☆ The Saint-Gaudens Liberty Double Eagle ($20) coin

A series of new and very beautiful types for the American coinage resulted from a collaboration between Theodore Roosevelt (1901-1909) and Augustus Saint Gaudens, one of America’s finest artists. Roosevelt wanted to upgrade America’s image by the appearance of the national coinage.  He also wanted them to have a beauty and high relief that was comparable to the coins of ancient Greece. Saint Gaudens accepted the challenge and created the 20-dollar coin (double eagle) first.

The original design for what would be called the most beautiful gold coin in

American history was the result of collaboration between President Theodore Roosevelt and sculptor Augustus-Saint Gaudens. After Saint-Gaudens had designed a commemorative medal for Roosevelt’s inauguration, Roosevelt would ask him to work on new designs for circulating gold coinage.

The two would exchange letters within which designs for the new coin would take shape. Early sketches from Saint-Gaudens would feature the full figure of Liberty in flowing gown, holding a torch and shield. His intention was to make the coin “a living thing and typical of progress.” President Roosevelt contributed the idea of striking the coins in his relief, similar to the coins of Ancient Greece.

Before Saint-Gaudens’ untimely passing in 1907, several pattern pieces featuring his design would be struck in ultra high relief. In order to fully bring up the design, it took as many as nine blows from the coinage press. Eventually, the dies cracked due to the heavy pressure. The mint rejected his original designs since it would be nearly impossible to mass produce the double eagles as the artist intended with the technology available at the time. The relief of the design would be lowered twice before full scale production for circulation could commence.

The 2009 Ultra High Relief Double Eagle features the design that the artist had intended for America’s $20 gold piece, made possible through 21st century technology.

The 2009 Ultra High Relief Double Eagle features the design that the artist had intended for America’s $20 gold piece, made possible through 21st century technology.

The coin features a full-length image of liberty in flowing gown in front of the rising sun with the Capitol Building in the background and walking forward as if stepping out of the coin. The word LIBERTY is written above her head.

The reverse features a majestic eagle flying in the rays of the sun. In the upper part, the inscriptions: UNITED STATES OF AMERICA – TWENTY DOLLARS appear in two concentric arcs.

Twenty-two test coins were minted in very high relief which required nine hits of the coining press; two of them were subsequently melted down. Two of the remaining examples are in the American Numismatic Association’s collection. The Smithsonian Institution and the Theodore Roosevelt Museum both have one example.  The coins needed to be reworked to lower relief but the samples in the opinion of chief engraver Charles Barber were still too complex for practical use. However, Roosevelt ordered production to begin in late 1907. 11,250 coins were minted with lower relief and these entered circulation. They had the words E PLURIBUS UNUM on their edge. There were only 13 rays of sunshine on the reverse side compared to 14 on the test pieces.

Saint Gaudens Double Eagle Mintages.

The Saint-Gaudens Liberty Double Eagle Specifications

DiameterWeightMintedFinenessDesigner
34.0 mm33.436 gm1907-1933.900 Gold/.100 CopperAugustus St. Gaudens

Weight of gold = 33.44 x 900/1000 =30.1gms of pure gold

Gold Double Eagle $20 1907 high relief Type 1 and 3 variantsType 1 High Relief: 12,367
1907 Extremely High Relief Lettered Edge: 22 (proof)
1907 Extremely High Relief Plain Edge: 1 (proof)
1907 Extremely High Relief, Inverted Edge Letters: 2 (proof)
The earlier 1907 St Gaudens gold coin was called “high-relief,” because the device was raised to an unusual height above the fields, which was excessively concave. The US Mint eventually switched to a low-relief version, however, because the high-relief St Gaudens gold coins took up to five blows from the press to raise the design into acceptable relief and didn’t stack correctly for banking purposes. In the meantime, Arabic numerals replaced Roman numerals in depicting the dates for more convenience later in 1907.
Gold Double Eagle $20 1907 arabic numerals361,667

