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The 1932 Eagle, designed by Augustus Saint-Gaudens

The eagle is a base-unit of denomination issued only for gold coinage by the United States Mint. It has been obsolete as a circulating denomination since 1933. The eagle was the largest of the four main decimal base-units of denomination used for circulating coinage in the United States prior to 1933, the year when gold was withdrawn from circulation. These four main base-units of denomination were the cent, the dime, the dollar, and the eagle, where a dime is 10 cents, a dollar is 10 dimes, and an eagle is 10 dollars. The eagle base-unit of denomination served as the basis of the gold quarter-eagle, the gold half-eagle, the eagle, and the double-eagle coins.

With the exceptions of the gold dollar coin, the gold three-dollar coin, the three-cent nickel, and the five-cent nickel, the unit of denomination of coinage prior to 1933 was conceptually linked to the precious or semi-precious metal that comprised a majority of the alloy used in that coin. In this regard the United States followed long-standing British and European practice of different base-unit denominations for different precious and semi-precious metals. In the United States, the cent was the base-unit of denomination in copper. The dime and dollar were the base-units of denomination in silver. The eagle was the base-unit of denomination in gold.

[edit] Years of production

Quarter eagles were issued for circulation by the United States Mint from 1796 until 1929; half eagles from 1795 until 1929; eagles from 1795 to 1933; and double eagles from 1850 to 1933, although for each of these ranges of years there were occasional gaps in production. The diameter of quarter eagles was 17 mm; of half eagles 21 mm; of eagles 27 mm; and of double eagles 34 mm.

Starting in 1984, the United States Mint at West Point has issued eagles, with the pre-1933 weight, size, and composition, to the general public as commemoratives. These eagles, like the 1/4 ounce American Eagle gold bullion coins denominated as $10 (see below), are technically legal tender but do not circulate as such since their value is considerably greater.

Originally the purity of all circulating gold coins in the United States was 22 karats (11 parts gold to 1 part alloy). The weight of quarter eagles was 67.5 troy grains (4.37 g); of half eagles 135 troy grains (8.75 g); of eagles 270 troy grains (17.5 g).

In 1834, the mint value of silver to gold of 15:1 was changed to 16:1 and the standards for both gold and silver coins changed because at the old ratio it was profitable to export and melt U.S gold coins. A small additional change in the fineness of the gold was made in 1837 before any eagles could be minted. The new standard for the eagle was 258 troy grains (16.718 g) of .900 fine gold, with other coins proportionately sized. This new standard would be used for circulating gold coins until circulation was halted in 1933.

[edit] Proposed $100 "Union" coin

During the 1850s following the discovery of gold in California, an additional fifth base-unit of denomination was proposed, called a "union" whose value would have been 10 eagles or, equivalently, 100 dollars. Although patterns of half-union gold coins were minted and presented for inspection to Congress, Congress did not pass a law that authorized the minting of union-denominated and half-union-denominated coins for circulation because the double-eagle coin was viewed as a substantial sum of money for the general public at the time and a half-union or union coin would primarily have circulated only among banks and other financial institutions. They were also perceived as being unwieldy, weighing in at around 2½ ounces. Despite this absence of a half-union coin for general circulation, a single issue of a gold commemorative $50 coin was minted in 1915. Although technically still legal tender, the numismatic value vastly exceeds their face value. These coins are generally held either by coin collectors, investors, or museums.

[edit] List of designs

• Turban Head 1795–1804
  • Turban Head, small eagle 1795–1797
  • Turban Head, large eagle 1797–1804
• Liberty Head (Coronet) 1838–1907
  • Coronet, without motto 1838–1866
  • Coronet, with motto 1866–1907
• Indian Head 1907–1933

[edit] American Eagle: silver, gold and platinum bullion coins

The United States' circulating eagle denomination from the late 18th century to first third of the 20th century should not be confused with the American Eagle bullion coins which are manufactured from silver (since 1986), gold (since 1987) or platinum (since 1997). Bullion coins carry a nominal face value, but their value is mainly dictated by their troy weight and the current precious metal price.

[edit] Mintage of American Bullion Eagles Since 1986

Year; Silver 1-Oz; Gold 1-oz 1/2-oz 1/4-oz 1/10-oz; Platnum(started 1997)1-oz 1/2-oz 1/4-oz 1/10-oz

1986 5,393,005 1,362,650 599,566 726,031 912,609

1987 11,442,335 1,045,500 131,255 269,255 580,266

1988 5,004,646 465,000 45,000 49,000 159,500

1989 5,203,327 415,790 44,829 81,789 264,790

1990 5,840,210 373,210 31,000 41,000 210,210

1991 7,191,066 243,100 24,100 36,100 165,200

1992 5,540,068 275,000 54,404 59,546 209,300

1993 6,763,762 480,192 73,324 71,864 210,709

1994 4,227,319 221,633 62,400 72,650 206,380

1995 4,672,051 200,636 53,474 83,752 223,025

1996 3,603,386 189,148 39,287 60,318 401,964

1997 4,295,004 664,508 79,605 108,805 528,266 56,000 20,500 27,100 70,250

1998 4,847,549 1,468,530 169,029 309,929 1,344,520 133,002 32,415 38,887 39,525

1999 7,408,640 1,505,026 263,013 309,829 2,750,338 56,707 32,309 39,734 55,955

2000 9,239,132 433,319 79,287 564,232 569,153 10,003 18,892 20,054 34,027

2001 9,001,711 143,605 48,047 128,964 269,147 14,070 12,815 21,815 52,017

2002 10,539,026 222,029 70,027 62,027 230,027 11,502 24,005 27,405 23,005

2003 8,495,008 416,032 79,029 74,029 245,029 8,007 17,409 25,207 22,007

2004 8,882,754 417,019 98,040 72,014 250,016 7,009 13,236 18,010 15,010

2005 8,891,025 356,555 80,023 72,015 300,043 6,310 9,013 12,013 14,013

2006 10,676,522 237,510 66,005 60,004 285,006 6,000 9,602 12,001 11,001

2007 9,028,036 140,016 47,002 34,004 190,010 7,202 7,001 8,402 13,003

TOTALS: 156,185,582 11,276,008 2,237,746 3,347,157 10,505,508 315,812 197,197 250,628 349,813

[edit] Rare eagle coin

A rare $10 Eagle gold coin was acquired by a private collector for $5 million. The coin was a diplomatic gift for United States President Andrew Jackson on his trade missions to Asia. The coin is dated 1804, but in reality it was struck later in 1834 at the Philadelphia Mint.

[edit] See also

• American Gold Eagle
• American Silver Eagle
• American Platinum Eagle
• Double Eagle

[edit] External links and references

• US Gold Eagle by year and type. Histories, photos, and more.
• $10 Eagle Coin Purchased for $5 Million