Somewhat in awe

[KevinFlynn]

So, I recently got a Saint-Gaudens Double Eagle coin, as shown here

It's basically about the weight and size of a modern one ounce bullion coin, but this used to be currency. I'm not new to historical coinage, but the heaviest I am used to are 20 Mark Kaiserreich, which are roughly quarter ouncers.

Now I'm trying to wrap my head around the relative worth of this coin back then and the sum of money it represented. A lot I would think. Would these have been handled in day to day business?

 

 

Edited August 25, 2023 by KevinFlynn
grammar

[Petra]

33 minutes ago, KevinFlynn said:

So, I recently got a Saint-Gaudens Double Eagle coin, as shown here

It's basically about the weight and size of a modern one ounce bullion coin, but this used to be currency. I'm not new to historical coinage, but the heaviest I am used to are 20 Mark Kaiserreich, which are roughly quarter ouncers.

Now I'm trying to wrap my head around the relative worth of this coin back then and the sum of money it represented. A lot I would think. Would these have been handled in day to day business?

 

 

By 1920 it was used in international trade and held by banks as backing for the gold certificates so were never really seen.

[SidS]

See these two threads from the Collectors' Universe forum, the one from 2015 I remember reading before and the examples stuck in my mind. They pretty much answer your question. The second link particularly so. I've been trying to gather as much info as possible over the years about when gold coins were last actually used. There's load of memories of silver in 1960s USA and Switzerland for example, next to nothing about gold coins of any kind.

https://forums.collectors.com/discussion/721853/did-gold-coins-ever-see-much-use-in-day-to-day-commerce

 

https://forums.collectors.com/discussion/951571/gold-coins-in-circulation

[SidS]

Ha! I've found it. It was hidden in a link in one of the above linked threads. Here's what you're looking for.

https://www.coinbooks.org/esylum_v18n29a21.html

My basic take home is that gold was unusual in circulation by the 1920s - being actively reduced from 1914. The quarter and half eagles were the coins that would be seen if gold was to be seen. Gold was practically impossible to use in the east but not uncommon in the west.

A further point that might be of interest. Some years back I went through the records of the Mackay Bennett, which was the ship that retrieved the dead bodies left floating on the Atlantic after the Titanic went down in 1912. Each body's personal effects, including money, was recorded. British currency recorded was almost a 50/50 split between gold and bank notes. The USA currency retrieved was more 3:1 or 4:1 in favour of bills. This makes sense. British banknotes in this era started at £5 and up, anything from 10/- to £5 was catered for by gold or large piles of silver. So gold was used extensively. US currency however started at $1 upwards, so anything below a dollar was catered for by silver and bills covered the rest. Gold not really needed in active circulation therefore.

So even by 1912 US gold was already on the wane I would say.

Edited August 28, 2023 by SidS