There were two major varieties of the 1907 Arabic Numerals (Low Relief) $20 Saint Gaudens Gold Double Eagle. One variety is unique, featuring large lettering on the edge of the coin, while the other is the common variety with small lettering on the edge.
The Mint released the first examples of the low relief double eagle to the general public on December 13, 1907, with a total of 361,667 pieces produced by the end of the year. Due to technical difficulties and the requirement of multiple strikes for the coins, the US Mint decided to change the system to be more practical for minting. The new system required only one strike per coin, which resulted in a Low Relief field. The design also changed, particularly the date; the MCMVII Roman Numerals used on all High Relief coins were replaced with the common “1907” Arabic Numerals.
Therefore, any “Low Relief” and “Arabic Numeral” varieties are essentially the same. It is worth noting that only one unique coin is known to exist with the Large Edge Lettering. This unique coin’s collar was also used on the High Relief coins, and it is possible that more of these coins exist but have not yet been identified.
The European Union considers this type of coin to be “investment gold,” meeting the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC. Consequently, it should be exempt from import VAT regardless of the selling price.
Gold Double Eagle $20 1908 Type 2, without mottoPhiladelphia Mint.4,271,551The 1908 No Motto Double Eagle is one of the most common issues of the series, with a significant number sent to European banks
St. Gaudens $20 1908-D Type 2, without mottoDenver Mint.663,75
Gold Double Eagle $20 1908 Type 3, with mottoPhiladelphia Mint.156,258
Gold Double Eagle $20 1908-D Type 3, with mottoDenver Mint.349,5
Gold Double Eagle $20 1908-S Type 3, With MottoSan Francisco Mint.22The 1908-S Saint-Gaudens double eagle is a rare coin, especially in high Mint State grades. It is more commonly found in circulated conditions, with most Mint State examples being of lower quality (MS-60 to 62). High-quality specimens (MS-63 and above) are quite rare, though there are several gem and superb examples, such as those in Dr. Steven Duckor’s collection and the Auction ’80-Milton Holmes and Norweb specimens. Notable collectors like Eliasberg, Harry Bass, and Dr. Thaine Price also own gem-quality pieces. Overall, about 15 to 20 superb or gem-quality examples are known.
The 1908-S double eagle is distinguished by its stronger detail on the obverse due to the strengthened hub used for striking. It is always sharply struck with a tiny but well-defined mintmark. The coin is available in two finishes: “soft” frosty and rarer satiny. Its color typically ranges from greenish gold and orange to coppery hues, with common red or orange copper spots and occasional carbon spots. The lustre is usually very good to excellent, making it one of the most attractive issues in the series.
Gold Double Eagle $20 1909Philadelphia Mint.161,215For example, a 1909 $20 Double Eagle St. Gaudens Head Gold Coin from the Philadelphia Mint in MS63+ condition is priced from 3,300 €. The 1909 $20 Double Eagle is considered rare, especially in high grades, and its value can be significant, with some specimens trading for hundreds of thousands of dollars
Gold Double Eagle $20 1909-DDenver Mint.52,5
Gold Double Eagle $20 1909-SSan Francisco Mint.2,774,925
Gold Double Eagle $20 1910Philadelphia Mint.482.000The Gold Double Eagle $20 from 1910, minted in Denver, is a prized coin with a weight of 33.40 grams, a diameter of 34.00 millimeters, and a composition of 90% gold and 10% copper. With a mintage of 429,000, this coin showcases the iconic “Saint-Gaudens” design, featuring Lady Liberty on the obverse holding a torch and an olive branch, and an eagle on the reverse. The coin’s value varies depending on its condition and rarity. The 1910 issue is consistently well struck, and its surfaces exhibit the “soft” frosty type. Among the Philadelphia Mint issues from 1908 with the Motto, the 1910 is the most common.
Currently, a 1910 $20 in FDC (Fleur de Coin) condition is available for sale at 1783.47 USD (1651.00 EUR). The 1910 holds its value, attracting collectors with its historical significance and well-preserved features.
Gold Double Eagle $20 1910-DDenver Mint.429,000The 1910-D holds a distinctive position among the early mintmarked Saint-Gaudens $20 issues, ranking as one of the scarcer variants without attaining rare status. In 2012, a 1910-D $20 in MS67+ condition commanded a substantial price of $80,500. As of now, a 1910-D $20 in FDC (Fleur de Coin) condition is on the market for 1783.47 USD (1651.00 EUR).
