The Gold American Eagle Coin: A Concise History
Whether you’re a seasoned coin collector or just starting your coin collection, you should consider investing in the American Eagle gold coin. Not only does this coin hold great value, but it also has a unique design that attracts a great deal of attention.
The American Eagle gold coin comes in 4 different weights;
- 1 ounce
- ½ ounce
- ¼ ounce
- 1/10 ounce
The face value of each of these coins today is as follows:
- 1 ounce – $50
- ½ ounce – $25
- ¼ ounce – $10
- 1/10 ounce – $5
These coins are minted in West Point, New York, and are guaranteed to measure to the gold weight mentioned in troy ounces. In fact, the actual weight is usually more. The 1-ounce American Eagle gold coin weighs about 1.09 ounces.
However, there’s a greater reason why American Eagle gold coins are so popular among investors and coin collectors – and that’s its rich history!
The Beginning – 1792
American Eagle gold coins were first introduced in 1792 in 4 mints:
- The original American Eagle ($10)
- The Gold Quarter Eagle ($2.50)
- The Gold Half Eagle ($5)
- The Double Eagle ($20)
These coins were initially made under the crown gold standard (22-carat gold), but the gold content was later reduced to 0.900 in 1834.
Discontinuation – Late 1920s
The U.S. was hit with an economic depression in the late 1920s that lasted for about a decade. During this time, President Roosevelt passed Executive Order 6102, which prevented any citizen from possessing gold in any form except agreed items of gold jewelry and family heirlooms.
Citizens exchanged any gold they possessed for cash. This resulted in lots of gold in the Federal Reserve and U.S. Treasury. The value of gold also increased from $20.67 per ounce to $35 per ounce.
Resolution of Great Depression – Mid-20th Century
The resolution of the Great Depression in the mid-20th century resulted in gold coins going missing. Collectors started retaining them instead of recirculating them for investment purposes, which is why pre-1933 American Eagle gold coins are so sought-after even today!
Annulment of Gold Reserve Act – 1960
The Gold Reserve Act was repealed in 1960, following which people could freely buy and sell gold, which initiated the revival of the American Eagle gold coins!
Gold Bullion Act- 1985
By the mid-20th century, all the American Eagle gold coins had disappeared from circulation. The demand for gold coins was at an all-time high. This led the 40th president of the U.S., Ronald Reagan, to sign to pass the Gold Bullion Coin Act, which allowed the Treasury to start the minting of new bullion coins.
Historical Design and Its Significance Today
Gold American Eagle coins aren’t just like any other gold ira rollover. They feature a historical design which makes them extremely valuable even today. The coin has a Lady Liberty on the obverse side. This Lady Liberty was designed by the renowned artist and sculptor Augustus Saint-Gaudens. The reverse side has a majestic male eagle holding an olive branch and flying over a nest with a female eagle and her hatchlings, which the sculptor, Mike Busiek, designed.
Closing Word
American Eagle gold coins sure have a rich history which is what makes these coins such a catch among coin collectors and investors.
If you want expert insight about whether you should invest in american eagle exchange gold coins, contact American metals exchange Orion Metal Exchange. With 50 years of combined experience in the precious metal industry, we can help you make the right investment decisions.
