5 Facts You Might Not Know About the American Gold Eagle
The American Gold Eagle is the U.S. Mint’s most popular coin. Over 1,000,000 ounces of America’s national gold bullion coin shipped last year, outpacing 2022’s sales by around 37,000 troy ounces.
It’s hard to overstate the popularity of the American Eagle. The coin’s design dates back to 1907, when legendary sculptor Augustus Saint-Gaudens was tasked with creating a coin to satisfy President Teddy Roosevelt. Roosevelt was unimpressed with the country’s gold coins, calling them “artistically of atrocious hideousness.”
Saint-Gaudens responded by forever changing the shape of American coinage when he designed the Double Eagle Gold Coin in 1907.
The coin’s design was an immediate hit, but it wasn’t until 1986 that the Gold Eagle would truly begin to fly. That year, the U.S. Mint released the country’s first modern gold bullion coin: the American Gold Eagle.
Despite its popularity, this national treasure of a gold coin holds secrets in its history that even the most seasoned gold investors might not know about. Today, we’re taking a look at five facts about America’s most popular coin that you probably don’t even know.
1. The Gold Eagle Uses “Crown Gold”
Most investors are familiar with the Gold Eagle’s .9167 purity. It’s one of the things that sets it apart from some of the other popular gold coins on the market – Both the Gold Britannia and Gold Maple Leaf feature a standard fineness of 99.99%.
91.67% pure gold is also known as 22 karat. 22 karat gold coins like the American Eagle and South African Krugerrand are more impure than .9999 fine coins, but they’re also more durable.
What investors might not know is that this 22k purity standard is actually a British tradition. That’s right – American Gold Eagles are taking a page out of England’s book, as they’re minted using “Crown Gold.”
What is Crown Gold?
Also known as “Crown Gold,” 22 karat gold bullion dates back to the reign of Henry VIII. By the King’s decree, gold coins were minted with a fineness of 91.667% pure gold. In England, this standard also came with an alloying metal requirement. With the exception of the 1887 Gold Sovereign, English coins minted before the 20th century featured 91.667% gold with the remainder made from copper.
Since the Gold Eagle is a bullion coin not meant for the wear and tear of circulation, America’s take on Crown Gold isn’t quite so strict. Here’s what you’d find if you melted down a modern American Gold Eagle Coin:
- 91.67% Gold
- 3% Silver
- 5.33% Copper
While it doesn’t have much of an impact on the Gold Eagle’s investment appeal, it’s interesting to think that the most American coin in history is actually inspired by British mintage standards.
2. The Model for Lady Liberty Was a Mystery Until 1991
Nearly every gold collector recognizes the woman on the front of the Gold Eagles. It’s Lady Liberty, of course! Taking some time to research the models who inspired each version of Liberty on American coins can be a fascinating adventure, though.
In the case of the American Gold Eagle, the lady behind Lady Liberty was actually a mystery for several hundred years. The modern Gold Eagle’s obverse is based on a much older coin, the 1907 Saint-Gaudens Gold Double Eagle.
But Gaudens was a sculptor – he most certainly didn’t just imagine Lady Liberty. Who, then, was the model whose face has become synonymous with American coinage? Researchers didn’t really know until 1991, when historical documents surfaced that would shock numismatists and gold stackers everywhere.
Who is Lady Liberty on the American Gold Eagle?
Before 1991, most historians assumed that the model for Lady Liberty on the Double Eagle Coin was Mary Cunningham, a waitress who had made quite the impression on mint sculptor Augustus Saint-Gaudens.
But research published in 1991 reveals that the actual model for the American Gold Eagle was almost certainly Hettie E. Anderson. Anderson was a prolific model living in New York City. If you ever visit New York, you’re likely to see her likeness in the winged Victory sculpture near Grand Army Plaza.
