The top ten in the 100 Greatest United States Coins list is bound to be comprised of rare, world class coins that most have never actually had the pleasure of seeing in person. United States coinage has come a long way, but it is the issues that never saw the light of day back in early production years that have made the most lasting impressions. That is certainly the case with this next entry in the series from Whitman Publishing. Following along with the fourth edition, author Jeff Garrett will talk us through this top ten pick that was “born” at the wrong time but became one of the most considerable rarities in all of U.S. coinage history.
#5 – 1849 Liberty Head Double Eagle
The discovery of gold on the West Coast in 1848 would catapult the nation’s supply of gold and the need to utilize it. The new influx of the metal would make its way to the East Coast early in 1849 as federal legislation would call for the creation of gold eagles and double eagles, turning the bullion into coins. Chief Engraver James B. Longacre oversaw engraving the new dies and was there when the new denomination would go through its first strike. However, Franklin Peale, chief coiner, would write a letter to Mint Director Robert M. Patterson to inform him of the difficulties experienced during the first attempt. Peale would write: “It is with extreme regret and after the most earnest endeavors to overcome the difficulty that I am compelled to inform you that the impression upon the new die, for the double eagle, cannot be brought up by the usual coining processes.”
It turns out that the relief for the double eagle was too high and that the coins could not be struck properly for the purpose of mass production. The attempt resulted in only a few of the 1849 double eagles being struck. However, all but two of the coins were melted down. One of those coins was sent to the secretary of the Treasury, W.M. Meredith. The other was sent to the Mint Cabinet in Philadelphia, which was eventually given to the Smithsonian Institution for the National Numismatic Collection. The other’s location is unknown.
In 1960, the historical value of the 1849 Liberty Head Double Eagle for a Choice Proof condition was $100,000. By this fourth edition (2015), it rose to $25,000,000.
