When the first twenty dollar Liberty Head double eagles were struck in 1850, no one could have imagined that more than a century later they would become the crown jewels of American gold collecting. These heavy coins, known today as Type I because they lack the motto “In God We Trust,” span the years 1850 through 1866. They carry the history of the California Gold Rush, the rise of San Francisco as a minting city, and the financial turbulence of the Civil War. Few coins capture such a concentrated slice of American history, and even fewer have inspired the devotion of so many legendary collectors.
The Pioneer: Louis E. Eliasberg Sr.
Every conversation about great American coin collections begins with Louis Eliasberg. The Baltimore banker quietly built what remains the only complete collection of United States coins by date and mint mark. He acquired his pieces from the leading dealers of the day, including Stack’s in New York, Abe Kosoff’s Numismatic Gallery, and B. Max Mehl in Fort Worth.
Eliasberg’s gold cabinet naturally included a full run of Type I double eagles, from the first Philadelphia issues to the elusive 1861 Paquet Reverse. His goal was completeness, not speculation, and he bought with a careful banker’s patience. When the gold portion of his collection was auctioned in the 1980s, it revealed a time capsule of coins that had passed through the hands of Brand, Green, and other giants of early American collecting. His holdings set the standard for quality and authenticity that every later collector has tried to match.
The Collector Behind the Counter: James A. Stack Sr.
James Stack Sr. was a professional dealer and a passionate collector. While his family’s firm, Stack’s Rare Coins, became a powerhouse of the numismatic trade, he built a personal collection that was as disciplined as it was ambitious. Between the 1940s and 1970s he quietly assembled one of the most complete sets of U.S. gold coins ever formed, with a special focus on Mint State examples.
His Type I double eagles came from many of the same sources that supplied his customers. Estate purchases, private trades, and shipments of repatriated European gold all found their way to his desk. Stack Sr. was known for his eye for originality. Many of his Type I pieces retained natural toning and frosty luster that modern collectors prize. His collection bridged the old era of completeness with the emerging modern focus on condition. The coins now appearing in Stack’s Bowers sales from his estate are proof of just how selective he was.
The Vault in Texas: The Dallas Bank Collection
When Sotheby’s and Stack’s announced the Dallas Bank Collection in 2001, the numismatic world took notice. The collection, assembled by H. Jeff Browning and held in a bank vault for decades, was described as the finest and most complete group of double eagles ever sold.
It included an 1850-O in Mint State, an 1852-O graded MS-63, the elusive 1856-O in About Uncirculated, and one of the only two known 1861 Paquet Reverse coins. These were trophies that had rarely, if ever, been seen together. The Dallas Bank coins told a mid-century story of how U.S. gold circulated through the world and quietly returned home.
In the years after World War II, European banks began to repatriate U.S. gold that had been stored since the 19th century. Dealers such as Paramount and Manfra Tordella & Brooks imported the coins, and Browning purchased the best through Stack’s and other major firms. When the collection finally surfaced, it redefined the Type I market and confirmed that many of the finest survivors had spent a century overseas.
The Modern Giant: The Fairmont Collection
More recently, the numismatic spotlight has turned to the Fairmont Collection. Beginning in 2018, Stack’s Bowers Galleries started dispersing portions of this massive holding, which they described as the largest accumulation of U.S. gold ever brought to market. The Fairmont coins were divided into named sets such as Hendricks, JBR, CBL, Mont-Blanc, Virginia, and Riviera, each containing long runs of double eagles in remarkably original condition.
The Type I issues in Fairmont, particularly San Francisco and Philadelphia coins of the 1850s and 1860s, were often bright with natural frost and marked by the distinctive patina of coins long stored in European bank bags. These sales filled gaps in population reports, stabilized pricing, and helped scholars revise survival estimates for the early years of the series. Fairmont may not have contained the ultra-rare 1854-O or 1856-O, but it brought unprecedented numbers of choice Type I examples to light. In a few short years, Fairmont became a benchmark pedigree in its own right.
The Modern Builder: Bernard Richards
Among living collectors, Bernard Richards deserves recognition for his nearly complete run of Liberty Head double eagles from 1850 through 1932. His holdings, many certified by PCGS and approved by CAC, demonstrate the modern set-building ideal: completeness, consistency, and high grade. The Richards Collection featured one of the finest known 1870-CC double eagles, a coin that captured national attention when it sold in 2024. His commitment to excellence and documentation ensures that the Type I portion of his set will remain a reference point for years to come.
Where the Gold Came From
The path these coins traveled is nearly as fascinating as the collectors themselves. After President Roosevelt’s 1933 recall, much U.S. gold vanished into government vaults, but thousands of pieces survived in private hands and foreign banks. Some collectors were exempt from surrender, while other coins were already overseas as part of international trade settlements.
