1849 Double Eagle $20 Gold Coin (First Year)

Quick Value Summary

Coin	Grade	Estimated Value
1849 Pattern (Smithsonian specimen)	Proof	$10,000,000 - $20,000,000 (estimated, never sold)
1850 Philadelphia (first regular issue)	VF-20	~$5,600
1850 Philadelphia	EF-40	~$6,400
1850 Philadelphia	AU-50	~$7,500
1850 Philadelphia	MS-60	~$18,000
1850 Philadelphia	MS-63	~$82,000
1850 Philadelphia	MS-65	$161,000 (2007 Heritage auction record)
1850-O New Orleans	VF-20	~$7,000
1850-O New Orleans	AU-50	~$15,000

Values from USA Coin Book (February 2026 update), PCGS CoinFacts, and Heritage Auctions realized prices. Gold melt value for a $20 double eagle is approximately $4,990 as of early 2026.

The Coin That Almost Did Not Exist

The story of the 1849 Double Eagle begins not in a mint, but in a river. Specifically, the American River in Coloma, California, where James Marshall discovered gold at Sutter's Mill on January 24, 1848. That discovery triggered the California Gold Rush, and within months, hundreds of thousands of prospectors were flooding into the territory. The sudden influx of gold into the American economy created both an opportunity and a problem: the United States needed larger denomination gold coins to handle the massive increase in bullion.

Senator David Yulee of Florida introduced legislation to create new gold denominations. His bill, introduced in late January 1849, originally proposed a gold dollar coin. At the last minute, Congress added a provision for an entirely new denomination: a twenty-dollar gold piece, double the value of the existing ten-dollar eagle. The bill became law on March 3, 1849, signed by President James K. Polk on one of his final days in office.

James B. Longacre, the Chief Engraver of the United States Mint, was tasked with designing the new coin. He created a Liberty Head obverse featuring a portrait of Lady Liberty wearing a coronet inscribed "LIBERTY," surrounded by thirteen stars and the date. The reverse showed a heraldic eagle with a shield on its breast, holding an olive branch and arrows, with the denomination "TWENTY D." and "UNITED STATES OF AMERICA" around the rim.

The Unique 1849 Specimen

According to numismatic scholar Walter Breen, at least two proof specimens were struck on December 22, 1849. One was deposited in the Mint Cabinet (now part of the National Numismatic Collection at the Smithsonian Institution). The other was sent to Treasury Secretary William M. Meredith. The fate of the Meredith specimen is unknown. It may have been melted, lost, or could theoretically still exist somewhere, though no second example has ever surfaced.

The sole confirmed 1849 Double Eagle sits today in the Smithsonian's National Museum of American History in Washington, D.C. It has never been sold at auction, never been privately owned (at least not since the 19th century), and never been graded by PCGS or NGC. Experts estimate its value at $10 million to $20 million if it were ever to come to market, based on comparisons with other unique or nearly unique American coins that have sold at auction (such as the 1933 Saint-Gaudens Double Eagle, which sold for $18.9 million in 2021).

It is important to understand that this 1849 coin was a pattern (a trial piece), not a regular-issue circulation coin. The Mint struck it to test Longacre's design before beginning mass production. Any 1849-dated $20 gold coin offered for private sale should be treated as suspect until thoroughly vetted by a major authentication service.

The 1850: The First Regular Issue

Because the 1849 is unique and unobtainable, collectors who want a "first year" Double Eagle focus on the 1850, which is the first date struck for circulation. The Philadelphia Mint produced 1,170,261 double eagles in 1850, while the New Orleans Mint struck 141,000 (designated 1850-O).

The 1850 Philadelphia issue is, as PCGS CoinFacts notes, "essentially identical in design to the pattern 1849 although the relief of the head, particularly Liberty's cheek, is slightly lower." The coin is actually one of the more common Type I (No Motto) Liberty Head Double Eagles, but its first-year status drives prices higher than some dates that are genuinely rarer.

Here is what you can expect to pay for an 1850 Double Eagle based on USA Coin Book values (updated February 2026):

• VF-20 (Very Fine): approximately $5,643

• EF-40 (Extremely Fine): approximately $6,446

• AU-50 (About Uncirculated): approximately $7,484

• MS-60 (Uncirculated): approximately $18,060

• MS-63 (Choice Uncirculated): approximately $82,255

The current gold melt value for a double eagle is approximately $4,990, which provides a floor for even the most heavily worn specimens. You will almost never find an 1850 double eagle selling below melt value because the numismatic premium is always present for this date.

The auction record for an 1850 Double Eagle was set in January 2007 at Heritage Auctions, when an NGC MS-65 example sold for $161,000, smashing the previous record of $62,100.

The 1850-O (New Orleans Mint)

The New Orleans branch mint struck 141,000 double eagles in 1850, making the 1850-O significantly scarcer than its Philadelphia counterpart. PCGS CoinFacts describes it as "very scarce in all grades," noting it is the third most common New Orleans Mint double eagle (behind the 1851-O and 1852-O). Most surviving examples grade VF or EF. Strictly graded AU examples are quite rare, and uncirculated pieces are extremely rare, with NGC reporting only a handful graded MS-60 to MS-62 (including one from the S.S. Republic shipwreck).

