The Saint-Gaudens double eagle is a twenty dollar gold coin, or double eagle, produced by the United States Mint from 1907 to 1933. The coin is named after its designer, sculptor Augustus Saint-Gaudens, who designed front and rear. It is considered by many to be the most beautiful of the US coins.
In 1904, President Theodore Roosevelt sought to beautify the American currency, and proposed Saint-Gaudens as an artist capable of performing the task. Although the sculptor had a bad experience with Mint and his main engraver, Charles E. Barber, Saint-Gaudens received a Roosevelt call. The work suffered a considerable delay, due to the declining health and difficulties of Saint-Gaudens due to the high relief of its design. Saint-Gaudens died in 1907, after designing a double eagle and eagle, but before the design was completed for production.
After several versions of the design for the double eagle proved too difficult to attack, Barber modified the design of Saint-Gaudens, lowering the relief so that the coins can be hit with just one hit. When the coins were finally released, they proved controversial because they lacked the words "In God We Trust", and Congress intervened to require the use of the motto. The coins were printed, primarily for use in international trade, until 1933. The double eagle 1933 was one of the most valuable of US coins, with the only known example currently being sold privately in 2002 for $ 7,590,020.
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Double eagle, or twenty dollar gold pieces, was first published in 1850; its congressional authorization was in response to an increase in the amount of gold available as a result of the California Gold Rush. The double head Eagle Liberty produced, designed by Mint Engraver James Longacre, was beaten for the rest of the 19th century, although the design has been modified several times. Double eagles, because of their very high nominal value, are equal to several hundred dollars today, are not widely circulated, but are the most commonly used coins for major international transactions, where the settlement must use gold. In the West, where gold or silver coins are preferred over paper money - its illegal use in California after the Gold Rush - the coins see some circulation.
The first association of Sculptor Augustus Saint-Gaudens with Mint was in 1891, when he served on the committee assessing entries for new silver currencies. The Mint only offers a small prize for the winner, and all invited artists (including St. Gaudens himself) refused to submit an entry. Competitions are open to the public, and the judging committees (comprising Saint-Gaudens, Mint Engraver Charles E. Barber, and commercial engraver Henry Mitchell) have found no matches. This is not surprising for Saint-Gaudens, who told Mint Director Edward O. Leech that there are only four people in the world who can do such work, among them three in France and Saint-Gaudens is the fourth. Barber, who has been Chief Engraver since 1879, feels that Saint-Gaudens exaggerated the case, and there is only one man capable of doing such currency work - Barber himself. Leeches respond to failed competition by directing the barber to prepare a new design for a penny, a quarter of a dollar, and a half dollar, generating a barber currency, a problem that attracts considerable public dissatisfaction.
In 1892, Saint-Gaudens was asked to design an official medal from the Colombian World Fair in Chicago; it will be presented to the winner exhibitors. The front of Saint-Gaudens design, showing Columbus coming ashore, is not controversial; on the contrary, featuring a naked torch youth carrying a wreath to crown the winners, attacked by censorship agency Anthony Comstock, as obscene. The directors of the exposition hastily drew the opposite design and replaced it with the one made by Barber who, according to numismatic historian Walter Breen, "is only important for reasons". An angry Saint-Gaudens swears it has nothing to do with Mint or his employees, and for the next decade rejects all commissions that might involve him with the bureau.
Maps Saint-Gaudens double eagle
Inception
On December 27, 1904, President Theodore Roosevelt, a personal friend of Saint-Gaudens, wrote a letter to Finance Minister Leslie Mortier Shaw: "I think the state of our currency is artistically terrible, is it possible, without asking permission from Congress , to hire someone like Saint-Gaudens to give us a currency that will have a beauty? "Roosevelt had Mint Director George E. Roberts write to Saint-Gaudens, who replied," I am very interested in the new design of the currency... it will be my guarantee to give me great pleasure to assist in the procurement of good work. " Roosevelt caused Mint to involve Saint-Gaudens to redesign some modifiable coins without the need for congressional approval - pennies and four gold coins. No US coins ever designed by anyone other than a Mint employee.
