Liberty $20 Gold Double Eagle
The existence of the liberty golden Eagle Coin can be traced all the way back to the great California Gold Rush of 1848 and the discovery of gold at the still famous Sutter’s Mill. The authorization happened in 1849, and the coin entered circulation as American currency in 1850. It holds the highest Gold content of any regularly issued U.S. Gold coin of its time and the original Liberty design was minted for more than 50 years. This is a one-of-a-kind coin in its uniqueness and its place in history.
Much of the attraction of circulated double eagles comes from the role of these coins in history. Collectors of double eagles ‘by date’ are usually more interested in history than in quality.
It would be incorrect to put forth generalizations about the role of U.S. gold coins in all areas of the U.S. during the entire 19th century. Not only did the demand for and the functions of gold coins change over time, these varied considerably by region, by locality and by industry. However, some general remarks give an idea of the importance of double eagles in the economy.
During the second half of the 19th century, millions of double eagles were struck and circulated throughout the U.S. In most areas of the nation during much of the entire 19th century, people were nervous about paper money, and many businesspeople did not often accept checks for significant transactions. In some regions, double eagles were typically the currency of choice for sales that were considered ‘large’, especially in the West and the South.
Paper money and checks were inferior to gold coins to pay a large number of traders located in the nineteenth century. A $20 bill is often valued related to its actual or estimated equivalents in gold coins, which varied by region, issuer, then-current economic conditions, and period from the 19th century.
Now, in the 21st century, there is not a medium of exchange that played the same role that gold coins did during the 19th century. Now, most payments for expensive goods are affected with credit cards, debit cards, wire transfers, direct deposits or hand-signed checks.
Especially before 1890, many U.S. citizens thought of gold as true money and other forms of payment as just representations of money. $20 Liberty Double Eagles were very popular and played an essential role in the minds of U.S. citizens, a role which was unrelated to art or coin collecting.