Anderson was a Black woman; her family had fled slavery years before she was born. Despite the racism that characterized the early 1900s, she quickly became a favorite model for NYC’s most respected sculptors – including Augustus Saint-Gaudens. She refused to have her name published along with the coin, so her role in redefining Lady Liberty on American coinage was lost until her family published new documents in 1991.
3. The Gold Eagle Was a Response to the South African Krugerrand
The American Gold Eagle’s first release date leads us to another fascinating fact about America’s most popular gold bullion coin. In 1985, President Ronald Reagan requested that the Treasury Department take steps to create a gold coin that could replace South Africa’s Gold Krugerrand.
This request came one month before Reagan officially banned the import of South African Gold Krugerrands. Reagan knew that the embargo on the world’s most popular coin would create a gap in the market – and the Gold Eagle was poised to be the right coin for the job.
Replacing the Krugerrand – A Tough Task
Before it declined in popularity due to South Africa’s racist Apartheid system, the Krugerrand was the best-selling gold coin in modern history. At one point, the Krugerrand made up 90% of global gold coin sales.
When the Gold Eagle premiered in 1986, it was an immediate success. While no coin will ever dominate 90% of the market again, the American Gold Eagle has earned its spot as one of the world’s most popular gold coins.
4. American Eagles Are the Most Commonly Counterfeited Gold Coins in the World
Another surprising fact: the American Gold Eagle is the most commonly counterfeited gold coin in the world. According to the Anti-Counterfeiting Educational Foundation, around 41.2% of gold coin dealers reported seeing a fake Gold Eagle at one point or another.
This shouldn’t come as much of a shock, considering that the Gold Eagle is one of the world’s most recognizable and easy-to-sell gold bullion coins. The U.S. Mint has introduced additional security measures for 2023 and 2024 Gold Eagles, but their security technology still doesn’t match-up to other coins like the British Gold Britannia.
Buy Genuine Gold Eagles
Finding genuine Gold Eagles doesn’t have to be difficult. Online bullion dealers carefully vet their American Gold Eagles to make sure they’re 100% legitimate. It’s also worth noting that fake Gold Eagles may fool new coin collectors, but they’re easy to spot for the trained numismatic experts at companies like Hero Bullion.
5. Gold Eagles Got a Redesign in 2021
This might not be news to investors who have been stacking gold for several years. But for new coin collectors interested in Gold Eagles, it might come as a surprise that the 2024 American Gold Eagle features a new design that’s only a few years old.
The American Gold Eagle got a makeover in 2024. The obverse remains the same as it always has, so fans of Saint-Augustus’ classic artwork have nothing to worry about. On the reverse, though, the American Eagle was redesigned from the ground-up.
Type 1 Vs. Type 2 American Gold Eagles
In the original Type 1 American Gold Eagle, America’s national bird flies through the air to bring a bundle of sticks to his family. This action portrait was a favorite for many collectors, but the new design brings a modern flavor to the most coveted gold coin the U.S. Mint has to offer.
In the new Type 2 American Gold Eagle, the classic American Bald Eagle is shown up close in a portrait. He faces toward the left, and mint artist Jennie Norris brings an unprecedented level of detail to the beautiful beast. Its feathers are intricately etched, giving the coin a unique, textured look.
Not every gold stacker is a fan of the Gold Eagle’s new look, but we think that Mrs. Norris did a wonderful job in reimagining its artwork while paying homage to the classic coin we know and love.
Are American Gold Eagles a Good Investment?
The American Eagle is the most popular gold coin in the United States. Its beautiful designs are distinctly American, and the coin’s history still contains mysteries for investors who are up for the challenge of researching the classic piece of American coinage.
The global market for American Gold Eagles is alive and well today, and the coin offers some of the tightest buy-sell spreads in the world.
Gold stackers who want to put their money into an undisputed heavyweight of a coin should look no further than one of our favorites – the American Gold Eagle.
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About The Author
Michael Roets
Michael Roets is a writer and journalist for Hero Bullion. His work explores precious metals news, guides, and commentary.