While the 1910-D is readily available below full MS-65, its scarcity becomes more apparent in gem condition, although it falls short of being classified as rare. Noteworthy for its generally well-struck features, the 1910-D displays slightly satiny surfaces complemented by a subtle hint of granularity.
Gold Double Eagle $20 1910-SSan Francisco Mint.2,128,250
Gold Double Eagle $20 1911Philadelphia Mint.197,250
Gold Double Eagle $20 1911-DDenver Mint.846,500
Gold Double Eagle $20 1911-S San Francisco775,750
Gold Double Eagle $20 1912Philadelphia Mint.149,750
Gold Double Eagle $20 1913Philadelphia Mint.168,780Exceptionally well-struck and technically superior in every aspect, the 1913 Saint-Gaudens double eagle holds a special distinction as the sixth-lowest mintage for a regular issue from the Philadelphia Mint, ranking only after the 1914, 1912, 1915, 1908 with Motto, and 1909. A mere 168,780 examples were struck, with very few circulating domestically.
Instead, the majority of these coins were held in bags for export abroad or eventual melting. Surviving examples of this issue are largely sourced from repatriated holdings in Europe or South America, often exhibiting significant bag marks. While examples are relatively common in lower Mint State grades, the 1913 $20 becomes a noteworthy condition rarity as it approaches the Gem level. The present piece stands among the finer Choice Uncirculated survivors of this low-mintage issue offered in recent years. Collectors of superior U.S. gold will undoubtedly perceive this as a significant and valuable opportunity.
Gold Double Eagle $20 1913-DDenver Mint.393,500
Gold Double Eagle $20 1913-S San Francisco34,000The 1913-S Saint Gaudens Gold $20 Double Eagle is a highly valuable coin. Its estimated value is $2,430 in average condition and can be worth $3,180 to $5,632 or more in higher conditions such as Extremely Fine (EF-40), About Uncirculated (AU-50), Uncirculated (MS-60), and Uncirculated (MS-63). The coin’s value can vary based on its condition, with uncirculated specimens commanding significant premiums. The 1913-S $20 Double Eagle has a mintage of 34,000, making it a rare and sought-after coin. Examples of this coin have been observed with very good to excellent luster, “soft” frosty surfaces, and excellent color, typically a light to medium orange gold, with some specimens exhibiting noticeable reddish hues.
Gold Double Eagle $20 1914Philadelphia Mint.95,250The 1914 $20 Double Eagle, featuring the St. Gaudens design, is a highly valued coin. Its worth can vary based on its condition, with an estimated value of $2,430 in average condition and potentially worth $3,180 to $5,632 or more in higher conditions such as Extremely Fine (EF-40), About Uncirculated (AU-50), Uncirculated (MS-60), and Uncirculated (MS-63). The coin is made of 0.9675 troy ounces of fine gold and is part of the series issued from 1908 to 1933. The 1914 $20 Double Eagle was minted in San Francisco and Denver, adding to its historical significance and rarity1.
Gold Double Eagle $20 1914-DDenver Mint.453,000
Gold Double Eagle $20 1914-S San Francisco1,498,000
Gold Double Eagle $20 1915Philadelphia Mint.152,000
Gold Double Eagle $20 1915-S San Francisco567,500
Gold Double Eagle $20 1916-S San Francisco796,000
Gold Double Eagle $20 1920Philadelphia Mint.228,250
Gold Double Eagle $20 1920-S San Francisco558,000
Gold Double Eagle $20 1921Philadelphia Mint.528,500
Gold Double Eagle $20 1922Philadelphia Mint.1,375,500
St. Gaudens $20 1922-S San Francisco2,658,000
Gold Double Eagle $20 1923Philadelphia Mint.566.000
While 1923 is regarded as a common date, coins from that year are generally well struck. The value of a 1923 Gold Double Eagle $20 coin can vary based on its condition and rarity. According to the search results, the coin is valued at around $2,242 in Extremely Fine-40 grade. However, examples in mint state 65 or better can be relatively rare and valuable, with some fetching significant prices at auction. For instance, a 1923 $20 Saint-Gaudens Gold Double Eagle in MS-62 condition was listed for sale at $3,283 on Ebay.
Gold Double Eagle $20 1923-DDenver Mint.1,702,250
The 1923-D $20, minted in 1923 at the Denver Mint, is notably one of the series’ most common releases, particularly abundant among the Saint-Gaudens $20 coins from branch mints. It’s readily available in varying quantities across all grades, including up to MS-65.
Gold Double Eagle $20 1924Philadelphia Mint.4,323,500The 1924 Saint-Gaudens Double Eagle was once thought to be rare although 4,323,500 were struck. Large quantities of 1924 Double Eagles were found in European bank vaults, and today the 1924 is one of the most common of the series As one of several post-1916 issues in the Saint-Gaudens double eagle series, the 1924 was exported in significant quantities, proving fortunate for collectors today. These coins, shipped overseas, managed to evade the fate suffered by gold coins left in federal vaults – mass destruction through melting in 1937.
