Photos used with permission and courtesy of Heritage Auction Galleries

Description:
The first Saint-Gaudens double eagles, acclaimed as one of the most beautiful and artistic U.S. coin designs, did not display the motto IN GOD WE TRUST anywhere on the coin. Even though the Coinage Act of 1890 did not include that motto in the list of required wording to be placed on U.S. coins, perhaps an unintended omission, both Congress and the public nevertheless wanted it there. The motto was restored (it was on the previous Liberty Head type) later in 1908 by Congressional action, which brought the double eagle into compliance with the Act of March 3, 1865, the original mandate for the text. There was one more significant modification of the double eagle before President Franklin Delano Roosevelt ended circulating gold coinage in 1933. In 1912 the number of stars encircling Liberty on the obverse was increased from 46 to 48, marking the addition of New Mexico and Arizona to the Union. Most double eagles minted after 1928 were stored by the Treasury, not released into circulation.

Roosevelt’s Executive Order 6102 of April 5, 1933, stated: “I, Franklin D. Roosevelt, President of the United States of America É do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations É” Individuals were ordered to deliver gold coins, bullion, and gold certificates to a Federal Reserve bank or branch by May 1 of that year. Exceptions were made for jewelers, artists, and collectors of “rare and unusual” gold coins, but the Order also allowed “any one person” to keep “gold coin and gold certificates in an amount not exceeding in the aggregate $100.00.” Though not explicit in the wording, the Order nonetheless effectively ended the legal tender status, thus circulation, of gold coins in this country. Confiscation and subsequent melting destroyed the majority of the later 1920s and all 1930s double eagles. Many of today’s survivors came from stockpiles held in foreign banks, who had no interest in returning gold coins to the U.S. for melting. These expatriate coins returned to the U.S. starting in the 1940s, following increased demand caused by the growing popularity of collecting double eagles.

Of the destroyed pieces, the 1933 double eagle has an especially storied history. Two examples were placed in the Smithsonian in 1934, but of the nearly one half million double eagles minted starting in March 1933, nearly all were melted. The Mint has an established position that none of the coins were officially released into circulation, thus making illegal any private ownership of a 1933 double eagle. However, some (perhaps 20 or more) of the double eagles managed to leave the Mint under circumstances that are murky. Several of the coins sold under private transactions in the 1940s were subsequently seized or turned over to federal agents. The most famous was owned by King Farouk of Egypt; his 1933 example travelled a mysterious path following his 1952 overthrow, ending in a 2001 court decision, which resulted in that example being officially issued and monetized by the Treasury.

Subsequently sold in July 2002 to an anonymous bidder for a record $7,590,020.00 (the $20 required by the act of monetization), half of the proceeds went to the U.S. government, the other half to the British coin dealer who had possessed the Farouk coin (though provenance was not established). Additional coins have recently surfaced, all of which were seized by the U.S. government after being submitted to the Mint for authentication; ownership of those pieces is currently being litigated. There is speculation that more 1933 double eagles exist, but if so they are unlikely to be publicly announced unless the courts legitimize private ownership. Though production of circulating double eagles ended in the early 1930s, the Saint-Gaudens obverse design was reused by the U.S. Mint for gold bullion coins, authorized by the Gold Bullion Coin Act of 1985, and first issued in 1986.

The obverse features a full-length image of Liberty, facing forward with an olive branch in her extended left hand and a raised torch in her extended right hand. Draped in a long, flowing gown, her hair is swept to the left. Some describe her as striding forward, but she appears instead to be in a pose; the foot of her left leg rests on a large rock (in front of which are oak leaves), difficult terrain through which to be walking. To Liberty’s right, at the bottom of the coin, the sun is visible behind a depiction of the U.S. Capitol building. Rays from the sun extend upward from behind the Capitol and Liberty to about the level of Liberty’s waist. At the top of the coin is the word LIBERTY, the torch separating I and B. Forty-six tiny six-point stars (48 stars from 1912 forward) are arrayed just inside the flat rim, forming a circle broken only at the bottom.

The date, in ‘Arabic’ numerals is at the right bottom, above the rock, and a monogram of the designer’s initials ASG is below the date. With Motto Saints were minted in Philadelphia, Denver, and San Francisco; D and S mintmarks are located above the date. The crest of the sun appears again on the reverse, at the bottom with rays extending upward nearly to the top of coin behind a majestic left-facing eagle, wings uplifted in flight. In an arc above the sun is IN GOD WE TRUST, the words separated by centered triangular dots. At the top is UNITED STATES OF AMERICA in a concentric arc next to the flat rim, with TWENTY DOLLARS just below in another arc. The words of both phrases are separated by centered triangular dots, and the text is also in front of the sun’s rays. E PLURIBIS UNUM in raised letters, with thirteen separating raised stars, is on the edge of the coin.