In November 1905, Roosevelt wrote to Saint-Gaudens to ask how the gold coins grew. The president mentioned that he had seen the gold coins of Ancient Greece, and that the most beautiful was in a state of relief. Roosevelt suggested that the new design could be very relieved, with a high rim to protect them. Saint-Gaudens replied in agreement with Roosevelt, and proposed the design for a double eagle
a kind of Liberty (probably winged) figure, stepping forward as if on top of a mountain, holding high on one arm of a shield carrying stars and stripes with the word Liberty marked across the field; on the other hand maybe the torch lights up, curtains [Liberty dresses] will flow in the wind. My idea is to make it something living, and typical of progress.
On January 2, 1906, Saint-Gaudens wrote to Shaw, asking if the high help was practically on the coin that was attacked on the Mint. Shaw did not answer immediately, but instead met Roosevelt, who wrote that there was no objection to having coins, many of which would be stored in bank vaults and not circulated, "as artistic as the Greeks." Roosevelt secured Shaw's support for redesign, though as the President wrote to Saint-Gaudens, "of course he thinks I'm a madman in this case." Shaw wrote to the sculptor on January 13, reproducing a copy of a letter from Roberts warning, "the judgment of the authority of all nations is that modern coins should be low relief," but as President disagrees with Roberts's view, Saint-Gaudens can continuing with high relief design. The numismatic historian Roger W. Burdette commented, "This is also one of the times when interesting ego and artist may have paid more attention to the comments of director Roberts.By continuing with the design in the form of relief that can not be collected, Saint- Gaudens lost the opportunity best to explore the artistic boundaries of circulating coins. "
Saint-Gaudens wrote to Roosevelt later in January, "Whatever I earn can not be worse than the madness now displayed on our coins." However, Saint-Gaudens predicted resistance from Barber, who "has been in the institution since the founding of the government, and will be found standing in its ruins". In May 1906 , the sculptor wrote to Roosevelt that he had sent an assistant to Washington to get technical details of the redesign, but "if you manage to get the best out of Mr. Courteous change or someone else responsible , You're going to do a bigger job than passing the Panama Canal, but I'll do it even dead. "
In May 1906, Saint-Gaudens wrote a letter to Secretary Shaw, asking if there was any objection to having a date in Roman numerals. Shaw replied, "While we are making coins for the United States, I think we should limit ourselves to English I have reminded our architect that I will ignore the first that puts V in a public building where U is intended." , Roosevelt refused Shaw, and the sculptor went on using Roman numerals.
Saint-Gaudens intends to have a flying eagle design for pennies, but develops it for a twenty-dollar deduction after knowing that according to law, the eagle does not appear in cents. Saint-Gaudens's health deteriorated throughout 1906, because the cancer that would kill him forced him to ask his assistant, Henry Hering, to handle many details of the work. Saint-Gaudens has a model for coins made in Paris, rather than at the Mint, to pass any obstacles by Mint. It was not until December 1906 that Roosevelt was finally given a model of the size of a Saint-Gaudens coin by the Vulture, and Roosevelt wrote to a sick sculptor, "I have instructed the Director Mint that this dead should be reproduced as soon as possible and as is It's very beautiful, I think I will be dismissed for him by Congress, but I would consider it a very cheap payment! "
The front of the final design of Saint-Gaudens shows the figure of a Liberty woman, who also represents victory. Saint-Gaudens based his design on the figure of the woman he had devised in creating the New York City monument to General William Tecumseh Sherman, but the master sculptor's primary inspiration was the Nike of Samothrace. The figure for the Sherman monument is modeled by Henrietta Anderson, one of the artist's favorite subjects. On a coin, Liberty holds a torch in one hand, representing enlightenment; an olive branch on the other side, a symbol of peace. He stepped across the rocky outcrop; behind him is the United States Capitol and the sunshine. The figure is surrounded by 46 stars, one for each country in 1907. The opposite is the sight of the eagle's flying side, visible slightly from below, with the rising sun and the rays behind it, complementing the front design. The edges bear the words "E Pluribus Unum". Saint-Gaudens felt he could not put the third line of text on the back without balancing the composition, and the front had no room for the motto, so it was placed on the edge.
