The 1907 Saint-Gaudens Double Eagle is often hailed as one of the most beautiful coins ever produced by the United States Mint. Created during a time of transition in American coinage, this twenty-dollar gold piece not only exemplifies artistic excellence but also carries significant historical weight. Designed by the renowned sculptor Augustus Saint-Gaudens, the coin has captured the imagination of collectors and investors for over a century. With its remarkable design, production history, and the intrigue surrounding its rarity, the 1907 Saint-Gaudens Double Eagle stands as a pinnacle of American numismatics.
Historical Context
The Gold Standard and Economic Growth
The late 19th and early 20th centuries marked a period of substantial economic growth and industrialization in the United States. With the country solidifying its position as a global economic power, the demand for gold coins surged. The Gold Standard, which tied the value of currency to a specific amount of gold, necessitated the minting of higher denominations like the Double Eagle, which was first introduced in the 1840s.
By the early 1900s, many American coins were seen as outdated and not reflective of the nation’s newfound prominence. There was a growing desire for a new series of coins that would embody the ideals of liberty, prosperity, and artistic beauty, making the introduction of the Saint-Gaudens Double Eagle both timely and necessary.
The Role of Augustus Saint-Gaudens
Augustus Saint-Gaudens was an esteemed American sculptor and a leading figure in the art community. Born in 1848 in Dublin, Ireland, he emigrated to the United States as a young child and became one of the foremost artists of his time. His works often blended classical themes with American ideals, making him a fitting choice for the design of the new Double Eagle.
In 1905, President Theodore Roosevelt, an advocate of reform in American coin design, commissioned Saint-Gaudens to create a new coin that would capture the spirit of the nation. Roosevelt believed that coins should be beautiful works of art rather than mere instruments of commerce, thus initiating a collaboration that would yield one of the most celebrated coin designs in history.
Design Features
Obverse Design
The obverse of the 1907 Saint-Gaudens Double Eagle features a stunning depiction of Lady Liberty striding confidently forward, holding a torch in her right hand and an olive branch in her left. The image is a symbol of freedom and enlightenment, embodying the values of the American spirit. The sun rises in the background, signifying hope and prosperity, while the word “LIBERTY” arches above her head.
Saint-Gaudens’s attention to detail is evident in the flowing gown of Lady Liberty, which appears to billow in the wind, imparting a sense of motion and vitality. The intricate details of her hair and the rays of the sun enhance the overall elegance of the design.
Reverse Design
The reverse side of the coin showcases a majestic eagle in flight, a powerful symbol of strength and freedom. The eagle is portrayed in mid-flight, carrying an olive branch, further emphasizing themes of peace and independence. Above the eagle, the inscription “UNITED STATES OF AMERICA” encircles the coin, while the denomination “TWENTY DOLLARS” is boldly displayed below.
The simplicity and grandeur of the eagle design complement the obverse beautifully, creating a harmonious balance that is visually striking. Saint-Gaudens’s ability to capture the essence of American ideals in these designs has left a lasting impact on coinage.
Coin Specifications
The 1907 Saint-Gaudens Double Eagle measures 34 mm in diameter and weighs 33.436 grams (1.075 troy ounces) of pure gold. The coin is composed of 90% gold and 10% copper, providing both durability and a rich hue. The high relief of the design—particularly on the earlier versions of the coin—demonstrates Saint-Gaudens’s mastery in sculptural form, although it posed challenges during the minting process.
Minting Challenges and Innovations
High Relief and Production Issues
Saint-Gaudens’s original design featured a high-relief striking, which created a three-dimensional effect that showcased the intricate details of the coin. However, this high relief presented significant challenges for the Mint. The pressure required to strike such coins was immense, leading to issues with the dies and difficulty in producing the coins efficiently.
In response to these challenges, the Mint produced lower-relief versions of the coin in subsequent years, which facilitated easier production but diminished some of the artistic elements that Saint-Gaudens had intended. The high-relief version was ultimately discontinued, making the few examples that remain highly coveted by collectors.
Special Strikes and Rarity
In addition to the standard minting process, a limited number of proof coins were struck in high relief, further enhancing the coin’s desirability. These proof examples are particularly rare, with estimates suggesting that only around 12 to 15 exist today. Their scarcity, combined with their artistic beauty, has led to staggering auction prices, often exceeding several million dollars.
Market Appeal and Collectibility
Investment and Rarity
The 1907 Saint-Gaudens Double Eagle is not just a collector’s item; it is also a popular choice among investors looking for tangible assets. The coin’s intrinsic value, based on the gold content, alongside its numismatic value, creates a dual appeal that is hard to resist. As gold prices fluctuate, collectors and investors alike recognize the potential for value appreciation.
The rarity of the 1907 Saint-Gaudens Double Eagle, especially in high-relief and proof forms, makes it a standout piece in any collection. Coins in excellent condition and with a verified provenance command premium prices, often reaching well into the six-figure range at auction.
Auction Records and Sales
In recent years, the market for the 1907 Saint-Gaudens Double Eagle has witnessed several record-setting sales. For instance, in 2021, a high-relief specimen sold for $3.72 million at auction, setting a new benchmark for the price of a Double Eagle. Such sales highlight not only the artistic value of the coin but also its role as a sound investment in the realm of numismatics.
Collecting the Saint-Gaudens Double Eagle
For collectors, the 1907 Saint-Gaudens Double Eagle represents a pinnacle achievement in American coinage. Whether one is a seasoned numismatist or a newcomer to the hobby, the allure of this coin lies in its rich history, stunning design, and the story of its creation. Many collectors aim to acquire both the high-relief and the lower-relief versions to showcase the evolution of the design and its production challenges.
Legacy and Influence
Impact on American Coin Design
The 1907 Saint-Gaudens Double Eagle had a profound influence on American coinage, setting a new standard for artistic quality and design. It inspired future generations of coin designers to prioritize aesthetic value and to incorporate themes of national identity into their work. The legacy of the Saint-Gaudens Double Eagle continues to resonate, as evidenced by the enduring popularity of its design elements in contemporary coins.
Educational Importance
The coin serves as an educational tool, offering insights into early 20th-century America, the evolution of currency, and the artistic movements of the time. Numismatic enthusiasts often use the 1907 Double Eagle as a case study to explore the intersection of art, politics, and economics in American history.
Preservation and Conservation
Given its historical significance and rarity, efforts to preserve and conserve the 1907 Saint-Gaudens Double Eagle are paramount. Collectors and institutions recognize the importance of safeguarding these coins for future generations. Professional grading and conservation services help maintain the integrity of the coin’s design and quality, ensuring that its beauty endures.
Conclusion
The 1907 Saint-Gaudens Double Eagle stands as a masterpiece of coin design, combining artistic brilliance with profound historical significance. From its origins in a time of economic growth and transition to its enduring appeal in the numismatic market, this coin embodies the ideals of freedom, strength, and prosperity that define the American spirit.
As collectors and investors continue to seek out this iconic piece of currency, the 1907 Saint-Gaudens Double Eagle remains a shining example of what American coinage can achieve. Its legacy as a symbol of artistic excellence and a reflection of a nation’s aspirations is firmly established, making it a timeless treasure in the world of numismatics.