How much was a gold $20 Double Eagle worth in the late 1800s?

Do you happen to know how much underweight they had to be in order to be worth less than face?

Did it have to be deliberate content removal or was being highly circulated and subject to normal wear and tear enough to warrant less than face?

Sorry for the constant questions I’m just trying to learn. My expertise lies more in Ancient Greece and Rome and so my 19th century American history is pretty basic.

 

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I guess that explains why most $2.50 gold quarter eagles I’ve seen have been in MS condition or high AU at worse.

If I recall correctly I believe I read something about people being concerned about germs being accumulated in the coin due to the design being indented.

Perhaps that explains lack of circulation?

 

Here is an example of a pre-Civil War broken bank note. This Milford, Delaware bank went broke and its money became worthless. This is an example of why people would rather have a gold dollar than one of these notes.

 

Very interesting stuff!

So I’m guessing people could even turn in gold bars/ingots/rounds and have it converted into gold & silver coinage as well?

Like if I walked into an English bank with 2oz of gold they would provide me with 2oz of gold value in gold sovereigns minus the minting fee?

 

Anything that was under the legal standard could bring rejection or discounts, regardless of how it happened.

 

It’s a beautiful note!

Ironically that note now is probably far above face value so in the end it has value at least.

 

This is where I read it. It’s a Wikipedia page.

 

That is so cool!

What do you mean you can do that at the US Mint today?

I don’t think they would take my 10 oz silver bar and make me 10 ASEs.

 

That was a falsehood that was spread around when the $2.50 and $5 Indian coins were introduced that had the incuse designs. The thought was that dirt and germs would accumulate in the below the surface design and spread disease. It was all nonsense, but I believe I have an article that was re-printed from The Numismatist that raised the issue.

 

I don't think that the mint would do that today, but I have heard stories that guy with connections supplied silver to the mint which the facility used to strike some mint medals in silver instead of bronze. This was in the 1950s.

 

I’ve got one myself .

Not a rare date or anything. A very common date in fact.

But no dirt or germs!

Well maybe some germs.

I understand why people didn’t use them though. They’re tiny!

 

Not that tiny. The $2.50 was the same size as a dime.

In the early days of the mint, the same reverse dies were used to strike dimes and $2.50 gold coins.

 

I bet they have a HUGE minimum supply requirement though. I’ve read that the (LBMA) London Bullion Market Association sets the standards for international “Good Delivery” bars used by nations and very large dealers such as the bullion at Fort Knox.

A silver “Good Delivery” bar must be .999 fine and 1000+ troy oz.

My guess is to do business with the US Mint a company would probably be required to provide tens of thousands of Good Delivery Bars per year.

Heck just to buy Monster Boxes from the US Mint a company is required to buy like $5 million worth.

 

You’re right! I compared it to a dime when I first got it and they were almost identical!

However it does seem like it could get lost easily. Especially in the rough & rowdy West.

If someone loses a dime today it’s not really a big deal but $2.50 would be enough for a fun a night on the town.
Beers for $0.10 with Free buffets. $0.25 to go to the local fair/carnival. $1/night for decent boarding. $0.50 for a good dinner. The good old days.

 

Are you sure? I believe that ended with Nixon when he ended the gold standard.

However I did read that he had plans on returning to it but never managed to do so.