The Saint Gaudens Double Eagle coin holds a special place in American numismatic history, representing a pivotal period in U.S. economic Development. Minted by the United States Mint between 1907 and 1933, these coins were designed to serve as a means for facilitating large transactions and commerce, especially during a time when gold played a crucial role in the country's monetary system.
What is a Saint Gaudens Double Eagle coin?
The Saint Gaudens Double Eagle coin is a distinctive American gold coin that features a design depicting Lady Liberty striding forward on the front, with the sun behind her and the Capitol building in the background. The reverse side of the coin showcases an eagle in flight, adding to its visual appeal and historical significance.
Renowned for its beauty and intricate design, the Saint Gaudens Double Eagle coin was initially minted in $20 denominations and remained in circulation until 1933. However, the production of these coins was halted by President Franklin Delano Roosevelt as a response to the economic challenges posed by the Great Depression, leading to the recall and melting down of the majority of these coins.
History of the Saint Gaudens Double Eagle coin
Named after its designer, Augustus Saint-Gaudens, a prominent sculptor during the early 1900s in America, the Saint Gaudens Double Eagle coin was minted from 1907 onward. President Theodore Roosevelt, an advocate for the arts and a supporter of the nation's coinage system reform, commissioned Saint-Gaudens to design a coin that reflected the unique heritage of the United States.
Despite facing some criticism for its design being perceived as too European, the Saint Gaudens Double Eagle coin was well-received and remained in circulation until its recall in 1933. The recall was part of the government's effort to stabilize the Economy during the Great Depression.
Materials in a Saint Gaudens Double Eagle coin
Each 1 oz Saint Gaudens Double Eagle gold coin is made with 90% gold and 10% copper. The addition of copper enhances the coin's durability and resistance to wear and tear, a common practice in Minting gold coins to ensure their longevity.
Most gold coins contain small amounts of copper due to gold being a soft metal susceptible to damage from scratches and other factors. The use of U.S.-sourced gold from Western mines in the production of Saint Gaudens Double Eagle coins further adds to their historical and collectible value.
These coins, primarily minted in major U.S. cities like Denver and San Francisco, were considered rare until a significant number of them were discovered in foreign banks around the world, adding to their allure among collectors.
Best Alternatives to Double Eagle Coins
Krugerrands
One of the notable alternatives to Double Eagle coins is Krugerrands, gold coins originating from South Africa and first minted in 1967. Each Krugerrand contains 1 oz of 22-karat gold blended with copper for durability, making it a popular choice among collectors and investors.
Not only is the Krugerrand Legal tender in South Africa, but it has also served as an inspiration for other gold coins worldwide, including the Canadian Maple Leaf and the American Gold Eagle coin.
American Gold Eagle
Another alternative to Double Eagle coins is the American Gold Eagle, known for its unique design and the use of U.S.-sourced gold. Each coin contains 1 oz of 22-karat gold, with the U.S. government guaranteeing the purity and value of these coins, making them a preferred choice for many investors.
When considering investing in these alternative gold coins or Double Eagle coins, it is essential to work with reputable precious metals dealers who offer value, transparency, and Security in transactions.
