Double eagles, the largest denomination for a circulating American coin, came into existence as a result of the California gold rush. The Mint was receiving vast amounts of Californian gold bullion to be turned into coins. In addition to depleting the deposited gold bullion at a greater rate, it was reasoned that a $20 gold coin would be especially useful in international transactions and large domestic dealings. In January 1849, Congress introduced a bill to create 1-dollar gold coins. In February of 1849 an amendment was added which authorized the creation of the double eagle. The bill was passed in March of the same year, and at once established both our smallest and largest circulating gold denominations. There existed at the time some reservations as to the wisdom of creating this new coin. To satisfy those concerns, the legislation authorized the new coin for only 2 years, allowing for its demise if it proved to be unpopular. This provision was never needed; the coin was immensely popular, as evidenced by the fact that over 170 million double eagles were minted by the time gold coinage ended in 1933.
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The pricing quoted on this page is based on the current market price for this precious metal, which constantly fluctuates and we continuously update from 7 a.m. – 5 p.m. CT, Monday through Friday.
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