Daily Gold Eagle Update

December 17, 2009 – Why is the gold Double Eagle coin known as such, even though only one American bald eagle is depicted on the coin? These $20 coins were entitled “Double Eagles” because they displayed double the face value and weighed twice as much as the heaviest US gold coin at that particular time. Liberty Eagle coins were first released in 1838, and the California gold rush of 1849 inspired Congress to approve the minting of the $20 Lady Libertys.

Gold Double Eagle coins are worth much more than their $20 face value. Even when $20 per ounce was a fair rate for gold within the United States, $20 could get you a lot more than it can today. Meals were usually a quarter or less, mortgage payments were usually less than $10 per month, and you could buy a completely new outfit for a simple five-spot. These $20 gold coins held so much value in fact, that our government seized them from the hands of US citizens during the Great Depression.

Executive Order 6102 outlawed the hoarding of gold and made it an offense punishable by 10 years in prison and/or a $10,000 fine. Think about how little we just spent on our meals, mortgage, and new outfit, and it is easy to see that the $10,000 fine and prison sentence were clear signs that our government was not fooling around.

Since most gold coins were confiscated and melted down by our government by means of President Franklin Roosevelt’s Executive Order, there are only limited quantities of gold Double Eagle coins in existence. The gold Double Eagles that were minted from 1849 to 1933, contain .9675 ounces of American gold, and their numismatic value as “Uncirculated Mint State” rarities has allowed these coins to gain classification as completely private, and government non-confiscatable assets.

To get the latest information on gold Double Eagle investment-grade gold coins or any other type of gold investment, or if you are ready to get your feet wet in the gold market, get in touch with the friendly specialists at Gold-Eagle.org or simply sign up below for no spam, only our award-winning investment tutorials. 

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Joshua Harris

Senior Staff Writer - Gold-Eagle.org