$20 Double Eagle: Liberty and Saint-Gaudens

Varieties and known fakes

The Liberty type falls into three. Type I (1850-1866) has no religious motto and reads “TWENTY D.”. Type II (1866-1876) adds “IN GOD WE TRUST” above the eagle. Type III (1877-1907) spells out “TWENTY DOLLARS”. A famous 1861 variety, the reverse modified by Anthony Paquet, was struck in San Francisco before being abandoned.

The Saint-Gaudens also went through three stages. The 1907 high relief, dated in Roman numerals MCMVII, needed several blows of the press: it is recognised by its deep relief. The lowered relief of late 1907 and 1908 is dated in Arabic numerals, without the motto. From 1908, Congress required “IN GOD WE TRUST” on the reverse. In 1912, two stars were added on the obverse for New Mexico and Arizona.

Fakes are numerous. Many were struck in the 1960s and 1970s to meet demand for gold in the Middle East: they often contain gold, sometimes at the right weight. The signs to look for: swollen, blurred relief, mushy engraver's initials below the date, small bumps or pits in the field, a field that is too shiny, an unusual gold colour. For rare dates, also beware of added or removed mint marks. See the guide spotting a fake coin (in French).

Not to be confused with

The $10 gold coin (eagle). The same Liberty type, then an Indian head from 1907, but a coin half the weight, about 27 mm across. The reverse reads “TEN D.” or “TEN DOLLARS”.

Modern restrikes. In 2009, the US Mint struck an ultra high relief Saint-Gaudens $20 in pure gold, dated MMIX: it is a modern collector coin. The American Gold Eagle, since 1986, takes up Saint-Gaudens' Liberty but with a family of eagles on the reverse and a face value of 50 dollars for the ounce.

Medals and souvenir copies. Gilded reproductions of both types circulate, often marked “COPY” or with no mark at all. Their weight is far below 33.44 g.

Mexican 50 pesos. Another large gold coin (37.5 g of fine gold) sometimes kept with $20 coins: see the 50 pesos gold coin (in French).

Grading this coin

On the Liberty, look at the hair above the eye and the ear, then the coronet: the letters of “LIBERTY” fade from the top. On the reverse, the eagle wears on the head, the neck and the top of the wings; the feathers become a flat surface.

On the Saint-Gaudens, the high points are Liberty's breast and left knee, then her face and the torch. The Capitol, very small, quickly loses its details. On the reverse, examine the eagle's feathers on the wing and the body.

Many $20 coins slept for decades in bags of 250 coins in European banks. They circulated little but carry contact marks: small knocks and scratches in the field, edge knocks. These marks count for more than wear in a collector's judgement. As always, do not clean anything: see the guide cleaning a coin and the scale in the guide coin grades (both in French).

History

The California gold rush led Congress to create a $20 coin in 1849, double the $10 eagle. Longacre designed the first type, struck in quantity from 1850. The mints of San Francisco, New Orleans and Carson City, near the Nevada mines, produced it alongside Philadelphia. From the 1880s, millions of coins left for Europe to settle international trade, in bags of 250 coins.

At the beginning of the 20th century, President Theodore Roosevelt wanted more beautiful coinage and entrusted the $20 to the sculptor Augustus Saint-Gaudens. He died in August 1907, before the project was finished. Charles Barber, the Chief Engraver, lowered the relief so that the coin could be struck with a single blow.

In March 1933, Franklin Roosevelt banned the export of gold, then at the end of 1933 ordered gold coins to be handed in to the Treasury. The 1933 issue was never distributed and most coins of the last years were melted down. Those that had been sent to Europe escaped this melting: they were kept in vaults and came back onto the market from the 1940s. See also gold coins (in French).