The 1879-O Coronet Head Gold $20 Double Eagle is one of the most iconic and sought-after coins in American numismatics. This coin, minted at the New Orleans Mint, represents a key piece of U.S. coinage history. Known for its distinctive design and historical significance, the 1879-O Double Eagle remains a prized possession for collectors and investors alike. In this article, we’ll explore the history, rarity, and value of this remarkable coin.
The History of the 1879-O Coronet Head Gold $20 Double Eagle
The $20 Double Eagle coin was first introduced by the U.S. Mint in 1849, designed by James B. Longacre. It was intended to facilitate large-scale trade, particularly during the California Gold Rush. The coin, featuring the iconic Liberty Head on the obverse and a majestic eagle on the reverse, became one of the most widely circulated gold coins of the 19th century.
Why is the 1879-O Double Eagle So Valuable?
The 1879-O Coronet Head Gold $20 Double Eagle is considered valuable for several reasons, but it all comes down to its rarity and condition. Here’s a breakdown of the key factors that make this coin worth so much:
1. Low Mintage
One of the primary reasons for the high value of the 1879-O Double Eagle is its low mintage. Only 4,000 coins were struck, and many of those were lost or destroyed over time. This makes the 1879-O one of the most scarce gold coins in the entire Double Eagle series.
2. Historical Significance
The coin was minted during a turbulent period in U.S. history. The late 1800s were marked by financial uncertainty, including the Panic of 1873, which caused a severe economic depression. The rarity of the 1879-O coin, combined with its creation during this unique period, adds a layer of historical significance that drives its desirability among collectors.
3. Unique Design
The design of the 1879-O Double Eagle is also a factor that contributes to its value. The obverse features Lady Liberty wearing a coronet, or crown, while the reverse depicts a heraldic eagle with a shield and arrows. The design is both classic and elegant, making it a favorite among coin collectors.
4. Condition and Grading
As with any coin, the condition in which the 1879-O Double Eagle is found plays a significant role in its value. Coins that have been well-preserved and are graded highly by professional grading services like the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC) can command far higher prices than coins in poorer condition. The highest-quality specimens have been known to sell for several hundred thousand dollars at auction.
Current Value of the 1879-O Coronet Head Gold $20 Double Eagle
The value of the 1879-O Double Eagle can vary widely depending on its condition and the current demand for rare gold coins. Coins in lower grades, such as Good or Fine, can be valued in the range of $20,000 to $40,000. In higher grades, such as Extremely Fine or About Uncirculated, the coin can fetch between $50,000 and $100,000. However, some examples in near-mint or mint condition can be sold for more than $300,000 at auction.
How to Identify the 1879-O Double Eagle
Identifying the 1879-O Double Eagle is crucial for collectors and investors looking to buy or sell this rare coin. The key identifier is the “O” mintmark located on the reverse side of the coin, just below the eagle’s tail feathers. If you are unsure of a coin’s authenticity or its grade, it’s a good idea to have it appraised by a professional coin grading service.
Conclusion
The 1879-O Coronet Head Gold $20 Double Eagle is a truly exceptional coin that combines rarity, historical importance, and striking design. As one of the lowest-mintage coins in the Double Eagle series, its value has only increased over time. For collectors and investors, this coin is a highly sought-after piece that could potentially bring a substantial return on investment.
FAQs
Why is the 1879-O Double Eagle so rare?
The 1879-O Double Eagle is rare due to its low mintage of only 4,000 coins, with many being lost or destroyed over time. This scarcity makes it one of the most valuable coins in the Double Eagle series.
How much is the 1879-O Double Eagle worth?
Depending on its condition, the 1879-O Double Eagle can be worth anywhere from $20,000 to over $500,000. Coins in higher grades command a much higher price, with pristine examples fetching hundreds of thousands at auction.
How can I verify the authenticity of an 1879-O Double Eagle?
To verify the authenticity of an 1879-O Double Eagle, look for the “O” mintmark on the reverse, just below the eagle’s tail feathers. For a professional evaluation, have the coin graded by a reputable service like PCGS or NGC.