1895 $20 Liberty Head Double Eagle

1895 $20 Liberty Head Double Eagle. According to Q. David Bowers, following the discovery of vast quantities of gold in California, the Treasury Department decided to create a new denomination called the double eagle, for it was twice the size of the previous highest denomination, the eagle. First minted for circulation in 1850, production of $20 pieces was continued through the year 1933. Vast quantities were minted of certain dates, as they served as a convenient way to convert gold bullion into coinage form. Double eagles facilitated international transactions of large value in an era in which foreign governments and commercial interests were wary of accepting paper money.  Double eagles of the 1850-1907 years are of the Liberty Head type and are the work of James B. Longacre, who produced many other designs of the mid-19th century.