If you’re interested in coins, you might know that some coins are worth much more than their face value. One such coin is the 1899 Double Eagle. This gold coin, valued at $20, is especially popular among collectors. Recently, it was featured in Heritage Auctions’ Long Beach U.S. Coins Auction, an event that draws collectors from all over. This article will explain why the 1899 Double Eagle is so special, its history, and what makes it a sought-after item in the coin collecting community.
What is the 1899 Double Eagle?
The 1899 Double Eagle is a gold coin that has a face value of $20 but is actually worth much more because of its gold content and rarity. It is part of the Liberty Head Double Eagle series, which was produced from 1849 to 1907. This series was designed by James B. Longacre. The Liberty Head Double Eagle is known for its beauty and craftsmanship, making it a favorite among coin collectors.
What makes the 1899 Double Eagle particularly special is that only a limited number of these coins were made, and even fewer remain in excellent condition. This combination of rarity and quality makes it one of the most desired coins in the Liberty Head series, often selling for high prices at auctions.
Design Features of the 1899 Double Eagle
The design of the 1899 Double Eagle features Lady Liberty on the front (called the obverse). She wears a crown with the word “LIBERTY” and is surrounded by 13 stars, representing the original 13 colonies. On the back (known as the reverse), there is a majestic eagle with a shield on its chest, holding an olive branch and arrows. Above the eagle is a banner that reads “IN GOD WE TRUST.”
The skillful design and attention to detail make this coin a beautiful piece of art that reflects the values of its time. The 1899 Double Eagle is made of 90% gold and 10% copper, weighing about 0.9675 troy ounces of gold.
The History of the Double Eagle
Origins of the Double Eagle
The Double Eagle was first introduced in 1849 during the California Gold Rush. This was a time when gold was discovered in California, leading to a surge of gold into the U.S. economy. Before the Double Eagle, the largest U.S. gold coin was the $10 Eagle. The introduction of the $20 Double Eagle made it easier to handle large financial transactions during a time of rapid growth.
Liberty Head Double Eagle
The Liberty Head design was used from 1849 to 1907. Coins from this period are highly valued for both their historical importance and their gold content. The Liberty Head design has remained unchanged for almost 60 years, reflecting the classical style of the 19th century.
Double Eagle coins played a significant role in commerce, especially in large financial transactions and international trade. Because of their high gold content, Double Eagles were often used as a store of wealth between banks and countries.
The End of the Liberty Head Double Eagle
In 1907, the design of the Double Eagle changed to the famous Saint-Gaudens design. Many consider this new design to be one of the most beautiful coin designs ever made. While the Liberty Head design is iconic, it was replaced by a more modern and artistic representation of Lady Liberty, created by sculptor Augustus Saint-Gaudens. This change made coins like the 1899 Double Eagle even more valuable as they became a reminder of an earlier design.
Rarity and Value of the 1899 Double Eagle
The 1899 Double Eagle is rare, with only 846,700 coins minted that year. While this number might seem large, many coins from this period were melted down for their gold content, meaning fewer coins still exist today. Most of the surviving coins are worn and show signs of use.
Finding an 1899 Double Eagle in excellent condition is very rare, and these coins are highly valued by collectors. The coin’s rarity, historical importance, and stunning design make it one of the most valuable in the Liberty Head Double Eagle series.
Auction Prices for the 1899 Double Eagle
At auctions like the Heritage Long Beach U.S. Coins Auction, 1899 Double Eagles can sell for tens of thousands of dollars, depending on their condition. Coins that show wear might sell for a few thousand, while coins in excellent or uncirculated condition can fetch $50,000 or more. Coins graded by professional services like the Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC) often sell for higher prices because grading confirms their authenticity and quality.
Heritage Auctions and the Long Beach U.S. Coins Auction
The Importance of Heritage Auctions
Heritage Auctions is one of the largest auction houses in the world, focusing on various collectibles, including coins. Their coin auctions attract bidders from all over who want to buy rare and valuable coins. Heritage Auctions is known for featuring some of the best coins available, making their events highly anticipated by collectors.
The Long Beach U.S. Coins Auction
The Long Beach U.S. Coins Auction is one of the most important coin auctions in the U.S. It happens during the Long Beach Expo, a major collectibles event in California. This auction showcases many rare and valuable coins, drawing collectors, investors, and dealers.
The 1899 Double Eagle was one of the highlights of the latest Long Beach U.S. Coins Auction, with many collectors excited to bid on such a rare item. Events like this are crucial for collectors who want to find coins that are hard to find elsewhere.
Why Do Collectors Value the 1899 Double Eagle?
Historical Significance
The 1899 Double Eagle is historically significant because it was minted during a time of great economic growth in the United States. Coins from this time provide a direct link to America’s past, making them appealing to collectors who appreciate history.
Gold Content
The gold content also adds to the coin’s value. Since it contains almost an ounce of gold, the 1899 Double Eagle is worth a lot just for its metal. However, it is the rarity and condition of the coin that often makes it worth much more than its gold content.
Rarity and Condition
The 1899 Double Eagle is particularly rare, especially in good condition. Collectors are always on the lookout for coins that are well-preserved, as these coins tend to increase in value over time. The better the condition, the higher the price it can command at auction.
Collector Demand
Finally, the demand from collectors significantly affects the value of the 1899 Double Eagle. As more people become interested in collecting, the demand for high-quality coins continues to rise. This increased demand drives up the prices for rare coins, including the 1899 Double Eagle.
Conclusion
The 1899 Double Eagle is not just a coin; it represents a significant part of American history. Its rarity, gold content, and beautiful design make it one of the most sought-after coins among collectors. Its recent appearance at the Heritage Long Beach U.S. Coins Auction only adds to its prestige and value.
For anyone interested in coins, the 1899 Double Eagle is a fascinating piece of history that continues to attract collectors and investors alike. As interest in rare coins grows, the 1899 Double Eagle will likely remain at the top of collectors’ wish lists for many years to come.
FAQs
What is a Double Eagle coin?
A Double Eagle is a gold coin issued by the U.S. Mint with a face value of $20. It was primarily minted during the 19th and early 20th centuries and is valued for both its gold content and rarity.
Why is the 1899 Double Eagle considered valuable?
The 1899 Double Eagle is valuable due to its rarity, historical significance, and gold content. Coins in excellent condition can sell for tens of thousands of dollars at auctions.
How much gold does the 1899 Double Eagle contain?
The 1899 Double Eagle contains approximately 0.9675 troy ounces of gold, making it a significant piece for both collectors and investors.
Where can I buy an 1899 Double Eagle coin?
You can purchase an 1899 Double Eagle at coin auctions, reputable online marketplaces, or from certified coin dealers who specialize in rare coins.
What factors affect the value of the 1899 Double Eagle?
The value is influenced by its rarity, condition, historical significance, and the current demand from collectors. Coins that are well-preserved and graded by professional services tend to fetch higher prices.