Thousands of With Motto Saint-Gaudens business strike double eagles have been certified, though only a few hundred for some dates. Prices are moderate for pieces at grades up to MS60, often trading for not much more than bullion value, while coins graded MS60 and finer are expensive, very expensive, or extremely expensive (Gem and finer for some issues). More expensive coins are 1908-S (extremely expensive finer than MS65), 1909 9 Over 8 (expensive finer than MS63), 1920-S (extremely expensive finer than MS62), 1921 (extremely expensive finer than MS60), 1926-D (extremely expensive finer than MS64), 1927-D (extremely expensive in all grades), 1929 (extremely expensive finer than MS65), 1930-S (extremely expensive finer than MS62), 1931 (extremely expensive finer than MS64), 1931-D (extremely expensive finer than MS63), 1932 (extremely expensive finer than MS64), and 1933 (extremely expensive, effectively unavailable). Proofs were minted from 1908 through 1915; those produced in 1908 and from 1911-1915 are Sand Blast finish, the 1909 and 1910 pieces are Satin finish. Fewer than 100 proof examples of each date have been certified. All proofs are very expensive to extremely expensive (PR65 and finer).

Specifications:
Designer: Augustus Saint-Gaudens and Henry Hering (Saint-Gaudens’ collaborator), with modifications by Charles E. Barber
Circulation Mintage: high 8,816,000 (1928), low 22,000 (1908-S). Mintage figures may not accurately reflect availability, due to gold coin recall and melting in the early 1930s.
Proof Mintage: high 167 (1910), low 50 (1915)
Denomination: $20.00, Twenty dollars, Double Eagle
Diameter: 34 mm, edge with raised text and symbols- E PLURIBUS UNUM, the words separated by thirteen stars
Metal Content: 90% gold, 10% copper
Weight: 33.436 grams
Varieties: A very few identified, including 1909, 9 Over 8; and other minor die variations.

Additional Resources:
CoinFacts: www.coinfacts.com
Coin Encyclopedia: www.ngccoin.com
Friends of Saint-Gaudens: www.sgnhs.org
The Coinage of Augustus Saint-Gaudens as Illustrated by the Phillip H. Morse Collection. James L. Halperin, Mark Van Winkle, Jon Amato, Gregory J. Rohan. Heritage Auctions, Inc.
Illegal Tender: Gold, Greed, and the Mystery of the Lost 1933 Double Eagle. David Tripp. Free Press.
Double Eagle: The Epic Story of the World’s Most Valuable Coin. Alison Frankel. W.W. Norton & Co.
The Official Red Book: A Guide Book of Double Eagle Gold Coins. Q. David Bowers. Whitman Publishing.
Encyclopedia of U.S. Gold Coins, 1795-1933. Jeff Garrett and Ron Guth. Whitman Publishing.
The Official Red Book: A Guide Book of United States Coins. R.S Yeoman (author), Kenneth Bressett (editor). Whitman Publishing.
A Guide Book of United States Type Coins. Q. David Bowers. Whitman Publishing.
United States Coinage: A Study by Type. Ron Guth and Jeff Garrett. Whitman Publishing.
The Experts Guide to Collecting & Investing in Rare Coins. Q. David Bowers. Whitman Publishing.
The U.S. Mint and Coinage. Don Taxay. Arco Publishing
Walter Breen’s Encyclopedia of U.S. Coins. Walter Breen. Doubleday.

Last Updated : 07/20/2009

Photos used with permission and courtesy of Heritage Auction Galleries

Description:
The production of gold coins for circulation ended in 1933, and many of the coins from the final years were melted following President Franklin Delano Roosevelt’s Executive Order 6102 of April 5, 1933. The purpose of the Order was broadly outlined: “I, Franklin D. Roosevelt, President of the United States of America É do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations É”. Individuals were ordered to deliver gold coins, bullion, and gold certificates to a Federal Reserve bank or branch by May 1 of that year. There were exceptions for ordinary citizens: jewelers and artists could have “such amount of gold as may be required for legitimate and customary use”, anyone could retain “gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person”, and collectors could keep gold coins considered “rare and unusual.” Apparently only one individual was indicted under the terms of the order, a New York attorney who escaped prosecution on technical grounds but nevertheless saw his 5,000 ounces of gold confiscated.

By the mid-1980s world demand for citizen ownership of silver and gold was growing. Responding to the production and sale of silver and gold coins by other countries such as Canada and South Africa, Congress authorized the U.S. Mint to begin producing gold and silver bullion coins through the authority of the Bullion Coin Act of 1985. Gold Eagles are produced from gold mined in the United States, and though the coins display a legal tender denomination, the value of the coins is primarily that of the metal, which is many times the face value. Gold coins are produced in a 22 karat standard in four weights, one-tenth ounce ($5 face), one-quarter ounce ($10 face), one-half ounce ($25 face), and one ounce ($50 face).

