1850 $20 Liberty Head Double Eagle NGC XF45

This piece is an attractive circulated example of the first year of circulation strikes (1849 saw two patterns created) of the popular, long-running Liberty Head double eagle series (1850-1907). The 1850 has always been appreciated by collectors, both as a first-year issue and due to its roots in the California Gold Rush. Despite its large mintage (1,170,261) demand for the 1850 has always been strong, pushing prices upward.

NGC has graded 341 as XF45 with 1,182 finer. Collectors Universe gives this issue a price of $4,500.00 in XF45.

The 1849 Double Eagle Pattern crafted by James B. Longacre. It is housed in the National Numismatic Collection at the Smithsonian. Photo: Wikimedia Commons.

The creation of the then new double eagle coin was intricately connected to legislation for the gold dollar. It was believed that the smaller coin would not pass in the House of Representatives, and Mint Director Robert M. Patterson objected to its passage also. The concern was over the minuscule size of the gold dollar; Patterson basically saw it as play money and considered it not fit for a great nation.

But ... when the new double eagle was added to the legislation for the gold dollar, a new, powerful faction emerged that favored the large coin. The banking industry championed the $20 gold piece, for it could be used to store large volumes of money in a relatively small space. Therefore the tiny gold dollar rode the coat tails of the substantial double eagle's popularity and passed in Congress along with it.