US Gold Coins Values & Mintages

The first American gold coins

The Coinage Act of 1792 authorized three gold denominations: the eagle (ten dollars), the half eagle (five dollars) and the quarter eagle (two and a half dollars). The half eagle and eagle were first struck in 1795 and the quarter eagle in 1796. The law set the value of gold at fifteen times that of silver. Gold was worth more than that on world markets, so early American gold coins were often exported or melted soon after they were made.

The Act of 1834 reduced the gold content of each coin so that gold coins would circulate at home. Coins of the new standard carried a Classic Head design without the motto E PLURIBUS UNUM, which made the change easy to see. In 1837 the fineness of all gold coins was set at 90%.

California gold and new denominations

The discovery of gold in California in 1848 brought enormous amounts of metal to the Mint. The Act of March 3, 1849 created two new coins to use it: the tiny gold dollar and the double eagle, a twenty-dollar coin of 33.436 grams. The double eagle soon became the main coin for large payments and international settlements. A three-dollar gold piece followed in 1854 and lasted until 1889, the same year the gold dollar ended.

The gold dollar went through three types. Type 1 (1849 to 1854) was only about 13 millimeters across and easy to lose. Type 2 (1854 to 1855) was made broader and thinner, about 15 millimeters, with an Indian princess head that struck poorly. Type 3 (1856 to 1889) kept the larger size with a bigger, shallower head.

Roosevelt and the new gold designs

In 1905 President Theodore Roosevelt asked Augustus Saint-Gaudens to redesign American coins in the style of ancient Greek coinage. The result was the Indian Head eagle and the Saint-Gaudens double eagle of 1907, followed by Bela Lyon Pratt's quarter and half eagles of 1908, which had their designs sunk below the surface rather than raised. Saint-Gaudens died in 1907 before his coins entered full production.

The end of gold coinage in 1933

In April 1933 President Franklin D. Roosevelt issued Executive Order 6102, requiring Americans to turn in most gold coins, gold bullion and gold certificates. The Gold Reserve Act of January 1934 took all gold coins out of circulation. Gold coins of rare or special interest to collectors were exempt, which is how many survived. The Mint melted most of its stock of 1933 gold, which is why 1933 eagles and double eagles are great rarities. Americans were allowed to own gold freely again from the end of 1974.

Gold content by coin

Every regular US gold coin from 1837 to 1933 is 90% gold and 10% copper, with the gold content set in proportion to face value. A gold dollar weighs 1.672 grams, an eagle 16.718 grams and a double eagle 33.436 grams. That means an eagle holds 0.48375 troy ounces of pure gold and a double eagle 0.96750 troy ounces. Common dates in worn condition often trade mainly on that metal content.

How to start collecting gold coins

Most collectors begin with a type set: one coin of each design and denomination rather than every date. Common-date double eagles and Type 3 gold dollars are good starting points. Rare branch mint dates from Charlotte, Dahlonega and early San Francisco come later.

Counterfeits of US gold coins are common, including well-made fakes of ordinary dates produced overseas in large numbers. Buy certified coins from major grading services or from dealers who guarantee authenticity. Check small gold coins for signs of past jewelry use, such as solder marks, a filled hole or a smoothed area at the rim. Gold is soft, so a coin with heavy bag marks on the cheek will grade lower than its wear suggests.

Mint marks on the gold series

Gold dollars carry the mint mark on the reverse below the wreath. Indian Head eagles show it on the reverse to the left of the arrow points. Saint-Gaudens double eagles put it on the obverse above the date, a spot that is easy to miss on a large coin. Philadelphia gold of all three series has no mark.

Frequently asked questions