Description
The discovery of gold in California in 1848 and
the ensuing Gold Rush turned out to be a godsend to coin collectors.
Due to the overflow of gold that began pouring into Philadelphia,
Congress authorized the United States Mint to create a $20 gold coin on
March 3, 1849.
The most recognizable and highly esteemed coin of its day, the $20
Liberty, also referred to as a $20 Coronet, remained in production
until 1907 when the United States Mint began releasing the $20 Saint-Gaudens.
Design
Designed by James B. Longacre, the obverse of the
$20 Liberty gold coin features Miss Liberty donning a crown inscribed
with the word 'LIBERTY'. Thirteen stars representing the original
thirteen colonies and the date encircle her.
The reverse features a bald eagle behind a striped shield. The words
'UNITED STATES OF AMERICA' arc around the top of the coin. A total of
three different types of $20 Liberties were minted during its time in
circulation. Depending upon the date and type, other pieces of
information are listed on the reverse, as listed below.
$20 Liberty Gold Coins
 |
Type IType
I coins do not feature the motto 'IN GOD WE TRUST' and the denomination
is written as "Twenty D.". Assistant engraver Anthony Pacquet created a
second version of the reverse, but the redesigned coins were discarded
and melted down.
Type II
The 'IN GOD WE TRUST' motto was added to the
reverse in 1866, resulting in the Type II design. Rev. M.R. Watkinson
of Ridleyville, PA, spearheaded this change by asking Secretary of the
Treasury Salmon P. Chase to include the motto on the nation's coins in
1861. Such legislation eventually passed in 1865. Another Type II
design change involved altering the shape of the shield on the reverse
from straight to curved in the ornate rococo style of the day.
Type III (Pictured Above)
In 1877, the denomination was
changed to read 'TWENTY DOLLARS' instead of 'TWENTY D.' This is the
only difference between Type II and Type III $20 Liberty gold coins.
Minting Information
In mid-1849, legislation was approved
to begin minting the $20 Liberty gold coin. At least two of these coins
were minted in December of 1849; one is now located in the Smithsonian.
Introduced into circulation in 1850, the $20 Liberty immediately became
the largest denomination of all regular U.S. coins to date. In all, the
$20 Liberty was minted at five different mints throughout its
production.
The Creation and Use of the Double Eagle
Although $1, $2.5,
$5, & $10 gold coins were already in circulation, the Mint realized
that it could combat its overwhelmingly high gold influx by minting a
$20 gold coin, or double eagle, in half the time it took to produce two
$10 gold coins with the same amount of gold.
The new $20 gold coin was not used much in day-to-day consumer
transactions. Since twenty dollars was quite a bit of money in the 19th
century, the $20 Liberty was usually used for bank-to-bank transfers
and paying debts to foreign investors. It served as one of the building
blocks of the expanding U.S. economy and financial markets in the 19th
and 20th centuries.
| Detailed Coin Information |
| Designer: James B. Longacre |
| Gross Weight: 33.436g |
Gold Content: 0.9675 oz. |
| Composition: 90% gold, 10% copper |
| Diameter: 34mm |
Edge: Reeded |
| Dates: 1849-1866 (Type I); 1866-1876 (Type II); 1877-1907 (Type III) |
Mints: Carson City (1870-79; 1882-85; 1889-93), Denver (1906-07), New Orleans (1850-61; 1879), Philadelphia (All dates*), San Francisco (1854-85; 1887-1907)
* Only proofs were struck in Philadelphia in 1883, 1884, and 1887. |
