The 1849 Liberty Head Double Eagle: America's Unbuyable Rarest Coin
The 1849 Liberty Head Double Eagle, recognized as the rarest coin in the United States, is not available for sale since only two are in existence, both held by the U.S. government. This coin was minted following the California Gold Rush, which was initiated by James W. Marshall's discovery of gold in 1848, during a time when the U.S. was recovering from the Panic of 1837. The surge of gold prompted Congress to establish the $20 double eagle in accordance with the 1792 Mint Act. Chief Engraver James B. Longacre designed it at the Philadelphia Mint, overcoming challenges to produce a plaster model. Out of the few coins minted, one resides in the Smithsonian, while the other may belong to the Stephen Nagy collection. J.P. Morgan once proposed $35,000 for it.
Key facts
- Only two 1849 Liberty Head Double Eagles exist, both owned by the U.S. government.
- The coin was created due to the California Gold Rush following James W. Marshall's 1848 discovery at Sutter's Mill.
- Over 300,000 people flooded California during the Gold Rush.
- The U.S. economy was recovering from the Panic of 1837, with no central bank under President Andrew Jackson.
- Congress enacted the $20 double eagle under the 1792 Mint Act to handle gold surplus.
- Chief Engraver James B. Longacre faced sabotage from Chief Coiner Franklin Peale and Director Robert M. Patterson at the Philadelphia Mint.
- Charles Cushing Wright hired an outside engraver to help produce successful dies by December 1849.
- J.P. Morgan offered $35,000 for the coin, but the U.S. government refused.
Entities
Artists
- James B. Longacre
- Franklin Peale
- Robert M. Patterson
- Charles Cushing Wright
- James W. Marshall
- Andrew Jackson
- J.P. Morgan
- W.M. Meredith
- Stephen Nagy
Institutions
- U.S. government
- Congress
- Philadelphia Mint
- Smithsonian
- Library of Congress
- US government
- United States Congress
- Smithsonian Institution
- Sutter's Mill
Locations
- California
- Sutter's Mill
- Sierra Nevada Foothills
- United States
- Philadelphia
- East Coast