Benefiting from widespread repatriations starting in the mid to late 20th century, the 1924 has emerged as one of the most abundant Saint-Gaudens double eagles. Mint State examples are plentiful, and among them, none are more sought after for high-grade type purposes than upper-end Gems like this offering from the extensive Fairmont holdings.
Gold Double Eagle $20 1924-DDenver Mint.3,049,500This key date double eagle issue, the 1924-D, is exceptionally desirable in a highly sought-after Choice Mint State preservation. Its in-hand appearance is dominated by a warm honey-rose color, showcasing sharp strikes in virtually all areas and retaining full mint luster. Despite a mintage of 3,049,500 pieces, the 1924-D is far scarcer in numismatic circles than its quantity might suggest.
Like many late-date Saint-Gaudens double eagles, the 1924-D endured a high attrition rate through melting during the late 1930s, further contributing to its scarcity. Although several thousand examples were exported, repatriations in recent decades make up the majority of surviving specimens. With Gems being prohibitively rare, the solid MS-63 grade of this coin presents a particularly significant opportunity for advanced gold enthusiasts.
Gold Double Eagle $20 1924-S San Francisco2,927,500The 1924-S Saint-Gaudens Double Eagle was once considered the rarest of its kind, surpassing other noteworthy issues such as the 1920-S, 1921, 1927-D, and 1933. Despite their large mintage, most of these coins were melted, and only small numbers have been found in recent decades, primarily from European banks. Most examples are well-struck and lustrous, featuring the typical rounded rims seen on San Francisco mint coins.Initially, most of the 2.6 million coins produced were melted at the Mint, and until the 1950s, it was believed that only five or six coins existed. However, a small quantity surfaced in Europe in the 1950s, followed by a discovery of over a hundred more pieces in the mid-1960s. This led to the 1924-S being reclassified as a semi-key date. Virtually all known examples are heavily bagmarked MS-60 to MS-62 pieces, making even MS-63 coins difficult to locate. True gems exist, including a single MS-65+ piece, with possibly fewer than five such examples in total. The rarity and survival numbers of the 1924-S are nearly identical to the 1924-D issue.
Gold Double Eagle $20 1925Philadelphia Mint.2,831,750The 1925 Double Eagle is common in most grades; even the MS 66 graded coins are considered widely available. For example, a 1925 $20 St. Gaudens Double Eagle Gold Coin in MS-63 condition is listed for sale at 3091.72 EUR, and a similar coi is listed for sale at 1783.47 USD (1651.00 EUR) foe a worn specimen. It’s important to have the coin authenticated and graded by a reputable coin grading service to determine its precise value.
Gold Double Eagle $20 1925-DDenver Mint.2,938,500The 1925 D Double Eagle is rare Despite a very large mintage, most were melted in the 1930s. In the 1950s, coins began to appear from the vault of European banks in small numbers. 1,000 Gaudens $20 1925-D are known to exist.
Gold Double Eagle $20 1925-S San Francisco3,776,500The 1925 S Double Eagle is rare. On the other hand, the 1925-S had 3,776,500 struck, but few were released, most remained at the Treasury and bank vaults but available from the Treasury at face value in 1932. Less than 1000 are known to have survived; one, in almost-perfect condition (graded MS-67) sold in 2005 for $287,500. 
Gold Double Eagle $20 1926Philadelphia Mint.816.750The 1926 Saint-Gaudens coin, while often seen as common, possesses unique qualities that distinguish it in rarity and condition compared to genuinely common coins like the 1924, 1927, and 1928. It is particularly rarer than the 1925, especially in gem condition, with only a few MS-67 or better examples known. A circulated 1926 St. Gaudens Gold Coin typically ranges in value from $2,025 to $2,125, while 1926 Double Eagles can be found in various Mint State grades, up to MS 66, with only a few achieving MS 67 certification
Gold Double Eagle $20 1926-DDenver Mint.481.000This date is tough to find. Similar to many later-date Saint-Gaudens double eagles, the 1926-D experienced minimal, if any, actual circulation. Despite its relatively generous mintage of 481,000 pieces, the false impression of being a common issue arises. Instead, the majority of these coins were primarily stored in Treasury vaults until nearly a decade later, when almost the entire mintage met its fate in the melting pot. Those few that managed to survive are mostly found in the lowest Mint State grades, with Gem examples being exceptionally rare.