The Type I Double Eagle Series (1850-1866)

The 1850 belongs to the Type I (No Motto) series of Liberty Head Double Eagles, which runs from 1850 through 1866. These coins lack the motto "IN GOD WE TRUST" that was added to the reverse in 1866 (creating the Type II). Type I double eagles are popular with collectors for several reasons:

• Gold Rush era history. These coins circulated during California Gold Rush expansion, the Civil War, and the development of the American West.

• San Francisco and New Orleans Mint marks. Many dates were struck at branch mints, adding variety and collector interest. The "S" mint mark (San Francisco) and "O" mint mark (New Orleans) appear below the eagle on the reverse.

• Shipwreck coins. Several notable gold shipwrecks have yielded Type I double eagles, including the S.S. Central America (sunk 1857) and S.S. Republic (sunk 1865). Shipwreck coins often come with special holders and provenance documentation.

Identification Guide

Specifications:

• Weight: 33.44 grams (1.0750 troy ounces total; 0.9675 troy ounces pure gold)

• Diameter: 34 mm

• Composition: 90% gold, 10% copper (.900 fine, also called 21.6 karat)

• Edge: Reeded

• Designer: James B. Longacre

Obverse features: Liberty facing left, wearing a coronet inscribed "LIBERTY." Thirteen stars surround the portrait (seven left, six right). Date at bottom.

Reverse features: Heraldic eagle with shield, olive branch in right talon, arrows in left talon. "UNITED STATES OF AMERICA" around the top. "TWENTY D." at the bottom. Mint mark (if any) appears below the eagle, above "TWENTY D."

Key date indicators for the 1850: The numerals in the date are distinctive. Look for the wide, open "0" and the specific style of the "1" and "8" that are consistent with Longacre's punches used in 1850.

Authentication and Counterfeits

Double eagles are one of the most frequently counterfeited U.S. coin types because of their high gold content and collector premiums. Here is what to watch for:

Common counterfeit types:

• Cast counterfeits (made from molds of genuine coins): These usually have soft details, incorrect weight, and a slightly "greasy" feel. A precise scale is your first line of defense. The coin should weigh exactly 33.44 grams.

• Die-struck counterfeits: More dangerous because they can have sharp details. These often come from Asia and may use real gold. Look for incorrect die characteristics, wrong edge reeding count, and subtle design differences.

• Altered dates: A more common later date (like 1851 or 1852) may be altered to read 1850. Look for tooling marks around the last digit under magnification.

Authentication essentials:

• Always buy PCGS or NGC certified coins, especially for pieces valued above melt. The cost of certification ($30-$65 for standard service) is trivial compared to the risk.

• Use a precision scale. The weight should be 33.44 grams (tolerance of plus or minus 0.02 grams).

• Measure the diameter with calipers: 34 mm.

• The specific gravity test can help identify base-metal fakes, but gold-alloy counterfeits will pass this test.

• For raw (uncertified) coins, CAC (Certified Acceptance Corporation) verification adds another layer of confidence.

Grading and What It Means for Your Coin

Understanding coin grading is essential when dealing with double eagles. The Sheldon scale runs from 1 to 70, with key grades for Liberty Head Double Eagles being:

• VF-20 to VF-35 (Very Fine): Most design details visible but with moderate wear on high points. Liberty's hair curls show moderate wear, and the eagle's feathers are partly worn. This is the most commonly available grade range for early dates.

• EF-40 to EF-45 (Extremely Fine): Light wear on the highest points only. Hair curls show slight wear, eagle feathers are mostly sharp. A very attractive grade for collectors who want detail without mint-state prices.

• AU-50 to AU-58 (About Uncirculated): Traces of wear on the highest points with significant original mint luster remaining. AU-58 coins can look nearly uncirculated to the casual observer. This is a popular grade range for Type I double eagles because it balances appearance with affordability.

• MS-60 to MS-70 (Mint State): No wear. The number indicates the degree of bag marks, contact marks, and eye appeal. For 1850 double eagles, anything above MS-63 is genuinely rare. The MS-65 that set the auction record in 2007 was an extraordinary coin.

For a coin with $5,000+ in gold content, the difference between raw and certified is critical. A raw coin claimed to be "AU" by a seller might grade VF at PCGS. That difference could mean $2,000 or more in value. Always buy certified or budget for certification costs.

Where to Buy and Sell

For buying:

• Major coin dealers (APMEX, David Lawrence Rare Coins, Heritage Auctions retail) are reliable sources for certified coins.

• Heritage Auctions, Stack's Bowers, and Great Collections are the leading numismatic auction houses.

• eBay is viable but only for PCGS/NGC-certified coins where you can verify the certification number.

For selling:

• Auction houses: Heritage Auctions charges a seller's fee of 0-10% depending on the value (negotiable for coins over $10,000). Buyer's premium of 20-25% is separate.

• Dealers: Expect to receive 80-90% of retail value for PCGS/NGC-certified coins in standard grades. For truly rare pieces (MS-63 and above), auction is usually the better option.

• Direct sale to collectors: Coin shows and online forums can yield full retail prices, but finding the right buyer takes time.

Selling costs summary for a typical 1850 Double Eagle in VF-20 ($5,600 value):

• Auction house: $5,040-$5,320 net (after 5-10% seller's commission)

• Dealer purchase: $4,200-$4,800 (75-85% of retail)

• eBay: $4,800-$5,100 (after 13.25% fees and shipping)

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