The twenty million dollar coin

One of the rarest and most valuable coins ever produced is actually a pattern coin; which means it was a test coin for the new double eagle design.  Today we’re covering the famous 1849 Coronet Head double eagle, also known as the Liberty Head double eagle.

There is only one of these coins in existence, and it is currently housed in the National Numismatic Collection at the Smithsonian. This coin is estimated to be worth up to $20,000,000! There is a small possibility that there may be one other floating around (we’ll get to that later) but it’s incredibly unlikely that it survived the years.

An Answer to the Gold Rush of 1849

The beginnings of the double eagle start with the California Gold rush of 1849, which actually first began in 1848. There was so much gold coming out of California in the late 40s that Congress began to consider new denominations of gold coinage in order to keep up with the flow of gold. They mandated two new coins, the gold dollar and the double eagle.

At this time, the current Chief Engraver, James B. Longacre, was struggling with infighting and shady practices by colleagues at the US Mint. Mint Director Patterson was not a fan of Longacre, and Patterson’s pal Peale had some pretty questionable side-hustle going on using government resources (does that sound interesting to you? We’ve got an article here!) Longacre’s work and moral ethics threatened their positions in the Mint and really put Longacre through the ringer just trying to do his job.

After much struggle, and secretly communicating directly with the secretary of the Treasury--One of the pattern coins was sent to the Treasury Secretary, but was lost track of over the years--the Coronet Head double eagle was finally released in 1850. 

The coin was incredibly successful, and quickly became the preferred way to hold gold. Unfortunately, in 1933, when Franklin D. Roosevelt recalled gold from the public, most of these coins were melted down.

The Symbols Behind the Double Eagle Design

The design of the Coronet Head double eagle makes it a truly beautiful coin. While parts of the design (some people thought the eagle looked small and shabby) were not initially well received, it has become one of the most desired and valuable U.S. collectors coins. 

On the obverse of the coin (the front), we see the head of Lady Liberty, the Greco-Roman style had still been quite popular at this time and this coin continued with that style. Lady Liberty is facing left, with her hair pulled back and cascading down her neck in small ringlets.

On her head she wears a coronet (a small or relatively simple crown) which bears the inscription “LIBERTY”, the thirteen stars representing the original thirteen colonies surround her head, and the year of issue rests just beneath her neck.

Along the very bottom edge of her neck you can just make out Longacre’s initials J.B.L.; the gold dollar and the twenty dollar were the very first Federally issued U.S. coins to have the designer’s initials!

The reverse features the nation’s symbol; the bald eagle. The eagle is shown in a heraldic style (heraldic means it is represented like a coat-of-arms) clutching a double ribbon inscribed with “E PLURIBUS UNUM” (Latin for “out of many, one”), the double ribbon was Longacre’s way of representing the “double eagle”. 

The eagle bears a shield representing the Nation, and is grasping an olive branch which represents peace, and a bundle of arrows, which represents war. Together the olive branch and the arrows represent that the United States has "a strong desire for peace, but will always be ready for war.". 

Thirteen stars form a small halo above the eagle’s head and an arc of rays is present behind the stars, likely just a design embellishment.

The Most Desired Coin in the World?

Various years of the Coronet Head double eagle will go for a good price, but the real treasure among these coins is the 1849 pattern coin that was used to test the design for these brand new coins.

It has been in the possession of the Smithsonian, and is one of the most desired coins in the world. Definitely up there with the Brasher Doubloon, and the 1933 Double Eagles (which are still illegal to own).

Numismatist David Akers said about the double eagle-- “It is one of the most famous and highly publicized of all U.S. coins. In fact, if one were to take a poll of knowledgeable numismatists as to which U.S. Mint issue they would most like to own, I am quite sure that the 1849 Double Eagle would be one of the most often mentioned coins.”

What do you think about this coin? Is it worth the hype? If you were able to choose any coin to own, would it be the 1849 Coronet Head double eagle? Or something else? 

Reprinted with permission from Coinsforsale.com