Even at the Choice Mint State level, acquiring the 1926-D can pose a considerable challenge, given the series’ popularity among gold enthusiasts.
Gold Double Eagle $20 1926-S San Francisco2.041.500The 1926-S St. Gaudens double eagle is considered a common date in the series, meaning that it is not extremely rare. However, its value can vary significantly based on factors such as its condition
Gold Double Eagle $20 1927Philadelphia Mint.2.946.750The 1927 Saint-Gaudens double eagle coin holds the position of being the second most frequently encountered specimen in its series, with the 1924 version surpassing it in terms of market availability. This coin is readily accessible in the marketplace, particularly in Mint State (MS) grades, extending up to MS-64. Major grading services have provided certification for over 200,000 of these coins, rendering it an excellent selection for a representative coin. Remarkably, the production quality of this particular coin stands out, and examples in Gem condition from the 1927 Double Eagle are widely regarded as some of the finest within the series.
Gold Double Eagle $20 1927-DDenver Mint.180.000The 1927 D Double Eagle is an extreme rarity!
almost the entire of 180,000 is believed to have been destroyed. Between 15 and 18 are estimated to exist. In 2020, an MS65+ example sold for $2.16 million at auction.
Gold Double Eagle $20 1927-S San Francisco (Regular Strike)3,107,000Very rare – most 1927S Double Eagle appear to have been melted.
Gold Double Eagle $20 1928Philadelphia Mint.8,816,000Very rare – most 1928 Double Eagle appear to have been melted.
Gold Double Eagle $20 1929Philadelphia Mint.1.779.750Rare – most appear to have been melted. The year 1929 stands out as the most abundant among its peers. To put it in perspective, there are precisely twice as many PCGS-certified instances of the 1929 Double Eagle as there are of any of the other four dates within this era. Although it’s possible that more uncirculated 1929 Double Eagles are accessible today compared to when Akers initially wrote about them, securing specimens in MS65 and superior states remains an arduous task the value of the coin can vary depending on its condition, rarity, and other factors. For example, a PCGS-graded MS64 1929 St. Gaudens $20 coin from Philadelphia was listed for sale at $12,500 on one website
Gold Double Eagle $20 1930-S San Francisco (Regular Strike)74.000Very rare – 99.9% of this coin’s original mintage of 74,000 appear to have been melted. Under 100 known examples.
Price 20 $20 1930-S. Worth $450,000.
Gold Double Eagle $20 1931Philadelphia Mint.Mintage for Circulation: 2,938,250
Mintage of Proofs.
0
Very rare – most appear to have been melted. According to the NGC Price Guide, as of September 2023, a St. Gaudens Gold Coin from 1931 in circulated condition is worth between $50,000 and $52,500, while an uncirculated coin can be worth significantly more  The 1931-D is always very sharply struck, with specimens ranging from fully frosty to quite satiny, and most have a trace of granularity to the surface. The lustre and color are generally good to very good, with most examples being a light to medium orange and greenish gold color. The coin has a high value, with an MS66 example selling for $253,000 in 2008. The Smithsonian collection contains three examples, one of which is probably the finest known and would grade at least MS 67. 
Gold Double Eagle $20 1931-DDenver Mint.Mintage for Circulation: 106.500
Mintage of Proofs.
0
Very rare – most appear to have been melted. The 1931-D is always very sharply struck, with specimens ranging from fully frosty to quite satiny, and most have a trace of granularity to the surface. The lustre and color are generally good to very good, with most examples being a light to medium orange and greenish gold color. The coin has a high value, with an MS66 example selling for $253,000 in 20081. The Smithsonian collection contains three examples, one of which is probably the finest known and would grade at least MS 67. The 1931-D Double Eagle is considered rare and valuable, especially in higher grades.
Gold Double Eagle $20 1932Philadelphia Mint.Mintage for Circulation: 1.101.750
Mintage of Proofs.
0
Very rare – most appear to have been melted. the 1932 coin is exceptionally scarce, with fewer than 100 known examples across all grades. Most surviving specimens exhibit scattered bag marks and are typically graded as MS 64 or MS 65. The Smithsonian collection houses a remarkable example, possibly the finest known, with an estimated grade of MS 67.
Gold Double Eagle $20 1933Philadelphia Mint.Mintage for Circulation: 445.500
Mintage of Proofs.
0

