Saint-Gaudens Double Eagle
Saint-Gaudens Double Eagle: The Ultimate Guide
Complete guide to America's most beautiful coin - the iconic $20 gold piece that redefined American coinage artistry
Introduction
The Saint-Gaudens Double Eagle is an American $20 gold coin produced between 1907 and 1933, widely considered the most beautiful U.S. coin ever made. This masterpiece of numismatic art emerged from President Theodore Roosevelt's collaboration with renowned sculptor Augustus Saint-Gaudens to create coins worthy of a great nation. The Saint-Gaudens double eagles were the last of their kind minted in 1933 due to the Gold Confiscation Act removing all gold coinage from circulation.
While the finest 1907 Ultra High Relief examples can sell for over $2 million at auction, this doesn't mean that a Saint-Gaudens double eagle is out of reach for modern collectors. A "Gem Uncirculated" business strike can be acquired for around $2,000, while circulated versions are available for modest premiums over the current gold spot price. The enduring appeal of Saint-Gaudens' design led to its revival in 1986 as the obverse of the American Gold Eagle, making these historic coins relevant for both collectors and those looking to buy gold today.
Table of Contents
- Historical origin and the California Gold Rush connection
- Design evolution and Roosevelt-Saint-Gaudens collaboration
- Production challenges and technical innovations
- Types and varieties: Ultra High Relief to With Motto
- Famous examples: The legendary 1933 double eagle
- Modern legacy and collecting strategies
Historical Origin and the California Gold Rush Connection
The invention of the $20 double eagle gold coin was a direct result of the 1849 California Gold Rush. The unprecedented amount of gold flowing from California was more than the U.S. Mint could efficiently process into existing denominations. To ease this situation, the government authorized a new gold coin called the double eagle—twice the weight of the largest existing gold coin, the $10 eagle.
Economic Necessity
- California Gold Rush overwhelmed mint capacity
- Double eagle = twice the $10 eagle weight
- Converted twice as much gold per coin strike
- Improved efficiency of gold-to-currency conversion
Commercial Usage
- Large transactions: real estate, imports
- International trade conducted in gold
- Backing for paper gold certificates (1865-1933)
- Redeemable for gold upon demand
Limited Circulation
- Too valuable for daily commerce
- Primarily institutional and wholesale use
- European trade and banking
- Treasury and Federal Reserve operations
Historical Context
The double eagle represented more than just monetary efficiency—it symbolized America's emergence as a major gold producer and economic power. International trade of the day was conducted exclusively in gold, making these substantial coins essential tools of global commerce. The $20 denomination provided the perfect balance between portability and value for large-scale transactions.
Design Evolution and Roosevelt-Saint-Gaudens Collaboration
The $20 Saint-Gaudens double eagle stands unique as one of the few coins known by the name of its creator. Designed in 1907 by America's leading Beaux-Arts sculptor Augustus Saint-Gaudens, this collaboration emerged from President Theodore Roosevelt's dissatisfaction with existing American coinage, which he called "atrocious hideousness" unfit for a great nation.
Roosevelt's Vision (1905)
In 1905, President Roosevelt convinced Saint-Gaudens to redesign every U.S. coin, referring to the effort as his "pet crime." Roosevelt drew inspiration from ancient Greek coins, particularly those of Alexander the Great, advocating for high relief designs that would create lasting, beautiful American coinage.
Saint-Gaudens' Design Process
Saint-Gaudens' initial design featured a full-figure winged Liberty striding toward the viewer, holding an American shield and flaming torch. His goal was to create "a living thing and typical of progress" that would rival the greatest classical coins.
Design Refinements
Through multiple iterations, Saint-Gaudens refined his vision: the shield became a laurel branch, the Phrygian cap gave way to an Indian headdress (later removed), and finally the wings were eliminated to focus attention on Liberty herself walking confidently into the future.
Design Elements and Symbolism
Saint-Gaudens maximized free space in his design, using 46 six-pointed stars (one for each state) to create a decorative rim on the obverse. The reverse featured an eagle flying before a rising sun, symbolizing America's bright future. The inscriptions "UNITED STATES OF AMERICA" and "TWENTY DOLLARS" ran along the top rim, while Saint-Gaudens innovatively placed "E PLURIBUS UNUM" on the edge with 13 stars representing the original colonies.
Mint Politics and Resistance
Chief Engraver Charles Barber at the U.S. Mint strongly opposed the project, viewing Roosevelt's decision to hire an outside artist as a personal affront. Barber delayed production as long as possible, as most existing coin designs were his work. This represented the first time a U.S. coin was designed by someone outside the mint's internal staff, breaking a long-standing tradition.
