History of American Eagle Gold Coin 

As the official bullion coins of the United States of America, the American Eagle gold coin has a remarkable history to tell. The founding of the American Eagle gold coins date back in 1848, during what was known as the Great California Rush and about the time gold was discovered in the Sutter’s Mill. Huge amounts of gold from the Sutter’s Mill were taken to the United States Mint, which can be found in Philadelphia. There, gold was distributed in bigger denominations from the customary $10. In February 1849, the American Congress approved for the issuance of gold coins in $20, designed exclusively by James Barton Longacre.  

Known to date as the first modern gold coin to be authorized by the U.S. Congress, the American Gold Eagle coin was first released in the year 1986 by the United Stated Mint, which was made official by the Gold Bullion Act of 1985. During this time, U.S. President Theodore Roosevelt supported the redesigning of the Eagles (the $10 and $20 American gold coins), borrowing some Greek elements and incorporating them into the coins. In 1907, they came up with a new design for the $20 gold coin, also popularly known as double-eagle. Sculptor Augustus Saint-Gaudens shows on the front Lady Liberty bearing a torch and a branch, while the Capitol is shown behind her. At the back of the coin is sculptor Miley Busiek’s creation: an eagle bearing another olive branch flying high above a nest. The design was retained until 1933. 

The United States Mint developed two versions of the American Eagle coins: the bullion and proof finishes—which are made exclusively for the coin collectors. Like the American Eagle gold coins, the American Eagle silver coins and American eagle platinum coins were produced and made available in proof and bullion. The silver coins were designed by Adolph A. Weinman, who featuring the “Walking Liberty”, which, in 1916, became the first half-dollar to circulate in the U.S.  

The First World War brought about financial crisis in the United States, and the people who kept on hoarding gold did not help the worsening economy. The U.S.  gold reserves were greatly affected and the closing of the banks. To alleviate the economic collapse brought by the crises in the banks, President Franklin D. Roosevelt passed the Emergency Bank Relief Act. The crises were hushed, but there was still the conspicuous shortage in gold. 

Finally, in 1933, President Franklin D. Roosevelt prohibited private citizens from owing gold through the Gold Confiscation Act. It also banned the circulation and possession of any gold from the United States, except U.S. gold coins with value recognized by collectors of rare coins. In 1934, the $20 double-eagle coins were once again issued so as to melt them down. But some of these melted U.S. gold coins still survived and up until now, some coin collectors are still hunting them down. The American Gold Eagle coin surely is worthy to be included in every collector’s gold coin collection album.