From design to coin
Mint Engraver Barber has followed the proposed recoinage progress, and wrote to Acting Mint Director Robert Preston on November 26, 1906:
[Saint-Gaudens] speaks volumes about experiments, maybe for him, but for us it is not an experiment, because we are equally convinced that the relief of his hawk will never change, for we are sure that the Sun will rise every morning, and the only object in all problems and waste of money is to convince those who will be convinced in other ways... I think our friend [Saint-Gaudens] is playing the game... but our willingness, even more, our desire to let the works tell their own story prefers called his hand, and he is not ready to show it, and therefore saves the wind, or time.
Responding to Barber's letter, Preston wrote to Saint-Gaudens, "there is no pressure anywhere, inside candy or used among silversmiths, who can raise the help you propose with a single blow." When the model is brought to Mint, Barber checks and rejects it. Only after considerable discussion, he agreed to experiment. At that time, Mint was very busy generating designs for new currencies for Cuba and the Philippines, and Barber was reluctant to waste time on what he regarded as an experimental part that would never be created for circulation. Experimental dies are made of plaster model. About 24 pieces were hit as patterns; Although the Mint uses a medal press machine, set for maximum pressure, it still takes up to nine blows to completely unleash the design. These patterns are now known as "Ultra High Relief" or "Extra High Relief", and only about 20 are known - sold in a 2005 auction for $ 2,990,000. On May 8 , 1907, the President wrote Saint-Gaudens, "It has been proven until now impossible to attack them with a single blow, which is required under the conditions of coin making today." On May 11, 1907, Saint-Gaudens replied, "I am grieved that the beating of dice does not lead to better results." It is certainly not a trivial matter to make Greek art in accordance with modern numismatics. "
The second dies set was produced with a somewhat reduced relief, but still proved too high relief for practical coining, requiring three blows of press to fully elicit the design. Saint-Gaudens has produced a model for this death under the misconception that the first piece has been struck on the production press, not on the medal press only Mint, and therefore only a few adjustments need to be made. When Saint-Gaudens died on 3 August , 1907, Vultures worked on a third model. Unsure where to find the Vultures, Roosevelt ordered the new Secretary of Treasury, George Cortelyou, to have Mint finish the design and put the coins into circulation by 1 September . Barber was summoned from his vacation in Ocean Grove, New Jersey, to obey the President's orders. Barber wrote Philadelphia Mint Superintendent John Landis on August 14 that what Roosevelt wanted was impossible; he has no death or a clear idea of ​​how Saint-Gaudens has planned to reduce the relief. The Mint chief engraver alleges that he can not take action with respect to a double eagle. On 28 September , the Vulture finally appears on Mint with a new set of models, which Barber again quickly rejected. The barber wrote to Preston, "After being examined, it was found that the reliefs of the models were so great that it would be a waste of time to reduce the coins, because it would be impossible to make coins when dies were made." Instead, Barber began working on a low-relief version of Saint-Gaudens.
In August 1907 Roosevelt nominated San Francisco Mint Superintendent Frank Leach as Director of Mint; he took over the office on November 1, 1907. In his memoir, Leach recalls his first interview with Roosevelt on the question of a double eagle:
Before I became familiar with my environment, the President sent me. In the interview he followed, he told me what he wanted, and what his failures and disappointments were, and began advising me on what I should do to achieve the goals set in the way of the new currency. In this conversation he suggested some details of action of drastic character for my guidance, which he positively needed to adopt before success can be obtained. All of this is delivered in his strong and ordinary way, emphasizing things with a hammering on the table with his fists.
On November 18, Roosevelt impatiently directed that the second set of dies be used to hit the coins, instantly instructing the Mint to "start a new problem, even if you need the whole day to attack one piece!" More than 12,000 pieces of "High Relief" were beaten and released into circulation in 1907 and 1908. Barber wrote of the High Aid pieces to Landis, "Mr. Hart has put the plant into operation and I sent two pieces showing the result; was not chosen because all the coins are now made equal to the two, which gave me a warning because they were so well made that I was afraid the President could demand the continuation of this particular coin. "The barber finished working on his version of design, with very little help, and the new coins are produced on a large scale. A total of 361,667 revised designs were produced by Mint in 1907; The "Low Relief" coins were released to circulation at the end of December 1907 . Modified Barber was criticized both by the sculptor family and by the Vulture. Among other changes, Barber changed the Roman numerals of MCMVII to date to Arabic numerals "1907". Regardless of the modification, according to R.S. Yeoman in his book The Coin Guidebook of the United States , many consider the double eagle Saint-Gaudens the most beautiful of the US coins.