Production Challenges and Technical Innovations
The relief of Saint-Gaudens' original design was too high to strike with standard coin presses. High-pressure medal presses were required to get a full strike, with some coins requiring up to nine individual strikes to bring out all details. This made mass production impossible and created the famous "stacking problem" that plagued the series.
| Production Challenge | Technical Solution | Impact on Design |
|---|---|---|
| Ultra High Relief | Medal presses, multiple strikes | ~20 pattern coins only |
| High Relief | Three strikes on medal presses | 11,250 coins for circulation |
| Stacking Problem | Reduced relief height | Low relief production versions |
| Die Durability | Simplified design elements | Loss of artistic detail |
| Mass Production | Standard coin presses | Acceptable but weakened appearance |
Ultra High Relief Process
- Nine strikes required for full detail
- Coin reheated after each strike
- Quenched in weak nitric acid solution
- Medal press equipment necessary
Stacking Problem Explained
- High relief coins wouldn't stack properly
- 20 Saint-Gaudens = height of 21 Liberty coins
- Banks relied on coin stacking for counting
- Raised rims caused the issue, not protruding features
Wire Rim Phenomenon
- Extreme pressure forced collar apart
- Gold squeezed into gaps
- Created sharp ridge around rim
- Collectors paid premiums for "Wire Rim" examples
Technical Innovation
Saint-Gaudens expected to work with the U.S. Mint as he had with prestigious firms like Tiffany and Gorham, or during his time in Paris where advanced minting techniques were commonplace. However, the U.S. Mint's outdated equipment and conservative approach proved inadequate for his artistic vision, creating a legendary struggle between art and industrial capability.
Types and Varieties: Ultra High Relief to With Motto
Saint-Gaudens double eagles evolved through several distinct types as the mint struggled to balance artistic vision with production reality. Each type represents a different solution to the technical challenges posed by the original high relief design.
| Type | Years | Key Features | Mintage | Rarity Level |
|---|---|---|---|---|
| Ultra High Relief (Pattern) | 1907 | MCMVII, No Motto, Extreme Relief | ~20 coins | Extremely Rare ($2M+) |
| Type 1 (High Relief) | 1907 | MCMVII, No Motto, Wire/Flat Rim | 11,250 | Scarce ($15,000+) |
| Type 2 (Low Relief) | 1907-1908 | Arabic Numerals, No Motto | 4,297,968 | Common ($2,000+) |
| Type 3 (With Motto) | 1908-1933 | "In God We Trust" Added | Varies by date | Common to Rare |
Ultra High Relief (Pattern)
The ultimate expression of Saint-Gaudens' artistic vision, requiring nine strikes to achieve full detail. Only about 20 examples exist, making them among the most valuable U.S. coins. The finest examples can exceed $2 million at auction.
High Relief (Type 1)
First circulating version, still requiring three strikes on medal presses. Features Roman numeral date MCMVII and no "In God We Trust" motto. Wire Rim and Flat Rim varieties exist, with Wire Rims being more commonly saved by collectors.
Low Relief "Saints" (Type 2)
Charles Barber's compromise design using Arabic numerals and reduced relief for standard coin press production. While losing much artistic detail, these became the first mass-produced Saint-Gaudens coins and are often called "Saints" by collectors.
"In God We Trust" Controversy
The original Saint-Gaudens designs omitted "In God We Trust" because President Roosevelt believed putting the Lord's name on money was "akin to sacrilege." An oversight in the Coinage Act of 1873 had made the motto optional rather than mandatory. Public outrage forced Congress to make the motto mandatory on all gold and silver coins in early 1908, leading to the Type 3 "With Motto" versions that dominated production through 1933.
Famous Examples: The Legendary 1933 Double Eagle
The 1933 Saint-Gaudens double eagle represents the ultimate numismatic treasure—none were supposed to be released to the public due to Franklin D. Roosevelt's gold confiscation order. The few that escaped have become legendary, with only one example legally available for private ownership, selling for $7.59 million in 2002.
The King Farouk Specimen
In 1944, King Farouk of Egypt purchased a 1933 double eagle and received an export license from the unknowing State Department. When the government demanded its return, Farouk refused. After his 1952 deposition, the coin disappeared until 1996, eventually becoming the only legal example through a government deal with dealer Stephen Fenton.
The Langbord Hoard Discovery
In 2003, heirs of Philadelphia coin dealer Israel Switt discovered ten 1933 double eagles in a safe deposit box. Despite claiming Switt purchased them legally before Roosevelt's order, the government seized the coins after a 14-year legal battle that reached the Supreme Court.
