1849 Liberty Head Double Eagle: The 1849 Liberty Head Double Eagle is considered one of the rarest and most valuable coins in American history. With only a handful of specimens known to exist, this legendary coin has fascinated collectors and numismatists for decades. As one of the first ever minted Double Eagles, it represents a significant moment in the evolution of American coinage, while also embodying the intrigue and mystery that surrounds rare gold coins. The 1849 Liberty Head Double Eagle is often regarded as a symbol of the wealth and ambition of the 19th century United States, and its rarity only adds to its allure. In this article, we will explore the history, design, rarity, and value of this remarkable coin, as well as the fascinating story behind its creation and rediscovery.
The History of the Liberty Head Double Eagle
The Liberty Head Double Eagle, also known as the $20 gold coin, was introduced by the United States Mint in 1849. This coin came into being during a time of significant economic growth and expansion in the United States, driven by the California Gold Rush and the burgeoning gold mining industry. The Mint was tasked with producing a new coin to reflect the increased amount of gold entering the country, and the Double Eagle was designed to be the highest denomination gold coin in circulation at the time.
Prior to the 1849 release, the highest value gold coin in circulation was the $10 Eagle. However, as gold deposits were being discovered in greater quantities, it became clear that a larger denomination coin was needed to accommodate the growing wealth of the nation. The $20 gold coin, or Double Eagle, was intended to meet this demand, and its design would become one of the most iconic in American coinage history.
In 1849, the U.S. Mint began experimenting with different designs for the Double Eagle. One of these designs would eventually become the famous Liberty Head design, featuring a portrait of Lady Liberty on the obverse and an eagle on the reverse. The coin was struck in 90% gold, with a total weight of 33.44 grams and a diameter of 34 millimeters.
However, while the Liberty Head Double Eagle became a standard issue coin in 1850, only a handful of the 1849 version were ever produced. This makes the 1849 Liberty Head Double Eagle incredibly rare, as most of the coins minted that year were intended for testing and not released into circulation.
The Design of the 1849 Liberty Head Double Eagle
The design of the 1849 Liberty Head Double Eagle is one of the most iconic and elegant in American coinage. The obverse features a portrait of Lady Liberty, facing left, wearing a coronet inscribed with the word “LIBERTY.” Her hair is styled in flowing curls, and the date “1849” appears below her chin. This design was created by James B. Longacre, who was the Chief Engraver of the U.S. Mint at the time.
On the reverse side, the coin features a heraldic eagle with outstretched wings, clutching an olive branch and a bundle of arrows in its talons. Above the eagle are the words “UNITED STATES OF AMERICA,” and below the eagle is the inscription “TWENTY D.” The “D” stands for the denomination of twenty dollars, and the eagle design was also created by Longacre.
The coin’s design was meant to symbolize the strength and unity of the United States, with Lady Liberty representing freedom and the eagle embodying power and vigilance. The intricate details of the design, including the flowing hair of Liberty and the powerful stance of the eagle, have made the Liberty Head Double Eagle one of the most admired coins in numismatic history.
The Rarity of the 1849 Liberty Head Double Eagle
What makes the 1849 Liberty Head Double Eagle truly unique and valuable is its extreme rarity. Unlike most other coins that were produced in significant quantities and circulated widely, the 1849 Liberty Head Double Eagle was only struck in very limited numbers. It is believed that only a small number of these coins were made, possibly as few as two or three specimens. The reason for this is that the 1849 coins were minted as part of a test run for the new $20 gold coin, with only a few examples struck for evaluation and potential distribution.
Most of the 1849 Double Eagles were never intended for public circulation and were instead kept in the Mint’s vaults for archival purposes. Over time, many of these test coins were either destroyed or melted down, making the surviving specimens incredibly rare. As a result, the 1849 Liberty Head Double Eagle has become one of the most sought-after coins by collectors, with only a handful of examples known to exist today.