None were placed into circulation and virtually the entire mintage was melted. Only three examples outside of government hands is legal to own. There are 25 known examples today, two in the Smithsonian collection, the one that sold last year at auction, and 10 at Fort Knox the remain specimens are still missing.

They were too complex for mass production and bankers and businessmen complained that they were difficult to stack.

The Mint replaced the dies with ones of lower relief and substituted the Roman date with Arabic numerals. The coins had a much less salient relief and some of the detail was lost but the overall beauty was intact. They entered circulation at the end of 1907 and continued to be minted during the following years.

One thing all 1907 Saint-Gaudens Double Eagles have in common is the omission of the motto IN GOD WE TRUST (found on every gold coin since 1866). Roosevelt wanted this left off because he considered it blasphemous to write the name of God on money, since it could be spent for immoral purposes. However, Congress took a dim view of the missing motto and passed legislation in 1908 mandating its restoration. Roosevelt decreed that the expression would be used on new coins: during 1908, it was added on the reverse side of the coin above the sun.

The Saint-Gaudens gold double eagle coin was issued every year from 1907 to 1916, and again from 1920 to 1933. Most of the “Saints” dated 1929 and later were held in government vaults to augment the federal gold reserve, and nearly of all these were melted following President Franklin Roosevelt’s Gold Order of 1933 (the great confiscation). Under this directive, gold coinage or bullion in private hands was declared illegal, and required redemption to the government in exchange for other forms of currency. Gold coins with numismatic value were not subject to the Gold Order, however. Once the gold had been consolidated under federal control, the Treasury department set the price of gold bullion at $35.00 an ounce, up from $20.67, nearly doubling the value of the gold in its possession. The price of gold was regulated by the government until January 1, 1975, when all gold ownership restrictions and price controls were ended.

