The Gold Eagle was one of the first official coins produced by the U.S. Mint. To this day, it’s still one of America’s most sought-after coins, especially pre-1933 versions.
To fully appreciate the Gold Eagle and its significance, it helps to explore a few key milestones that shaped our country’s currency system. Whether you’re a history buff, coin enthusiast, or just like to learn about gold, we hope you enjoy this short and sweet read on the history of the Gold Eagle!
Coinage Act of 1792
The Coinage Act of 1792 established the United States’ first official coinage system and introduced the eagle as a gold-based denomination. The Eagle was struck exclusively in gold, and it represented the highest-value U.S. coin at the time: the dime was worth ten cents, the dollar was worth ten dimes, and the eagle was worth ten dollars.
Like many European coin systems at the time, early U.S. coinage tied a coin’s face value closely to the precious metal it contained. When the Gold Eagle was first issued, it was minted in a 22-karat gold alloy, matching the English “crown gold” standard.
Gold Eagle Types & Sizes
Gold Eagle coins varied in size over time as their gold content changed. In the early 1800s, U.S. gold coins were slightly overvalued compared to European coins, which led many to be melted down or exported. To address this imbalance, Congress reduced the gold content of U.S. gold coins in 1834. As a result, the Gold Eagle’s weight was lowered to reflect the new gold standard, and its fineness was reduced from 22 karats to about 21.58 karats.
These were the major classic eagle coins:
- Half Eagle ($5), issued from 1795 to 1929: diameter varied over time, typically ranging from about 25 mm to 21.6 mm
- Eagle ($10), issued from 1795 to 1933: about 27 mm in diameter for most of its life
- Double Eagle ($20), issued from 1850 to 1933: 34 mm in diameter
*Fun fact: the Double Eagle was first minted in response to the abundance of gold and high demand during the California Gold Rush!
Emergency Banking Act of 1933
The production of Gold Eagle coins ended in 1933 when President Franklin D. Roosevelt passed the Emergency Banking Act during the Great Depression. As part of the administration’s efforts to stabilize the U.S. economy and banking system, Americans were legally required to turn in most gold coins, bullion, and certificates to the federal government in exchange for paper currency. This effectively removed gold coins from circulation and ended the era of gold-backed everyday currency.
But despite this mandate, some people quietly held onto their gold coins. These surviving pieces – now commonly referred to as “pre-1933 gold”- are particularly prized by collectors for their age, rarity, and historical significance. In most cases, their value far exceeds their gold content alone, meaning that they have strong numismatic appeal.
Commemorative Coins
The original Gold Eagle coins should not be confused with the modern American Eagle bullion coins that were first issued in 1986. While the American Eagle program includes gold, silver, and platinum bullion coins, the original Gold Eagles were only made of gold.
Although the U.S. stopped minting Gold Eagles in 1933, several commemorative versions have been issued since then on special occasions. In 1984, the Mint released a Gold Eagle coin to commemorate the Summer Olympics. And then another special edition was minted in 2003 to honor the Wright brothers’ first flight at Kitty Hawk. Both of these commemorative releases were struck using pre-1933 gold standards.
Gold Eagles Today
Today, Gold Eagles remain highly collectible, with the 1933 Double Eagle standing as one of the rarest and most valuable coins in the world due to its extraordinary history and scarcity.
Even modern American Eagle gold coins, which carry less numismatic value because they’re widely produced, are worth a pretty penny right now given today’s historically high gold prices.
No matter which Gold Eagle you encounter, each one tells a story. Whether you’re a seasoned precious metals collector, a passionate historian, or just beginning to explore the world of coin collecting, Garfield Refining is proud to support gold coin enthusiasts of all kinds.
With over 130 years of expertise, Garfield Refining is North America’s premier precious metals refinery. From selling gold or silver scrap to purchasing bullion, we cover all of your buying, selling and trading needs. Our skilled technicians and dedicated account managers work together to ensure maximum value for your metals!
Are you looking to invest in gold or silver bullion? Garfield Refining proudly offers a wide selection of coins and bars at competitive rates – start browsing today and give us a call at 800-923-0968 for current availability.
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