America’s largest circulating gold coin was the double eagle or $20 piece, born in the exciting years of the great California Gold Rush. The new mines yielded the greatest mass of gold in recorded history. Vast quantities of the yellow metal helped to speed development of the American West and had far-reaching effects on the world’s coinage.
The first California gold to reach the Philadelphia Mint was dispatched by the territory’s Governor, Col. R.B. Mason to Secretary of War William L. Marcy. Most of this shipment of just over 230 ounces was coined into quarter eagles, $2.50 pieces given an incuse stamp CAL over the eagle. This coinage was small, but it soon became obvious that the sheer mass of gold reaching the mints was going to require a much larger denomination than the quarter eagle, half eagle and eagle then authorized. North Carolina Congressman James Iver McK.... (Expand Text)