The 1933 double eagle currently holds the record for the highest price ever paid for a U.S. coin when it was purchased in 2002 for $7.59 million. There were 445,500 double eagles minted in 1933, but none were ever placed into circulation and nearly every last one of them was melted down after the Gold Order was issued (see The Great Confiscation)

No Motto vs. Motto – Does God’s name belong on our coins?

Motto “In God We Trust” first appeared on our coinage during the Civil War. It was included on most every Liberty Head gold coin minted from 1867 to 1907. The new Saint-Gaudens design, however, lacked this important inscription.

Roosevelt, at whose behest this coin was designed, specifically asked for its exclusion. He knew the lifestyles of many of the men out West where these coins were most seen in circulation. He did not believe the Lord’s name should be used on coins that were spent in saloons, gambling halls and brothels. The President expressed this view in a letter to Reverend Roland C. Dryer dated November 11, 1907:

“My own feeling in the matter is due to my very firm conviction that to put such a motto [In God We Trust] on coins, or to use it in any kindred manner, not only does no good but does positive harm, and is in effect irreverence which comes dangerously close to sacrilege. A beautiful and solemn sentence such as the one in question should be treated and uttered only with that fine reverence which necessarily implies a certain exaltation of spirit. Any use which tends to cheapen it, and above all, any use which tends to secure it being treated in a spirit of levity, is from every standpoint profoundly to be regretted.”

President Roosevelt’s wishes were followed – temporarily. None of the 1907 and half of the 1908 $20 Saint-Gaudens gold coins have the motto “In God We Trust”.

The United States Congress viewed the issue differently and wanted to boldly state that our nation believed in and trusted in God. It wanted those beliefs proclaimed on all our coins, especially our largest gold coins. Congress would soon win out.

During 1908, Congress prevailed and the Mint added “In God We Trust” to the design of the nearly one ounce $20 gold coins. From late 1908 until the $20 Saint-Gaudens’ end in 1933, all Saint-Gaudens double eagles were struck with the motto “In God We Trust.”

Consequently, the motto “In God We Trust” appears on every $20 Saint-Gaudens gold coin except those minted in 1907 and the beginning of 1908. This year and a half constitute just a small fraction of the twenty-seven-year period of coinage. Only 5.2 million of the “No Motto” coins were originally minted. In contrast, more than 65.8 million $20 gold coins were struck with the motto “In God We Trust.” Many of both types were confiscated and melted after the Executive Order outlawing private ownership of gold in 1933.

How many double eagle coins are there?

The Double Eagle gold coin, with a denomination of $20, was minted in the United States. The total number of Double Eagle coins minted varied over the years. For example, in 1933, 445,500 Saint-Gaudens Double Eagles were minted, but they were never circulated due to the Great Depression and subsequent changes in monetary policy. The Liberty Head Double Eagle was minted from 1849 to 1907, while the Saint-Gaudens Double Eagle was produced from 1907 to 1933. In total, there are multiple examples of Double Eagle coins, with specific rare versions like the 1856-O $20 Liberty Head Double Eagle and the 1961 $20 Liberty Head Double Eagle with the Paquet Reverse being highly sought after by collectors. However, most of these coins were melted down, making the surviving ones extremely rare and valuable. There is a unique 1933 Double Eagle coin that holds significant value and historical importance, considered one of the rarest and most expensive coins globally.

Rare PCGS certified Double Eagle coins command substantially higher prices.

Grades of 69 and 70 in these types of coins are non-existent because most coins were melted down in 1933, and grades 62 to grade 65 offer the most attractive long-term investment return opportunities, as they have quadrupled in price since 2002 and are still 200-400% below their historical highs.

