slipped out of the Mint’s
hands and turned up in auctions later on, where they sold for stupidly
large sums of money. Since ownership of the 1933 gold coin was
technically illegal, however, the government decided that the 1933 coins
in question must have been illegally obtained, and it has ever since
made a policy of confiscating the coin from private owners who try to
put it up for auction. One case
is still on appeal, with government lawyers arguing that the ten
unaccounted-for coins were illegally obtained and the family of the
deceased owner arguing they weren’t.
But the Saint-Gaudens Double Eagle would eventually make a comeback.
In 2009, the US Mint released a limited-run reproduction of the twenty
dollar gold coin in “ultra-high” relief (relief meaning how far the
coin’s features stick out of the coin’s surface, basically.) This was
the way Saint-Gaudens had originally wanted his coin to look. As a
modern reproduction, the 2009 coin doesn’t have any numismatic value,
but it’s still nice. Saint-Gauden’s Lady Liberty design was also
retained for the American Gold Eagle 22k gold bullion coin that the US
government began minting in 1986, though it uses a different eagle
design on the reverse. So, you know, don’t confuse the two.