Double eagle

A double eagle is a gold coin of the United States with a denomination of $20.^[1] (Its gold content of 0.9675 troy ounces [30.09 g] was worth $20 at the 1849 official price of $20.67/ozt.) The coins are 34 mm × 2 mm and are made from a 90% gold (0.900 fine or 21.6 kt) and 10% copper alloy and have a total weight of 1.0750 troy ounces (1.1794 oz; 33.44 g).

The eagle, half eagle, and quarter eagle were defined by name in the Act of Congress originally authorizing them.^[2] Likewise, the double eagle was created by the Coinage Act of 1849.^[3] Since the $20 gold piece had twice the value of the eagle, these coins were designated "double eagles". Before, the most valuable American coin was the $10 gold eagle, first produced in 1795, two years after the United States Mint opened.^[4]

The production of the first double eagle coincided with the 1849 California Gold Rush. In that year, the mint produced two pieces in proof. In 1904, President Theodore Roosevelt sought to beautify American coinage, and proposed Augustus Saint-Gaudens as an artist capable of the task.^[5] Although the sculptor had poor experiences with the Mint and its chief engraver, Charles E. Barber, Saint-Gaudens accepted Roosevelt's call.^[6] The work was subject to considerable delays, due to Saint-Gaudens's declining health and difficulties because of the high relief of his design.^[7] Saint-Gaudens died in 1907, after designing the eagle and double eagle, but before the designs were finalized for production.^[8] The new coin became known as the Saint-Gaudens double eagle. Regular production continued until 1933,^[9] when the official price of gold was changed to $35/ozt by the Gold Reserve Act.