AttributeValue
Name1933 double eagle
DescriptionA highly rare and valuable United States 20-dollar gold coin
RarityOne of the world’s rarest coins with only 13 known specimens remaining
Notable SaleSold for US$18.9 million in June 2021, making it the most expensive coin ever sold
LegalityIllegal to privately own, except for the Weitzman Specimen
Composition90% gold, 10% copper
Years of Minting1933
DesignerAugustus Saint-Gaudens

The Illusion of Rarity: The European Source of Old U.S. Gold Coins.

The Intricacies of Investing in Pre-1933 U.S. Gold Coins

Promoters of old U.S. gold coins often create a false sense of rarity, implying that their coins survived the 1933 gold confiscation order. In reality, many of these coins have likely been sourced from Europe. Numerous large numismatic wholesale firms have offices in Europe, actively acquiring hoards of old U.S. coins. One firm advertises “Shipments coming in from Europe daily,” while another highlights its offices in Brussels, Paris, and Zurich. Between 1908 and 1933, approximately 65 million $20 St. Gaudens coins were minted. Today, tens of millions likely remain, primarily stored in European bank vaults.

The Risks of Investing in Old U.S. Gold Coins: European Supplies and High Premiums

Due to the abundance of old U.S. gold coins in Europe and their high premiums, they are considered risky investments. As gold prices rise, European banks might sell their U.S. coins, driving down their prices while gold itself increases in value. Alternatively, these banks could sell their high-premium U.S. coins to buy bullion, further pressuring coin prices. Since 1989, major grading services PCGS and NGC have graded millions of coins rated MS-60 or higher, now grading 200,000 to 300,000 coins monthly. Many lower-grade coins (VF through BU) are not submitted for grading but are sold as “non-confiscatable” semi-numismatic coins. These lower-grade coins, including VF/XF common-date Double Eagles, lack significant collector value.

When considering old U.S. gold coins as an investment, it’s important to recognize the inflated claims of their “recognized special value.” Including smaller denomination old gold coins ($10 Eagles, $5 Half Eagles, etc.), the number of available coins grows significantly. Pre-1933 $20 gold coins and 1oz gold bullion coins are priced similarly, though pre-33 coins contain slightly less gold (approximately .9675 ounces).

The primary factor is the premium paid over the spot price.

Most shops buy 1oz gold bullion at 2-3% below spot and sell at a 6.5% premium, resulting in a $200+ spread. Common-date, XF-AU condition pre-33 double eagle gold coins have a premium of $100-$150. Pre-33 coins often sell for spot price, sometimes offering a smaller spread due to their liquidity.

Pre-33 gold coins are more collectible and slightly more expensive due to their historical value. However, potential investors should compare premiums and liquidity. Calling local coin shops to check buy and sell prices for both bullion and pre-33 gold coins can reveal surprising insights, often showing a smaller spread for pre-33 coins.

Finding the Best Pre-1933 U.S. Gold Coins with Minimal Premiums for Investment.

For long-term investment purposes, bullion coins tend to outperform numismatic coins due to their lower premiums. If you’re looking for pre-1933 U.S. gold coins with minimal numismatic premiums, your best bet is to focus on common date, raw coins, especially those that have been cleaned or were previously used in jewelry, as these carry the lowest premiums. The $20 Saint-Gaudens coin is often closest to bullion prices, though it’s the largest denomination.

You can also find $10 and $20 pre-33 coins near melt value on several dealer websites if you’re not concerned about their condition. However, fractional pre-33 coins, like the $2.5 and $5 pieces, generally come with higher premiums. A good strategy is to search for common date coins, such as the 1928 $20 Saint-Gaudens, which had a high mintage and is often sold near spot price. Online dealers often list “random year” coins, which typically come from these high mintage years.

When purchasing, ensure you calculate the gold content and factor in the premium over spot price. For grading purposes, the only coin graders that consistently command higher resale premiums are NGC and PCGS. Balancing condition and price is important, but for common date pre-33 coins, condition generally affects the price less than rarity or demand.