In his book discussing the redesign of US coins between 1905 and 1908, Burdette blamed all parties for the delay in new coins:
The responsibility for most delays in producing the new currency must fall on the Saint-Gaudens studio for failing to provide the model in a timely manner. Mint fails in its responsibility to clearly communicate to the President and artist the limitations and technical requirements for large-scale coins. President Roosevelt, likewise, must assume responsibility for perpetually perplexing projects with conflicting or incomplete communication with artists and the Mint Bureau.
Despite the difficulty with the design, Roosevelt is delighted with the new double eagle. Mint Director Leach recalled that when "I put on his desk a beautifully executed double eagle example from the design of Saint-Gaudens, he was very enthusiastic in his expression of pleasure and satisfaction." I certainly believe when he declares him 'glad' He warmly congratulates my success, and the freest in his comment. "In January 1908 , the President wrote to his friend, Dr. William Sturgis Bigelow:
I'm so glad you liked that coin. I will have all kinds of problems on it, but I feel what you say is true: that is, that it is the best coin that has been beaten for two thousand years, and that no matter what it is temporary fate, it will serve as a model for the maker coins of the future, and finally the difficulty in connection with the making of such coins will be overcome.
Production
Roosevelt has specifically asked Saint-Gaudens not to include "In God We Trust" on the new coins, feeling that the presence of the motto on coins is the decline of God's name, because the coins may be spent on further criminal activity. Saint-Gaudens was quite willing to eliminate the motto, because he felt the words were reducing the design elements. There was a public outcry about the removal of the motto, and what Breen described as "angry and angry" Congress ordered the motto to emerge. The barber should rightly modify the coin to include the motto, take the opportunity to make some minor changes to the design, which, according to Breen, does not increase the coin. In 1912, two stars were added to the front to reflect the reception of New Mexico and Arizona to the Union. The stars are not adjusted in position; two new ones placed on outcropping at the bottom right.
The only major variation of this series occurred in 1909, an overdate in which 8 shows below the last nine of that date. Most likely this happened when 1908 was beaten by a 1909-date hub, creating overdate. Probably half of 161,282 double eagles swept through Philadelphia that year it featured overdate.
In 1916, double eagle printing ceased, as the price of gold rose due to World War I, which also led to the entry of American gold coins from Europe. Holders of gold coins, like banks, refuse to pay them at face value, and they disappear from circulation. After the war, international demand for the coins was restored; many Europeans do not trust their local currency and the double eagle they want to hold. The coins were struck in huge amounts of coins back in 1920, but now are almost exclusively international trading coins, or held by banks as support for gold certificates. The coins themselves rarely circulate in the United States. The beginnings of the Depression in 1929 did not stop the printing of double eagle, but the coins were mostly kept in Treasury vaults, and only a few were released. Many of the rare rarities of the Saint-Gaudens series come from his last years. Despite the printing of nearly 1.8 million double eagle pieces in 1929, it is estimated that less than 2,000 exist today, with the remainder being melted by the government in the late 1930s.
End of series; Double Eagle 1933
According to the numismatic historian Roger Burdette, the first double eagle of 1933 was beaten on March 2, 1933. On March 15, 1933, 25,000 new double eagles were delivered to Mint Cashier Harry Powell, and by the customary Longstanding Mint, available for pay. On March 6, however, the newly-inaugurated president, Franklin Roosevelt, has ordered the Treasury not to pay any gold, and ordered that banks hold gold sending it to their Federal Reserve bank. Numismatis and coin dealers are still allowed to own and deal with gold coins; others require special licenses. The double eagle kept beating until May. On December 28, 1933, Treasury Secretary Henry Morgenthau ordered the Americans to surrender all gold coins and gold certificates, with limited exceptions, receiving paper money in payments. Millions of gold coins were merged by the Treasury Department in subsequent years. The two double eagles of 1933 were sent by the Mint to the Smithsonian Institution for the National Coin Collection, where they remain today.