In the 1950s and 1960s, Swiss, French, and British banks began selling those coins back into the U.S. market. Paramount International, Stack’s, and MTB handled many of these transactions, quietly supplying the very collectors who would later become legends. A second wave of material appeared from the sea itself when the shipwrecks of the S.S. Central America and S.S. Brother Jonathan were salvaged in the late 1980s and 1990s. These discoveries produced Mint State Type I pieces that earlier generations had never encountered in such preservation. They also helped scholars confirm mintage figures and survival rates with hard evidence rather than speculation.
The Institutional Counterpart
While private collectors assembled these gold masterpieces, institutions preserved others. The Smithsonian’s National Numismatic Collection and the American Numismatic Society hold some of the finest surviving Type I double eagles, along with original dies, assay reports, and Mint correspondence. University collections such as Johns Hopkins, once home to the Garrett family holdings, provide researchers with access to primary documentation and plated catalogs that trace pedigrees over more than a century. These public collections serve as the scholarly backbone for the study of early double eagles and often verify the provenance of coins now in private hands.
A Continuum of Passion and Purpose
When viewed together, the great Type I double eagle collections form a chain that spans nearly a hundred years of American numismatics. Eliasberg embodied the pursuit of completeness. Stack Sr. brought professionalism and a meticulous eye for quality. The Dallas Bank Collection reminded the world that greatness can lie hidden in a vault. Fairmont proved that vast originality can still surface in modern times. Bernard Richards continues the story in the age of certification and transparency.
Each era drew on the sources available at the time bank holdings, European repatriations, or deep-sea recoveries but the motivation never changed. Collectors sought to preserve the tangible story of America’s golden age. The Type I double eagle, born from California gold and the energy of a young nation, remains a bridge between commerce, art, and history. It is more than a coin. It is a reminder that passion, scholarship, and patience can turn a simple piece of metal into a piece of the American story.
Famous Type I Double Eagles from the Great Collections
The Eliasberg 1861 Paquet Reverse
Only two examples of the Philadelphia-mint 1861 Paquet Reverse exist. One rests in the Smithsonian Institution and the other was part of Louis Eliasberg’s legendary cabinet. Sold by Bowers & Ruddy in 1982, it remains the only specimen in private hands and one of the most admired coins in American numismatics.
The Dallas Bank 1856-O
The Dallas Bank 1856-O $20 is among the finest survivors of a mintage of just 2,250 coins. Graded AU-50 by NGC, it surfaced in 2001 after decades in a Texas vault. Its olive hue and untouched originality make it a standard-bearer for this extremely rare New Orleans issue.
The Stack Sr. 1854-O and 1852-O
James Stack Sr. owned both an 1854-O and an exceptional 1852-O double eagle. The 1854-O is a circulated but original example from an old Louisiana estate, one of fewer than thirty known. His 1852-O remains among the finest known in Mint State, showing his eye for condition and provenance.
The Fairmont Mont-Blanc 1864 and 1866-S No Motto
The Fairmont Collection, dispersed in parts beginning in 2018, offered extraordinary Type I coins preserved in European banks. Two standouts are the Mont-Blanc 1864 $20, prooflike and delicately toned, and the Riviera 1866-S No Motto, the last of the design before “In God We Trust” was added. Both coins display the classic look of untouched Western-mint gold.
The Garrett 1850 and 1852
The Garrett family’s early double eagles, especially the 1850 and 1852, were among the first photographed for the Red Book. Preserved at Johns Hopkins University, they were later sold in the Bowers & Ruddy Garrett sales of 1979–1981 and remain plate coins in several reference works.
The Norweb 1857-S
Before the great shipwreck recoveries, the Norweb family owned one of the few Mint State 1857-S double eagles known. When it sold in 1987, it confirmed that pristine survivors existed outside the sea and established the Norweb name as a pedigree of distinction.
The Richards 1857-S and 1870-CC
Bernard Richards’ collection included an exceptional 1857-S from the Brother Jonathan recovery and the finest known 1870-CC, graded PCGS MS-64+ CAC. Together they symbolize the transition from the California Gold Rush to the Carson City frontier years.
Why These Coins Matter
Each of these coins tells a human story. The Eliasberg 1861 Paquet shows the perfection of completeness. The Dallas Bank 1856-O proves that treasures still surface in forgotten vaults. The Stack Sr. pieces reflect the trained eye of a professional numismatist. The Fairmont coins reveal the quiet beauty of original preservation. The Garrett and Norweb examples remind us of scholarship and stewardship. The Richards coins prove that great collections are still being built today.
Together they show that the Type I double eagle is more than a rare coin. It is a symbol of continuity, curiosity, and the enduring pursuit of American numismatic history.