Secret Service Investigation
Starting in 1944, the Secret Service tracked down and confiscated every 1933 double eagle they discovered, reimbursing collectors only the $20 face value despite their enormous numismatic worth. This created an atmosphere of legend and mystery around these forbidden coins.
1908 "Wells Fargo" Hoard
- 9,900 pristine 1908 No Motto coins discovered
- Found in Nevada bank vault in 1990s
- Untouched since 1917
- Transformed market perception of 1908 coins
Notable Key Dates
- 1920-S: Low mintage business strike
- 1921: Extremely low mintage (528,500)
- 1927-D: Branch mint rarity
- 1932: Last "normal" year before confiscation
Collecting Tiers
- Ultra High Relief: Museum/millionaire level
- High Relief: Serious collector level ($15,000+)
- Common dates: Accessible collector level ($2,000+)
- Key dates: Specialist collector level (varies)
Legal Ownership Warning
All 1933 Saint-Gaudens double eagles except the Farouk specimen are considered stolen government property. Any discovered examples are subject to immediate confiscation by federal authorities. The government has consistently maintained this position through multiple court cases and will not provide compensation beyond face value for surrendered coins.
Modern Legacy and Collecting Strategies
The timeless beauty of Saint-Gaudens' design found new life in 1986 when the U.S. Mint needed inspiration for America's new official gold bullion coin. They could find no more fitting design than the Saint-Gaudens double eagle for the obverse of the American Gold Eagle, making this historic artistry relevant for modern precious metals investors.
American Gold Eagle Connection
- Saint-Gaudens obverse since 1986
- Available in 1 oz, 1/2 oz, 1/4 oz, 1/10 oz sizes
- Both BU and Proof versions offered
- Bridges historic collecting and modern investing
Collector Entry Points
- Circulated common dates: Modest premium over spot
- Uncirculated examples: Around $2,000
- Type collecting: One of each major variety
- Date collecting: Complete series challenge
Investment Considerations
- Nearly one ounce of gold content (0.9675 oz)
- Numismatic premiums above gold value
- Historical significance adds appeal
- Liquidity through universal recognition
Strategic Collecting Approaches
Serious collectors often focus on specific strategies: Type collecting requires one example of each major variety (Ultra High Relief, High Relief, Low Relief No Motto, and With Motto). Date collecting involves pursuing complete date and mintmark sets, with the 1921 and various key dates providing significant challenges. Condition collecting focuses on finding common dates in exceptional preservation, as most Saint-Gaudens coins show wear from their utilitarian usage in banking and international trade.
Getting Started
Begin with common-date Type 3 "With Motto" examples in Choice or Gem Uncirculated condition. These provide authentic exposure to Saint-Gaudens' artistry at accessible price points. Many collectors start with later dates like 1924, 1925, or 1928, which offer excellent value while displaying the full beauty of the final design. Consider how these historic coins complement modern gold investments in a diversified precious metals portfolio.
Conclusion
The Saint-Gaudens double eagle stands as perhaps the greatest achievement in American coin design, representing the successful collaboration between artistic vision and presidential will to create something truly worthy of a great nation. From the technical struggles of the Ultra High Relief patterns to the legendary status of the 1933 examples, these coins embody both numismatic artistry and historical significance in ways few other coins can match.
Understanding the Saint-Gaudens series provides insight into American monetary history, artistic achievement, and the complex relationship between government policy and precious metals ownership. Whether approached as artistic collectibles, historical artifacts, or gold investments, these magnificent coins offer multiple paths to appreciation and ownership.
The enduring appeal of Saint-Gaudens' "living thing and typical of progress" continues through the modern American Gold Eagle program, ensuring that this masterful design remains relevant for contemporary investors and collectors. From accessible circulated examples to museum-quality Ultra High Relief specimens, the Saint-Gaudens double eagle series provides opportunities for collectors across all experience levels and budgets to own a piece of America's greatest numismatic achievement.
Collecting Legacy
Saint-Gaudens double eagles represent more than just gold coins—they embody Theodore Roosevelt's vision of American artistic excellence and Augustus Saint-Gaudens' sculptural genius. Whether you're drawn to their historical significance, artistic beauty, or gold content, these coins offer a unique combination of cultural heritage and precious metals investment that few other collectibles can match.
Disclaimer: This guide is for educational purposes only and should not be considered investment advice. Coin values fluctuate based on market conditions, rarity, and condition. Past performance does not guarantee future results. Always consult with qualified professionals before making significant collecting or investment decisions.