RARE BARGAIN: The Remarkable Backstory of the Saint-Gaudens Double Eagle Coin

The Saint-Gaudens Double Eagle is arguably America’s most iconic, beautiful, and historic coin. It’s easy to see why it’s immensely popular among collectors and investors alike. 

Yet this classic U.S. coin is available in Brilliant Uncirculated condition at bullion pricing right now! 

The $20 “Saint” boasts a fascinating backstory, a gorgeous design, and a hefty gold weight of nearly one troy ounce.

In 1904, President Theodore Roosevelt lamented that America’s coinage had become stale in appearance. The four major gold coins, in particular, had gone decades without any significant change. 

Teddy Roosevelt had recently examined the Smithsonian Institution’s collection of ancient coins and was impressed by their beauty—especially those struck in high relief. With this in mind, Roosevelt asked famed sculptor Augustus Saint-Gaudens if he could overhaul the Double Eagle.

As requested, Saint-Gaudens submitted an innovative design in ultra high relief. The sculptor was apparently more concerned with form than function; his prototypes required an immense amount of striking pressure. 

The coins, while stunning in appearance, had to be struck nine times with a special medal press! This was completely impractical for mass production. Just two dozen of these initial “Ultra High Relief” Double Eagles were made in 1907; one sold at auction for over $3,600,000!

Later that year, the coin was modified so that each piece could be struck with less effort. This proved to be a necessary adjustment, as there was intense worldwide demand for the $20 Saint-Gaudens Double Eagle. 

Millions of pieces were requested by banks, institutions, and even foreign governments. The $20 Saint was not just a popular form of money in America; it was one of the world’s preferred ways to own gold.

Franklin D. Roosevelt Melted Down Most St. Gaudens Coins in the 1930s

Even though the U.S. Mint produced an enormous number of $20 Saints, vast quantities were later melted in the 1930s. Ironically, just as one Roosevelt created this coin, a different Roosevelt called for its demise. 

Franklin D. Roosevelt issued a 1933 executive order halting all gold coin production and banning private ownership of the yellow metal. 

The result: virtually all unreleased $20 Saints (i.e., pieces sitting in government vaults) were melted into large “coin melt” bars, as were countless other coins involuntarily turned in by private citizens.

Fortunately for collectors, some $20 Saints had been sent overseas and were shielded from destruction (along with those coins Americans hid away). Many of the surviving examples probably spent time sitting in European or South American bank vaults. 

Even though millions of $20 Saints were made, a relatively small percentage exists today. Unlike modern gold bullion products, which can usually be produced to meet demand, there is a finite supply of Saint-Gaudens Double Eagles. 

Sometimes, the market supply cannot satisfy demand; premiums can rise dramatically in these situations.

Market Anomaly Prices St. Gaudens Coins in Same Range As Modern-Day Gold Eagles

While $20 Saints normally trade for significant premiums, you can actually now pick up these coins at low bullion rates.

In fact, as of October 2024, the premium over spot on a classic $20 Saint-Gaudens Double Eagle is about the Same as the premium on back-dated 1 oz American Gold Eagle! 

Even better: these Saints are in Brilliant Uncirculated Mint State condition (BU), meaning they display original luster and do not have any loss of detail from circulation. However, BU specimens can display contact marks from storage in original mint bags (this is sometimes referred to as “bag wear”).  

Not only are $20 Saint-Gaudens Double Eagles in Brilliant Uncirculated condition a more cost-effective way to acquire gold than purchasing an American Gold Eagle – but they’re also a pleasure to own, hold, and behold. 

Plus, they offer you two ways to profit: an increase in spot prices and/or a jump in premiums. Whether you’re a collector or investor, these BU $20 Saints might be one of the smartest ways to accumulate gold today!