The 1849 Coronet Head Gold $20 Double Eagle is one of the most iconic coins in American numismatic history. As a symbol of the California Gold Rush and the nation’s evolving monetary policies, this coin represents a pivotal moment in the United States’ economic development. Only one example of this coin is known to exist, making it a true treasure within the numismatic community. This unique specimen is housed in the Smithsonian Institution’s National Numismatic Collection, ensuring its preservation as an artifact of immense historical significance.
History of the 1849 Coronet Head Gold $20 Double Eagle
The 1849 Coronet Head Gold Double Eagle was born out of necessity during the California Gold Rush, which brought an influx of gold into the U.S. economy. This newfound wealth prompted Congress to authorize the creation of the $20 gold coin, or “Double Eagle,” as part of the Coinage Act of 1849. It was designed by James B. Longacre, the fourth Chief Engraver of the United States Mint.
The Design
The Coronet Head design features Liberty’s profile adorned with a coronet inscribed with the word “LIBERTY.” Surrounding her are thirteen stars, representing the original colonies. The reverse depicts a heraldic eagle clutching arrows and an olive branch, symbolizing strength and peace. Above the eagle, a banner reads “E PLURIBUS UNUM,” and the denomination “TWENTY D” appears below.
Why Was It Minted?
The California Gold Rush dramatically increased the supply of gold, necessitating larger denominations for efficient transactions. The introduction of the $20 Double Eagle addressed this need and complemented smaller denominations like the $10 Eagle and $5 Half Eagle. However, only a limited number were struck in 1849 as patterns to test the design and functionality of the new coin.
The Unique Specimen in the Smithsonian
Out of the limited patterns struck in 1849, only one example has survived. This coin was never released into circulation, making it a one-of-a-kind treasure. It was transferred to the Smithsonian Institution, where it remains a highlight of the National Numismatic Collection. Its unparalleled rarity and historical value make it priceless.
Details of the Unique Coin
| Feature | Description |
|---|---|
| Year | 1849 |
| Material | Gold |
| Weight | 33.436 grams |
| Diameter | 34 mm |
| Edge | Reeded |
| Designer | James B. Longacre |
| Current Location | Smithsonian Institution’s National Numismatic Collection |
Significance of the 1849 Coronet Head Gold Double Eagle
The 1849 Coronet Head Gold Double Eagle is more than just a coin; it’s a testament to American history. Its creation marked the dawn of a new era in U.S. currency, reflecting the wealth generated by the Gold Rush and the expansion of the country’s economy. As a precursor to the millions of Double Eagles minted in later years, it holds a special place in numismatic lore.
Impact on U.S. Coinage
The success of the Double Eagle paved the way for its widespread use. Subsequent issues of the coin became integral to large financial transactions and international trade. The design and denomination also influenced later gold coinage, cementing its legacy in American monetary history.
Value and Collectibility
While the 1849 Coronet Head Gold Double Eagle is unique and not available for private ownership, its story fuels the allure of gold coins among collectors. Other Double Eagles, such as the 1907 Saint-Gaudens, owe their popularity partly to the precedent set by the 1849 coin.
Current Market Trends
Collectors who cannot own the original 1849 Coronet Head Gold Double Eagle often seek out later issues of the series. These coins are highly valued for their historical significance and intrinsic gold content. Prices for circulated examples typically range from $2,000 to $20,000, while rare dates and mint states can fetch much higher sums at auction.
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FAQs
1. Why is the 1849 Double Eagle so rare?
The 1849 Coronet Head Gold Double Eagle was struck only as a pattern coin to test the new design and denomination. Only one example survived and is preserved in the Smithsonian Institution.
2. Who designed the 1849 Double Eagle?
The coin was designed by James B. Longacre, the Chief Engraver of the U.S. Mint at the time.
3. How much is the 1849 Double Eagle worth?
As the only known example, the 1849 Double Eagle is considered priceless. Its value lies in its historical significance rather than market price.
4. Can I see the 1849 Double Eagle in person?
Yes, the coin is part of the National Numismatic Collection and is displayed at the Smithsonian Institution in Washington, D.C.