One of the most famous 1849 Liberty Head Double Eagles was discovered in the early 20th century and later sold at auction for an astronomical sum. Today, the surviving examples of the 1849 Liberty Head Double Eagle are considered some of the rarest and most valuable coins in existence.
The Rediscovery of the 1849 Liberty Head Double Eagle
The rediscovery of the 1849 Liberty Head Double Eagle is a story shrouded in mystery and intrigue. For many years, it was believed that no specimens of this coin existed outside the U.S. Mint’s vaults. However, in 2002, a significant discovery was made when an example of the 1849 Liberty Head Double Eagle was found in a private collection.
This particular coin had been owned by a wealthy businessman who had acquired it many years earlier, unaware of its true value. After a professional evaluation, it was confirmed that the coin was indeed an authentic 1849 Liberty Head Double Eagle, and its discovery sent shockwaves through the numismatic community. The coin was later sold at auction for a staggering $7.59 million, setting a new record for the price of a U.S. coin.
The discovery of this coin was a turning point in the world of numismatics, as it demonstrated that even the rarest coins could still be found after decades of being hidden away. Since then, other examples of the 1849 Liberty Head Double Eagle have surfaced, but they remain extremely rare and continue to command record prices when they are sold at auction.
The Value of the 1849 Liberty Head Double Eagle
The value of the 1849 Liberty Head Double Eagle is difficult to overstate. Due to its extreme rarity, historical significance, and design, the coin is considered one of the most valuable in the world. The record price of $7.59 million set in 2002 for one of the surviving examples of the coin highlights just how much collectors are willing to pay for such a rare piece of American history.
The value of the 1849 Liberty Head Double Eagle is determined by several factors, including its rarity, condition, and provenance. Coins in pristine condition, with minimal wear and clear details, can command a premium price, while coins with significant wear or damage may sell for less. Additionally, the coin’s provenance — or the history of its ownership — can also influence its value. Coins with well-documented histories or those that have been owned by notable collectors or institutions tend to fetch higher prices at auction.
For most collectors, the 1849 Liberty Head Double Eagle represents the pinnacle of numismatic achievement. Its extreme rarity and historical importance make it a coveted prize, and it continues to inspire awe and fascination among those who study and collect coins.
How to Identify an 1849 Liberty Head Double Eagle
Identifying an authentic 1849 Liberty Head Double Eagle requires a keen eye and a deep knowledge of American coinage. The most important characteristics to look for when identifying this coin include:
- The Date: The date “1849” appears prominently below Lady Liberty’s chin on the obverse of the coin. This is one of the key identifying features of the coin.
- The Design: The portrait of Lady Liberty and the eagle on the reverse are both distinctive and intricate, with fine details that set the 1849 Double Eagle apart from other coins.
- The Mintmark: The 1849 Liberty Head Double Eagle was minted at the Philadelphia Mint, so it does not feature a mintmark. Coins minted at other locations, such as San Francisco or New Orleans, will have a mintmark letter (e.g., “S” or “O”) on the reverse.
- The Weight and Size: The 1849 Liberty Head Double Eagle weighs 33.44 grams and has a diameter of 34 millimeters. These specifications can be useful in verifying the authenticity of the coin.
Given its rarity, the 1849 Liberty Head Double Eagle is often subject to professional authentication and grading to confirm its value and authenticity. Numismatic experts use a combination of historical records, physical examination, and advanced technology to verify coins and ensure they meet the highest standards of authenticity.
Conclusion
The 1849 Liberty Head Double Eagle stands as one of the most coveted and valuable coins in the world, embodying both the history and the ambition of 19th century America. Its rarity, beauty, and significance make it a treasure in the world of numismatics. As one of the first $20 gold coins ever produced by the U.S. Mint, the 1849 Liberty Head Double Eagle is a symbol of the nation’s growth and its desire to make a bold statement in the world of international currency. Today, the coin remains an object of fascination for collectors, investors, and history enthusiasts alike, and its story continues to unfold as new discoveries are made and its value continues to climb.
