Photos used with permission and courtesy of Heritage Auction Galleries

Description:
The Mint Act of 1890 allowed the design of a coin to be changed every 25 years. Thus, in 1916, there was interest in replacing Charles E. Barber’s designs for the dime, quarter, and half dollar. Mint Director Robert W. Woolley invited three renown sculptors outside the Mint to produce designs for the three denominations. Though perhaps intending that each coin would display the efforts of a different artist, Adolph A. Weinman, a former student of Augustus Saint-Gaudens, completed two of the three designs, for the dime and the half dollar. Hermon A. MacNeil’s design was chosen for the quarter. The new designs were representative of the artistic vigor of the early 20th century that was displayed on U.S. coins, a group that along with Weinman’s dime included the Lincoln cent; the Indian Head (buffalo) nickel; Weinman’s Liberty Walking half dollar; the incuse Indian Head quarter eagle and half eagles, Saint-Gaudens’ Indian Head eagle and eponymous double eagle, and several commemorative issues such as the Panama-Pacific Exposition silver and gold pieces.

Modeled after Elsie Stevens, wife of poet Wallace Stevens and a tenant of a New York City apartment house owned by the sculptor, Weinman’s Liberty on the dime wears a Phrygian cap, a soft somewhat conical device that became known as a symbol of freedom. The cap is depicted supported by a pole on late 18th century U.S. Liberty Cap copper half cents and cents, and on the 19th century Liberty Seated silver coins. The cap also displays a small wing on the facing side. Together, the image represents freedom from bondage, specifically liberty of thought. However, the fact that this dime is almost universally known as the Mercury dime is an indication of the potential pitfalls of too clever symbolism. The Roman god Mercury (from the Greek god Hermes) was a god of trade and commerce, the messenger of the gods who traveled swiftly between tasks via the wings on his hat and shoes. Though Mercury’s hat was a hard, brimmed piece, and worn by a male god, those details were overwhelmed by the symbolic wing.

The symbolism of the reverse fasces was also dramatic, but one that for a time had an unintended association. Representing power and authority, the faces possibly dates to Etruscan times, and was adopted as a symbol of the Roman Republic. The bundle of rods is said to represent strength through unity (many rods much stronger than a single rod), with the axe denoting authority, particularly the power over life and death. Unfortunately, it was also a symbol used by Italian fascism in the 1930s and 1940s. That stigmatism was apparently short lived, unlike that of the swastika of Nazi Germany, and the fasces appears today on several symbols of U.S. government, including the seal of the U.S. Senate and on the frieze of the facade of the U.S. Supreme Court building. Weinman’s depiction, with the fasces wrapped in an olive branch, presented a “desire for peace but ready for war” message on the eve of America’s entry into WWI. Regardless of possible mixed messages, the design produced by Adolph Weinman is considered one of the best modern U.S. coin designs, particularly on such a small palette, and the dime remains a collector favorite.

On the obverse Liberty faces left, most of her hair covered by a soft cap with a soft peak folded toward the front. The cap has a small wing extending from the base upward to the back. The word LIBERTY, E and R partially covered by the top of the cap, encircles around slightly more than the top half of the coin just inside the flat rim. IN GOD WE TRUST, on two lines of two words each, and with centered dots separating the words on each line, is to the lower left. The date is at the lower right, mostly below the truncation of the neck. The designer’s initials AW, as a monogram, are also to the lower right, about halfway between the Y of LIBERTY and the date.

A fasces, axe pointed to the left occupies the center of the reverse, the bundle of rods bound by horizontal banding, at the top (three bands), in the middle (two bands), and at the bottom (two bands), with a single band diagonally across the bundle in the each open area between the horizontal bands. An olive branch with berries curves from the left front behind the bundle of rods to appear again at the top right. UNITED STATES OF AMERICA, the words separated by centered dots, is concentric to the flat rim around slightly more than the top half of the coin; ONE DIME, the words separated by the bottom of the fasces and the olive branch, completes the circle at the bottom. A five-point star separates ONE and UNITED on the left, and DIME and AMERICA on the right. Winged Liberty dimes were minted at Philadelphia, Denver, and San Francisco; D and S mintmarks are located to the left of the end of the olive branch, oriented in alignment with the curve of ONE and DIME.

Tens of thousands of business strike ‘Mercury’ dimes have been certified, including a few prooflike pieces, and more for the dates from the late 1930s forward and for 1916 examples. Many certified coins have the FB (Full Bands or Full Split Bands) designation, which refers to complete visible lines separating the individual horizontal bands of the fasces. Prices are modest for many dates through MS66, particularly from the early 1930s forward, though some are expensive as MS65 and finer for dates prior to the 1930s. More expensive pieces include 1916-D, very expensive finer than XF40; 1921 and 1921-D, expensive finer than MS63; 1926-S, expensive finer than MS63; 1942, 2 Over 1, expensive finer than XF40; and many of the FB examples, which for some issues are very expensive to extremely expensive finer than MS63, particularly for dimes minted prior to the early 1930s. Brilliant proof Winged Liberty dimes were minted from 1936 through 1942; a few scholars indentify matte or satin proof examples for 1916, while others do not. Prices for proofs are modest for most years through PR66 and PR67, but expensive finer. Proofs issues in 1936 are expensive finer than PR65; those from 1937 and 1938 are expensive finer than PR66. Cameo examples are expensive as PR65 and finer.

Specifications:
Designer: Adolph A. Weinman
Circulation Mintage: high 231,410,000 (1944), low 264,000 (1916-D; no circulation dimes were minted in 1922, 1932, and 1933)
Proof Mintage: high 22,329 (1942), low 4,130 (1936)
Denomination: Ten cents (10/100)
Diameter: 17.9 mm, reeded edge
Metal Content: 90% silver, 10% copper
Weight: 2.5 grams
Varieties: Several known including 1942 and 1942-D, 2 Over 1; 1945-S, Micro S; and other minor die variations.

Additional Resources:
CoinFacts: www.coinfacts.com
Coin Encyclopedia: www.ngccoin.com
The Complete Guide to Mercury Dimes. David W. Lange. DLRC Press; online at www.stellacoinnews.com
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.
Walter Breen’s Encyclopedia of U.S. Coins. Walter Breen. Doubleday.

Last Updated : 07/28/2009

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