Object Details
mint
U.S. Mint, Philadelphia
obverse designer
Longacre, James Barton
reverse designer
Longacre, James Barton
Description
The California gold rush quickly gave the United States not one new gold coin, but two: a tiny gold dollar at the lower end of the monetary spectrum, and a large double eagle, or twenty-dollar coin, at the upper end. Why did Americans need more gold denominations?
So much gold was now coming out of California that it was actually lowering the value of that metal against silver. Bullion dealers began buying up silver dollars and half dollars for melting and export, for they were now worth more than face value as bullion. A Congressman from North Carolina had an idea: If gold dollars were struck, to pass at par with the silver ones, it might ease some of the pressure on silver coinage.
His bill was introduced late in January 1849. At the last minute, a provision was added for an entirely new coin, a double eagle. Thus amended, the bill became law on March 3, 1849. The production of gold dollars swung into action fairly quickly, and coinage had gotten under way by early May.
But the double eagles took longer. James B. Longacre, the artist selected to design the new large coin, encountered initial opposition from Mint officials, and it was late December before the first two pattern double eagles could be struck. One disappeared long ago, leaving this as the only surviving gold pattern from 1849.
Credit Line
U.S. Department of the Treasury, United States Mint
date made
1849
ID Number
1986.0836.0064
catalog number
1986.0836.0064
accession number
1986.0836
Object Name
coin
pattern coin
Physical Description
gold (overall metal)
0 (overall die axis)
0 (overall die axis measurement)
struck (overall production method)
Measurements
overall: .3 cm x 3.4 cm; 1/8 in x 1 11/32 in
place made
United States
Related Publication
Zoomable Image and Details
Feingold, Ellen R.. Value of Money, The
Glossary of Coins and Currency Terms
Related Web Publication
http://americanhistory.si.edu/coins/glossary.cfm
See more items in
Work and Industry: National Numismatic Collection
Coins
Numismatics
United States Double Eagle
Coins, Currency and Medals
Legendary Coins
Exhibition
Value of Money
Exhibition Location
National Museum of American History
Data Source
National Museum of American History
Link to Original Record
Record ID
nmah_1078282