Why Is It Called a Double Eagle?
If you've spent any time around coin collectors or precious metals enthusiasts, you've probably heard the term "Double Eagle." But what exactly is a Double Eagle, and how did it get its unusual name?
The answer goes back to the early days of United States gold coinage and the way gold coins were denominated.
What Is an Eagle Coin?
In 1792, the United States established its monetary system through the Coinage Act of 1792.
While most people are familiar with denominations such as pennies, nickels, dimes, and dollars, the Act also created a gold coin known as the Eagle.
The Eagle had a face value of $10 and became the standard gold coin denomination in the United States.
Over time, additional gold denominations were introduced:
Quarter Eagle = $2.50
Half Eagle = $5
Eagle = $10
These names referred to the value of the coin rather than its size or gold content.
Why Is It Called a Double Eagle?
In 1849, following the discovery of gold in California, Congress authorized a new $20 gold coin.
Since the existing Eagle denomination was worth $10, the new $20 coin was worth exactly twice as much.
As a result, it became known as the Double Eagle.
The name was not an official denomination like "dollar" but rather a practical way to describe a gold coin worth two Eagles.
When Was the Double Eagle First Produced?
The first Double Eagles were struck in 1849 during the California Gold Rush.
The influx of newly discovered gold increased the nation's gold supply and created demand for larger denomination gold coins.
The Double Eagle quickly became one of the most important gold coins used in commerce, banking, and international trade.
The Liberty Head Double Eagle
The first regularly issued Double Eagle featured the Liberty Head design created by James B. Longacre.
This design was produced from 1850 through 1907 and became a familiar sight throughout the United States during the late 19th century.
Today, Liberty Head Double Eagles remain popular among collectors because of their historical significance and connection to the Gold Rush era.
The Saint-Gaudens Double Eagle
In 1907, the United States introduced a new Double Eagle designed by renowned sculptor Augustus Saint-Gaudens.
Many collectors consider the Saint-Gaudens Double Eagle to be one of the most beautiful coins ever produced by the United States Mint.
The design features Lady Liberty striding forward with a torch and olive branch on the obverse and a soaring eagle on the reverse.
Because of its artistic quality and historical importance, the Saint-Gaudens Double Eagle remains one of the most sought-after U.S. gold coins.
Are Double Eagles Still Made Today?
The original $20 Double Eagle ceased circulation in the 1930s when the United States moved away from circulating gold coinage.
While modern commemorative and bullion coins have been issued since then, the historic Double Eagles remain among the most recognizable and collected gold coins in American history.
Why Collectors Love Double Eagles
Double Eagles appeal to collectors for several reasons:
Historic connection to the California Gold Rush
Large size and substantial gold content
Beautiful Liberty Head and Saint-Gaudens designs
Importance in American monetary history
For many collectors, the Double Eagle represents a combination of history, artistry, and precious metal ownership.
A Double Eagle is simply a $20 gold coin worth twice the value of the original $10 Eagle. Although the name originated from its denomination, the Double Eagle has become one of the most famous and admired coins ever produced by the United States Mint.