Gold Liberty

Early U.S Gold Coinage

It all started with Article I, Section 8 of the Constitution of the United States of 1857, which stated; "The Congress shall have the Power... To Coin Money."  Establishing the U.S. Mint was a decade-long process with many twists and turns along the way. Secretary of the Treasury, Alexander Hamilton prepared plans for a national Mint, with much of the groundwork done by the Secretary of State, Thomas Jefferson. Discussions about decimal denominations and coinage designs were worked out by April 1792, when George Washington signed the new legislation into law.  The Mint Coinage Act of 1792 authorized production of ten different coin denominations, three in gold, five in silver, and two in copper.  The first gold denominations were the $10 Gold Eagle, $5 Gold Half Eagle, and $2.50 Gold Quarter Eagles. Early U.S. Mint Gold production, known as “Early Gold,” spanned the first 39 years, between 1795 and 1834. These first gold coins have various designs of Liberty on the obverse of the coin.  Gold coin designs range from the first Turban Head design in 1795, to the Capped Bust in 1807, the Classic Head in 1834, Liberty Head in 1838, and Saint Gaudens and Indian Head designs in 1907, to the modern coin designs of today.

The Quintessential Longacre Design:

James B. Longacre, the third U.S. Mint’s chief engraver, is particularly known for his design of the Liberty and Indian Head respectively. The iconic designs are found on the full range of gold denominations from $1 to $20. Liberty Head Gold coins were issued from 1849-1907 when they were replaced with entirely new gold coinage designs commissioned by President Theodore Roosevelt, who desired to make American’s coinage into works of monetary art. Until 1849, the U.S. Mint produced only $2.50, $5 and $10 coins. It was the immense discoveries of gold in California that inspired the minting of the large $20 double eagle gold pieces. This caused the U.S. government to seek a more compact form to pay large-scale domestic and international transactions that were payable only in gold. The Type-I $20 gold coin was born when there was a great influx of California gold combined with the need for a larger denomination gold coin.

Longacre’s design of the $20 Gold Double Eagle, bears the bust of Liberty facing left, amid a circle of 13 stars on the obverse.  The reverse features a bold expression of mid-19th century patriotic emblems, a facing American eagle with a large Union shield across its breast, clutching an olive branch in its right claw, and three arrows in its left claw. This was the largest denomination coin that was first minted as a pattern coin in 1849, then minted for commerce from 1850-1907.  Depending on the design, the Liberty Head Double Eagles are divided into three design types:

• Type 1 – (1849-1866) Without motto on the reverse, and straight sides on the shield.

• Type 2 – (1866-1876) “IN GOD WE TRUST” motto in the oval of stars above the eagle, and a new ornate, curved shield.

• Type 3 – (1877-1907) “TWENTY DOLLARS” replaces “TWENTY D.” Chief Engraver William Barber updates Liberty, tilting her forward.

St. Gauden’s Double Eagle

The last issue of the Double Eagle was designed by Augustus Saint-Gaudens, a preeminent American Artist and Sculptor, who was commissioned by President Theodore Roosevelt to redesign America’s coinage.  The St. Gaudens $20 gold Double Eagle, originally struck in high-relief, is commonly referred to as, “The Most Beautiful Coin in the World.” All gold coinage came to a halt in 1933 during the height of the Great Depression, with the signing of Executive Order 6102 signed by President Franklin D. Roosevelt, making gold illegal to own, except for "Rare and unusual" coins, which were exempted from seizure.  U.S. Gold was illegal to own or produce between 1933 and 1974, when Congress made gold legal to own again by reversing the Executive Order in 1974.

The Gold Eagle

In 1985, the precious metals industry changed forever when the Gold Bullion Coin Act was signed into law by President Ronald Reagan. The first release of the iconic Gold American Eagle in 1986, captivated the world with its beautiful historic design and collector value. It is one of the most sought after coins produced by the United States and the annual release is generally highly anticipated, especially for collectors who are building sets. There are other popular modern gold coins that feature Liberty prominently, like the 2017 American Liberty 225th Anniversary Coin, a one-ounce gold Liberty high-relief coin minted to commemorate the 225th anniversary of the U.S. Mint. This 1 oz. gold Liberty coin features a modern rendition of an African-American woman as the inspiration for Liberty on the obverse and a beautiful flying bald eagle on the reverse. No matter what your budget or preference of denomination or mint mark, there is a Liberty Gold coin waiting just for you. The Liberty gold designs are classic American history, that is good as gold!