The Introduction of the First US $20 Gold Piece in 1850

Name: The Introduction of the First US $20 Gold Piece in 1850
Start: 1850-03-12
Location: Unspecified

The Significance of the First US $20 Gold Piece

The year 1850 marked a pivotal moment in American monetary history with the introduction of the first official $20 gold piece. This coin, known as the "Double Eagle", symbolized a burgeoning economy and the United States' commitment to a solid gold standard. Minted at the Philadelphia Mint, the Double Eagle was not only a denomination but also a representation of gold’s importance in financial transactions of the period.

The Double Eagle Coin

The Double Eagle featured intricate designs that reflected the art and values of the time. On the obverse side, it displayed a stunning portrait of Lady Liberty, surrounded by 13 stars representing the original colonies, while the reverse showcased an emblematic eagle, embodying strength and freedom. This design was crafted by renowned engraver James B. Longacre, making the coin an artistic masterpiece.

Economic Impact of the $20 Gold Piece

The introduction of the $20 gold piece had significant implications for the American economy. As the nation expanded westward, the demand for gold coins surged, especially as discoveries in California’s gold fields drew prospectors and investors alike. By establishing a reliable gold currency, the government aimed to stabilize and promote commerce across the growing nation.

The Legacy of the $20 Gold Piece

The Double Eagle not only served as a means of transaction but also influenced perceptions of wealth and prosperity in America. Its production continued well into the 20th century, with the last minting occurring in 1933, after which the coins were recalled due to the Great Depression and the abolition of the gold standard.

Collectibility and Value

Today, the $20 gold piece is highly sought after by collectors and investors, often fetching prices far exceeding its face value. Its historical significance and limited availability after the 1933 recall contribute to its allure, making it a prized possession for numismatists.

Turning Point in American Currency

The minting of the $20 gold piece was a turning point in American monetary policy, leading to increased stability and trust in paper currency as gold reserves affirmed its value. This coin not only facilitated trade but also played a crucial role in shaping the financial landscape of the growing United States.

Fun Fact

Did You Know?

While the $20 gold piece was intended to circulate widely, many of the 1933 coins were never issued due to the prohibition of gold coins, and they have become some of the most valuable coins in history, with one selling for over $7 million in auction!