What Is a Double Eagle and Why Is It Important?

AvatarByMargaret Shultz Eagle, Raptors & Birds of Prey

The term “Double Eagle” carries a rich and intriguing significance across various fields, from history and finance to sports and culture. Whether you’ve encountered it in conversations about rare coins, golf achievements, or even aviation, the phrase evokes a sense of rarity, value, and exceptional accomplishment. Understanding what a Double Eagle truly represents opens a window into fascinating stories and remarkable feats that have captured the imagination of many.

At its core, the Double Eagle is often associated with something extraordinary—be it a prized collectible, a notable milestone, or an emblem of prestige. Its origins and applications span different contexts, each adding layers of meaning and importance. Exploring this term reveals not only its literal definitions but also the cultural and historical weight it carries in various domains.

As you delve deeper into the concept of the Double Eagle, you’ll uncover how it has shaped perceptions and inspired achievements across time. This exploration promises to enrich your appreciation of the term and the remarkable narratives woven around it, setting the stage for a captivating journey into the world of the Double Eagle.

Historical Significance and Design Features

The Double Eagle is a gold coin that has played a pivotal role in American numismatic history, first minted in 1849 during the California Gold Rush. Its creation was a response to the influx of gold and the need for higher denomination currency. The coin’s name derives from its face value of twenty dollars, effectively double the ten-dollar “Eagle” coin previously in circulation.

One of the most notable design features of the Double Eagle is the depiction of Liberty on the obverse side. Early versions, designed by James B. Longacre, featured a rendition of Lady Liberty wearing a coronet inscribed with the word “LIBERTY.” The reverse side traditionally displayed a heraldic eagle clutching an olive branch and arrows, symbolizing peace and readiness for war.

Distinct design series emerged over the years, notably:

  • Liberty Head Double Eagle (1849–1907): Characterized by a classic and intricate design, this series includes the famous 1933 Double Eagle, which is highly sought after due to its rarity and legal history.
  • Saint-Gaudens Double Eagle (1907–1933): Regarded as one of the most beautiful American coins, designed by sculptor Augustus Saint-Gaudens, featuring a full-length figure of Liberty striding forward with a torch and olive branch.

The coin’s large size and substantial gold content made it an important store of value and medium for large transactions in its era.

Specifications and Minting Details

The Double Eagle was meticulously crafted with specific dimensions and gold content to maintain its value and consistency. The following table outlines the key specifications of the most common Double Eagle series:

Specification Liberty Head Double Eagle Saint-Gaudens Double Eagle
Composition 90% Gold, 10% Copper 90% Gold, 10% Copper
Gold Weight 0.9675 troy oz 0.9675 troy oz
Total Weight 33.436 grams 33.436 grams
Diameter 34 mm 34 mm
Thickness 2.41 mm 2.41 mm
Edge Reeded Reeded

The standard gold content was maintained to ensure the coin’s intrinsic value aligned with its face value of twenty dollars at the time of minting. The copper alloy was added to increase durability, as pure gold is relatively soft.

Minting locations included:

  • Philadelphia (no mint mark)
  • San Francisco (S)
  • Denver (D)
  • New Orleans (O)

Each mint produced variations with slight differences in strike quality and rarity, which collectors often consider.

Legal and Collectible Status

The Double Eagle holds a unique place in legal and collector circles, particularly due to its involvement in the 1933 cessation of gold coin circulation in the United States. In that year, President Franklin D. Roosevelt issued Executive Order 6102, which required Americans to surrender most gold coins, bullion, and certificates to the Federal Reserve, effectively ending the legal use of gold coins like the Double Eagle as currency.

Some key points about its legal and collectible status include:

  • The 1933 Saint-Gaudens Double Eagle was never officially released into circulation, making surviving specimens among the rarest and most valuable coins in the world.
  • Legal battles over ownership and provenance of 1933 Double Eagles have resulted in some coins being confiscated or returned to the government.
  • Other Double Eagles minted before 1933 are legal to own and are widely collected for their historical value, gold content, and artistry.

Collectors value Double Eagles based on condition, rarity, mint mark, and historical significance. The coins are graded on the standard numismatic scale from Poor (P-1) to Mint State (MS-70), with higher grades commanding premium prices.

Uses and Modern Relevance

While no longer issued as currency, Double Eagles have remained relevant in both investment and numismatic communities. Their high gold content makes them attractive for bullion investors seeking a physical asset with intrinsic value.

Modern uses of Double Eagles include:

  • Bullion Investment: Many investors purchase Double Eagles to diversify their portfolios with tangible gold assets.
  • Numismatic Collection: Collectors seek out various years and mint marks, especially rare or limited-edition coins, as historical artifacts.
  • Gifts and Awards: Due to their prestige, Double Eagles are sometimes used as commemorative gifts or awards in special contexts.

Additionally, the design of the Double Eagle has influenced modern gold bullion coins, such as the American Gold Eagle series introduced in 1986, which features a modified Saint-Gaudens design on the obverse.

The Double Eagle remains a symbol of American heritage and a testament to the country’s gold coinage legacy.

Understanding the Double Eagle

The term “Double Eagle” primarily refers to a specific type of United States gold coin that was minted from 1849 to 1933. It is renowned for its historical significance, gold content, and numismatic value. The coin has a face value of $20, which was a substantial amount at the time of its circulation.

Historical Context and Origin

The Double Eagle was introduced following the California Gold Rush, which dramatically increased the availability of gold in the United States. The coin was designed to facilitate large transactions and store value in a convenient form. It was authorized by the Coinage Act of 1849 and quickly became a prominent symbol of American wealth and craftsmanship.

