1850 Double Eagle (1850 $20) NGC AU53. Mint luster is seen within the devices of this very pleasing 1850 Double Eagle. A few scattered marks are seen on the surfaces, in keeping with the grade. There is light wear on the coins highest points, which is also consistent with the grade. The strike is stronger on the reverse, which shows most of the details of the devices, and somewhat less so on the obverse. This is the first year of general circulation for James Longacre’s double eagle. The coin shows Liberty facing left wearing a coronet inscribed LIBERTY, with her hair tied behind and curls flowing down her neck.

Below the truncation is the date, and thirteen stars surround her head. Like the Large Cents of the time, the coin has dentils near the edge on both sides. The reverse shows a modified heraldic eagle. Ribbons extend out from the top of both sides of the shield to the eagle’s tail. They are inscribed, on the left with E PLURIBUS and on the right UNUM. Above the eagle are thirteen stars in an ellipse with rays above from wing to wing. In an arc above are the words UNITED STATES OF AMERICA. The denomination TWENTY D. is below.

The double eagle was minted as a result of the huge gold discoveries in California. It was felt that large domestic and international transactions would be facilitated by a larger denomination. Mint Director Robert Patterson tried to use this time as an opportunity to replace Longacre as Engraver. Longacre had obtained his position through John C. Calhoun, who was vice president under Quincy Adams and Jackson, and was hated by Patterson. Despite Patterson’s encouragement of harassment against him, Longacre prevailed and maintained his position.