Liberty Head Double Eagle: Very Fine

During 1848-52, the chance discovery of large goldmines in California led the American Government mandate the issue of its first $20 gold coins. Earlier, the highest denomination was $10 and the coins were named ‘Eagle.’ Drawing upon the logic, the $20 coins came to be known as ‘Double Eagle.’ Engraver James B. Longacre conceptualized the pioneering design for the Double Eagles ‘Liberty Head.' The Liberty Heads were released from 1849 to 1907. In the year 1849, only two proofs were molded and its mass production officially began in 1850.

The obverse design of the coins features the head of Lady Liberty, aligned sideways. Along the circumference, thirteen stars are present that seem to surround her head. The year is engraved in an arch alignment right below her head. The reverse is a more complex design portraying the bald eagle in the center with its wings spread. One of its claws holds some arrows and the other holds an olive branch. An ornate shield appears to cover most of the frontal portion of the eagle. Encircled by thirteen stars, the ‘motto’ appears (1866-1907) above its head.

From the collectors’ point of view, there are three main categories of the coin. Unlike the later two variants, the Type I (1850 through 1866) Liberty Heads did not carry the motto ‘In God We Trust.’ The Type II (1866 through 1876) had the words engraved and the denomination was mentioned as ‘Twenty D.’ The Type III (1877 through 1907) carried the motto and was primarily different from the previous two issues in that the denomination was expressed as ‘Twenty Dollars.’ Additionally, it had some design modification, like the repositioned head of Liberty and her acutely diagonal neckline.

Type III Liberty Heads were minted in the largest numbers, partially owning to its 21-year stint. Most of them went into the national treasuries of the investing countries, rather than going into mass circulation. This exported variety is a highly valued one, as is the Type 1A (1861), designed by Anthony C. Paquet. However, all the three series are available in various grades, including VF (Very Fine), from VF-20 to VF-35. These coins contain light to moderate wear & tear. The buyers should avoid the coins ‘cleaned’ for enhancing the eye appeal.

For valuation purpose, the obverse is more significant than the reverse. One must closely examine the areas behind the ears, along the cheeks, hair, and forehead on the frontal side. On the reverse, the possible spots of aberration are the eagle’s neck, the contours of its wings, and the breast feathers, apart from the upper edge of the shield. Fingerprints, handling marks, hairline cracks, and minting defects reduce the worth of the coins. Traditionally, the VF grades have traded at spot price as well as premium. Presently, they usually trade at the spot rate, adding to its appeal.