Leading coin dealer and numismatic writer Q. David Bowers points out that despite the ban on paying gold, the example of a 1933 double eagle can be obtained legally from Mint Cashier Powell in exchange for the previous double eagle. Bowers also noted that Finance Minister William Woodin is a numismatic expert who, in addition to collecting coins, has written books about it. Dealer William Nagy then remembers visiting Woodin's Secretary and was shown five double eagles in 1933, with the secretary declaring that he has several more.
In the early 1940s, between eight and 10 specimens were known; two of them are sold by Texas B dealer Max Mehl. In 1944, a reporter asked about Mint about the double eagle 1933. Mint officers could not find a record of any coin issuance, and deciding those in private hands must have been illegally obtained. Over the next few years, the Secret Service seized a number of specimens, which were then melted. However, one part ends in the hands of Egypt's King Farouk, who even obtained a US export license for the coin. What became Farouk's specimen after his death was unclear, but the coin reappeared in the late 1990s. When brought to New York for sale to prospective buyers, it was confiscated by US authorities. After litigation, a compromise is reached to allow the coins to be auctioned, with results equally shared between the government and private owners. In 2002, the coin was sold at auction by Sotheby for $ 7,590,020. The purchase price includes $ 20 paid to the federal government to monetize a coin that it deems to have never been officially released.
In 2004, 10 specimens of the double eagle 1933 were delivered to the Mint for authentication by the jewelry heirs of Philadelphia who may have been involved in acquiring them from Mint in 1933. The Mint authenticated them, and refused to return them. The heirs brought a lawsuit against the government in 2006, and federal judges ordered the government to file foreclosure actions regarding the coins. The government brought such clothing in 2009; was tried in the United States District Court for Eastern District of Pennsylvania starting July 7, 2011. On July 21, 2011, a jury decided that the coins had been confiscated by the Federal government. Legrome Judge D. Davis confirmed that the jury's decision on August 29, 2012. On April 17, 2015, the United States Court of Appeals panel for the Third Circuit ruled that the government had failed to file foreclosure measures at the right time, and that the heirs were entitled to the coins. The verdict was discharged by a full court on July 28, 2015, and the case is set for further arguments. On August 1, 2016, the full Third Circuit decided to support the government, upholding the jury's verdict. The heirs, on November 4 of that year, asked the Supreme Court to review the case, which refused to hear it on 21 April 2017, ending the case.
Reuse design
The front has appeared on American gold bullion coins issued since 1986. The original design of Saint-Gaudens was reused, with two stars added beside the two that Barber added in 1912, recognizing the acceptance of Alaska and Hawaii to the Union. Reverse Saint-Gaudens was not used, generating a place for sculptor Miley Busiek's portrayal of the eagle family.
In 1907, Mint had experimented with hitting about two dozen pieces with the same weight as a double eagle, with the design of Saint-Gaudens, but having a smaller and thicker planchet. These "checkers" pieces were destroyed (except two placed in Mint coin collections) when it was found that Congressional approval was required to change the diameter of any coin. In 2009, Mint incised the same piece in 0.999 gold, using the original ultra high relief design from Saint-Gaudens for both sides of the coin, although it was modified to 50-star on the front. These pieces contain an ounce of gold, slightly more than the original double eagle.
Balance and scarcity
The mint mark appears above the date between the second and third numbers.
- Empty (Philadelphia Mint in Philadelphia, Pennsylvania)
- D (Denver Mint in Denver, Colorado)
- S (San Francisco Mint in San Francisco, California)
The mintages in most cases are not a true indication of relative scarcity. The remaining coin in bank vaults in the United States melted after 1933; the coin in the bank safe abroad is not. Millions of double eagles, from both Liberty Head design and Saint-Gaudens, are repatriated for numismatic purposes and investment is so legitimate to do so. For example, the double eagle 1924 Saint-Gaudens was once considered rare despite 4,323,500 being hit; when Mint offered a list of available coins at face value plus postage in 1932, 1924 was not on the list. A large number of 1924 double eagles were found in European bank vaults, and today 1924 is one of the most common of the series. On the other hand, the 1925-S has reached 3,776,500, but little is released or exported, remaining in Treasury and bank vaults - but available from Treasury at face value in 1932. Less than a thousand are known to survive; one, in near-perfect condition (rated MS-67) sold in 2005 for $ 287,500.
References
Explanation notes
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