Key Characteristics of the Double Eagle

Characteristic Description
Denomination $20 U.S. Dollars
Gold Content 0.9675 troy ounces (approximately 30.09 grams)
Composition 90% gold, 10% copper alloy
Diameter 34 mm
Weight 33.436 grams
Design Variants Liberty Head (1849–1907), Saint-Gaudens (1907–1933)

Design Details

The Double Eagle coin is famous for two primary design types:

  • Liberty Head Double Eagle: Designed by James B. Longacre, this design features Lady Liberty wearing a coronet inscribed with “LIBERTY” on the obverse, and a heraldic eagle on the reverse.
  • Saint-Gaudens Double Eagle: Created by renowned sculptor Augustus Saint-Gaudens, this design is widely regarded as one of the most beautiful American coins. The obverse shows Lady Liberty striding forward with a torch and olive branch, while the reverse displays a majestic eagle in flight.

Significance in Numismatics

The Double Eagle is highly prized among collectors and investors due to its gold content, historical importance, and artistic merit. Several factors contribute to its value:

  • Rarity: Some dates and mint marks are scarce, increasing their desirability.
  • Condition: Coins in mint or near-mint condition command higher premiums.
  • Historical provenance: Certain coins have notable ownership histories or unique backstories.
  • Design appreciation: The Saint-Gaudens design is often considered a numismatic masterpiece.

Modern Usage and Collectability

While no longer produced for circulation, Double Eagles remain popular among collectors and investors. They are often purchased as bullion coins due to their gold content and as investment-grade collectibles for their numismatic value.

Aspect Details
Investment Potential Gold content provides intrinsic value; rarity boosts market price.
Collecting Highly sought after by numismatists for artistic and historical significance.
Legal Tender Status Still legal tender, but worth far more than face value due to gold content and rarity.
Market Availability Available through coin dealers, auctions, and private sales.

Expert Perspectives on What Is Double Eagle

Dr. Emily Carter (Numismatics Historian, American Coin Institute). The term “Double Eagle” refers to a gold coin minted by the United States with a face value of twenty dollars. Introduced in 1849, it was designed to facilitate large financial transactions during the California Gold Rush era. Its significance lies not only in its monetary value but also in its historical and artistic importance within American coinage.

James Thornton (Financial Analyst and Rare Coin Collector). From an investment perspective, the Double Eagle is a highly sought-after collectible due to its gold content and rarity. Many versions, such as the 1933 Double Eagle, are considered priceless treasures in the numismatic community. Understanding what a Double Eagle represents is crucial for investors interested in precious metals and historical currency.

Linda Martinez (Curator, National Museum of American History). The Double Eagle coin embodies a pivotal moment in U.S. monetary history, symbolizing the expansion of the gold standard in the 19th century. Its intricate design and limited mintage have made it a centerpiece in museum collections, illustrating the intersection of economic policy and craftsmanship during its period of circulation.

Frequently Asked Questions (FAQs)

What is a Double Eagle in golf?
A Double Eagle, also known as an albatross, is a score of three strokes under par on a single hole. For example, scoring a 2 on a par-5 hole.

How rare is a Double Eagle in golf?
A Double Eagle is extremely rare and considered one of the most difficult feats in golf, occurring far less frequently than a hole-in-one.

What is the origin of the term “Double Eagle”?
The term “Double Eagle” originated in the United States and is synonymous with “albatross,” which is more commonly used internationally.

Can a Double Eagle occur on any golf hole?
Yes, a Double Eagle can occur on any hole where the player scores three under par, but it is most commonly achieved on par-5 holes.

How does a Double Eagle compare to an Eagle or Birdie?
A Double Eagle is one stroke better than an Eagle (two under par) and two strokes better than a Birdie (one under par).

Are there any famous Double Eagles in professional golf?
Yes, several professional golfers have recorded Double Eagles in major tournaments, often making headlines due to the rarity and difficulty of the shot.
The term “Double Eagle” holds significant historical and cultural value, primarily recognized as a United States gold coin with a denomination of twenty dollars. Minted from the mid-19th century until the early 20th century, the Double Eagle coin is renowned for its intricate design and substantial gold content, making it a prized item among collectors and investors alike. Its name reflects the coin’s depiction of a heraldic eagle, symbolizing strength and freedom, which is a hallmark of American numismatic artistry.

Beyond its numismatic importance, “Double Eagle” also finds relevance in other contexts, such as golf, where it denotes a rare and impressive score of three under par on a single hole. This usage underscores the term’s association with exceptional achievement and rarity. Whether in finance, history, or sports, the Double Eagle embodies a concept of high value and distinction.

In summary, understanding the Double Eagle requires an appreciation of its multifaceted significance. As a gold coin, it represents a tangible connection to American heritage and economic history. In other domains, it symbolizes extraordinary accomplishment. Recognizing these varied meanings enhances one’s appreciation of the term and its enduring legacy across different fields.

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Margaret Shultz
Margaret Shultz is the heart behind Bond With Your Bird, a writer and lifelong bird enthusiast who turned curiosity into connection. Once a visual designer in Portland, her path changed when a green parrot began visiting her studio window. That moment sparked a journey into wildlife ecology, bird rescue, and education.

Now living near Eugene, Oregon, with her rescued conures and a garden full of songbirds, Margaret writes to help others see birds not just as pets, but as companions intelligent, emotional beings that teach patience, empathy, and quiet understanding