Imagine finding a coin that is more than 130 years old and worth millions of dollars! That’s the reality for a small number of collectors who have managed to find the 1873 $20 Double Eagle—a rare, gold coin that is among the most sought-after treasures in the world of numismatics. With only nine known to exist, this coin has become one of the most valuable historical artifacts in the U.S. To understand why, let’s dive into the story of this incredible coin.
The 1873 $20 Double Eagle Coin: A Piece of American History
The 1873 $20 Double Eagle was part of a special series of gold coins minted by the U.S. Mint in the 19th century. The coin is called a Double Eagle because it’s worth $20—twice the value of the $10 Eagle coin. The coin was designed by Augustus Saint-Gaudens, an artist whose work remains famous today. His design of Lady Liberty on the front and a strong eagle on the back is considered one of the most beautiful in American coin history.
The 1873 Double Eagle coin was part of the U.S. Mint’s effort to create a more standardized currency. But something went wrong during its production, leading to an error that made these coins extremely rare. Most of these coins were either melted down or destroyed, but a few survived. Today, only nine of these coins are known to exist.
Why Are There Only Nine 1873 $20 Double Eagle Coins?
The rarity of the 1873 $20 Double Eagle is what makes it so valuable. Only a handful of these coins were ever made, and many were destroyed or melted down because they were considered mistakes. Here’s why:
- Error in production: There was a design flaw in the minting process, which resulted in a small number of coins being produced with the wrong design or dies.
- Coin destruction: Many of these coins were melted down for their gold content, which was a common practice at the time, especially for coins with errors.
- Survival rate: Today, there are only nine of these coins still in existence. These survivors are highly prized by collectors and have become valuable pieces of American history.
Why Is the 1873 $20 Double Eagle Worth Millions?
The 1873 $20 Double Eagle is worth millions because of its rarity, historical importance, and design quality. Here are the key reasons:
- Rarity: With only nine known coins left, this coin is one of the rarest in the world. The fewer there are, the more valuable they become.
- Historical Significance: This coin was part of an important effort by the U.S. government to create a standardized currency system. Owning such a coin means owning a piece of history.
- Design by Augustus Saint-Gaudens: The beautiful design by Saint-Gaudens adds to the coin’s charm and value. It’s considered one of the most aesthetically pleasing designs in American coinage.
- Condition Matters: Like any rare item, the condition of the coin matters. Coins that are in better condition can sell for higher prices at auctions.
Famous Auctions and Sales of the 1873 $20 Double Eagle
Over the years, the 1873 $20 Double Eagle has made headlines for its high auction prices. For example:
- In 2002, one of the surviving coins was sold for a record $7.6 million.
- As time goes on, the value of these coins continues to grow, with each sale breaking new records.
These sales show just how much collectors are willing to pay for such a rare and historically important coin.
How to Spot an 1873 $20 Double Eagle Coin
If you ever come across an 1873 $20 Double Eagle, you need to know how to recognize it. Here’s how:
- Look at the Design: The coin features Lady Liberty on the front and an eagle on the back, designed by Augustus Saint-Gaudens. The design is one of the most famous in American coin history.
- Check the Date: The date “1873” should be clearly visible. If the date looks unusual, it could be a rare version of the coin.
- Weight and Size: The coin is made of gold and weighs around 33.4 grams. If you have a scale, you can check the weight to confirm its authenticity.
- Get It Authenticated: If you think you’ve found one, it’s best to take it to an expert to get it professionally authenticated.
Where Can You Find an 1873 $20 Double Eagle?
The chances of finding an 1873 $20 Double Eagle are very low, especially if you’re hoping to find one in your pocket change. However, if you’re interested in owning one of these coins, your best option is to look for them at:
- Numismatic auctions: Rare coins like the 1873 Double Eagle are often sold at high-end auctions.
- Specialized coin dealers: Dealers who specialize in rare coins may have access to this piece of history.
While it’s highly unlikely to find one casually, you never know when a hidden treasure might turn up in the most unexpected places.
Conclusion
The 1873 $20 Double Eagle is one of the rarest and most valuable coins in the world. With only nine known to exist, the coin is worth millions due to its rarity, historical significance, and stunning design. Whether you’re a collector or just someone fascinated by history, the story of this rare coin is a reminder of the value of preserving pieces of the past. So, if you ever come across one of these rare coins, you could be sitting on a fortune!
FAQs
1. Why is the 1873 $20 Double Eagle so valuable?
The 1873 $20 Double Eagle coin is valuable because of its extreme rarity, historical significance, and beautiful design by Augustus Saint-Gaudens. Only nine of these coins are known to exist, making them incredibly rare and highly sought after by collectors, driving their value into the millions.
2. How many 1873 $20 Double Eagles were originally made?
Approximately two dozen 1873 $20 Double Eagles were originally minted. However, due to a design flaw and many coins being melted down or destroyed over the years, only nine of these coins are known to have survived to this day.
3. Where can I find an 1873 $20 Double Eagle coin?
Finding an 1873 $20 Double Eagle coin is extremely rare. The best chance of acquiring one is by attending numismatic auctions or working with specialized coin dealers. These coins are typically not found in everyday circulation due to their rarity.
4. How can I identify an authentic 1873 $20 Double Eagle coin?
To identify an authentic 1873 $20 Double Eagle, look for the design by Augustus Saint-Gaudens, which features Lady Liberty on the front and an eagle on the back. You can also check the date (1873) and the coin’s weight (about 33.4 grams of gold). For certainty, you can have the coin authenticated by a professional numismatist.
5. How much is an 1873 $20 Double Eagle coin worth?
The value of an 1873 $20 Double Eagle coin can range from several million dollars, depending on its condition and rarity. In recent years, coins have sold for up to $7.6 million at auction, with prices expected to continue rising due to their rarity and historical importance.