The obverse of the gold American Eagle is copy of the Saint-Gaudens design for the double eagle (though now with 50 encircling stars), and the reverse was done by Miley Frost (Miley Busiek at the time). The artist’s design was the result of research she had done on the American bald eagle in Wyoming, from which she produced a sculpture that was accepted as the official commemorative piece for President Ronald Reagan’s first inauguration. After reading about the establishment of the Gold Commission to explore the issuance of US gold bullion coins, Frost prepared a line drawing based on her sculpture, which was eventually approved both by the U.S. Mint and Congress. She accepted no commission for the coin design, presenting it as a gift to the American people.

On the obverse is a full-length image of Liberty, facing forward with an olive branch in her left hand and a raised torch in her right hand. Draped in a long, flowing gown, her hair is swept to the left. Some describe her as striding forward, but she appears instead to be in a pose; the foot of her left leg rests on a large rock (in front of which are oak leaves), difficult terrain through which to be walking. To Liberty’s right, at the bottom of the coin, the sun is visible behind a depiction of the U.S. Capitol building. Rays from the sun extend upward from behind the Capitol and Liberty, to about the level of Liberty’s waist. At the top of the coin is the word LIBERTY, the torch separating I and B. Fifty tiny six-point stars (representing the number of states) are arrayed just inside the flat rim, forming a circle broken only at the very bottom. From 1986 through 1991 Roman numerals were used for the date, after which the date is in Arabic numerals; the date is to the right of Liberty near the bottom, though higher than on the Saint-Gaudens original design. A monogram of the designer’s initials ASG is below the date, just above the rock.

Gold Eagles are minted in Philadelphia and West Point; P and W mintmarks are located at the lower right below the date, next to the circle of stars. Until 2006 the W mintmark was used only on proofs; the P mintmark was used only on early (1987 or 1988 through 1991) tenth-ounce, quarter-ounce, and half-ounce proof coins. The reverse displays a family of eagles in the center of the coin, with an adult and juveniles resting in a nest of sticks and branches. Above the nest in the air is another adult eagle clutching a branch, wings outspread as if preparing to land. Around the flat rim is UNITED STATES OF AMERICA at the top, and 1 OZ. FINE GOLD ~ 50 DOLLARS at the bottom. E PLURIBUS UNUM is in the space above the left side of the aerie, and IN GOD WE TRUST to the left, each phrase in two lines. Just below the nest are the designer’s initials MB (Miley Busiek, now Miley Frost) to the left, and the original engraver’s initials JW to the right.

Though intended as a bullion coin, Gold Eagles are also collected for their numismatic interest. Unless by accident or unknown intent, these coins do not circulate. Tens of thousands of the tenth-ounce, quarter-ounce, half-ounce, and ounce coins have been certified as Mint State and as proof, though the number of certified coins varies by date. Greater numbers are certified as MS69 and PR69, and to a lesser extent MS70 and PR70, than as other grades. A few prooflike Mint State pieces have been certified, but nearly all certified proof pieces have received the Deep Cameo designation. Prices of Gold Eagles tend to follow bullion prices, with an added premium for the certification; fractional coins are proportionally more expensive than the full ounce coins (that is, ten one-tenth ounce coins cost more than a single one ounce coin). Some proof examples and “perfect” 70 grades have an additional premium, particularly the MS coins dated 1986 through the early 2000s, and are expensive to very expensive. Other higher priced issues are the 1999-W $5 and $10 Unpolished Proof Dies and, to a lesser degree, some First Strike pieces and the 20th Anniversary coins.

Specifications:
Designer: Obverse, Augustus Saint-Gaudens (adapted); reverse by Miley Frost (Miley Busiek)
Circulation Mintage: Hundreds of thousands to over a million of each denomination most years, though fewer than a hundred thousand per year for some fractional Gold Eagles
Proof Mintage: Generally fewer than one hundred thousand each year for each denomination, though fewer than ten thousand per year in some recent years.
Denomination: $5.00; $10.00; $25.00; and $50.00 (all are worth more as bullion)
Diameter: 16.5 mm; 22.0 mm; 27.0 mm; 32.7 mm; all have reeded edges
Metal Content: 91.67% gold, 3.0% silver, 5.33% copper
Weight: 3.393 grams (0.1 ounce); 8.483 grams (0.25 ounce); 16.965 grams (0.5 ounce); and 33.930 grams (1.0 ounce)
Varieties: A few known, including 1999 $5 and $10 Uncirculated made from unpolished proof dies; the 2006 Burnished pieces; and the 2006 Reverse Proof $50 coins.

Additional Resources:
CoinFacts: www.coinfacts.com
The Official Red Book: A Guide Book of United States Coins. R.S Yeoman (author), Kenneth Bressett (editor). Whitman Publishing.

Last Updated : 07/20/2009