any oldtimers out there

coincan101

i was wondering if anyone had info on the circulation of gold coins in the time they were being made. did people use the coins? probably before the turn of the century i'm sure they did but what about in the 1920's and 30's were the gold coins actually in circulation? were they like the silver eagles of today with a monatary value but nobody in their right mind would go out and spend one for a dollar right? i am just curious. thats all

Russ

Ask Marty. He was around back then.

Russ, NCNE

mgoodm3

They didn't see a lot of circulation. If you think about it, a double eagle in todays dollars is a few hundred bucks.

100proof1957

20.00 were never intended for circ. though they did
everything else was used untill 1932.
gold was 20.00 an ounce in those days.

ksteelheader

<< <i>Ask Marty. He was around back then. >>

DaveG

I don't know how to link it, but do a search for a recent thread called "Did gold coins really circulate?" originated by PutTogether.

Russ

http://forums.collectors.com/messageview.cfm?catid=26&threadid=296563

Russ, NCNE

pursuitofliberty

thanks for the thread (and the link) ... interesting read after a long day

this is what I know ... from two sources

I asked my grandmother about fifteen years ago (after showing her some of my early silver and copper, and a catalog I brought with me) what she remembered growing up in the Northwest ... when it came to gold, she said she remembered seeing a few one's and three's, as well as plenty of quarter and half eagles in circulation in the late twenties (as a teenager), and that they were fairly common "for those who had money". Appearently, they were more common than carrying bills where she grew up. She also said she'd seen a few eagles, but doubles were almost never seen. She couldn't remember if she'd actually ever seen a double except as a wedding gift at a relatives wedding; she did remeber that.

A similar story from my great uncle when he visited from Chicago when I was a boy (and who sent me a small box of silver and copper coins later, and hence, for whom I can credit {or blame} for getting me started in this facsinating hobby). This was in the early 70's when I still saw silver in circulation (occassionally), and I must have shown him a few of my finds because I can remember he started talking to me like I knew something no one else in the whole house knew anything about. Although I was pretty young I remember him telling me about how gold coins used to circulate. The way I remember (could be faded a bit from that funny green smoke when I was a little older ), quarter and half eagles in Chicago were quite common in circulation before the great depression set in. He kept on about coins until my Mom got him away from me. The reason I remember so well is that I had never heard of such things as quarter eagles and such, but I remember sometime later I saw a coin magizine at the local drugstore, and looked through it until I was asked if I was going to buy it.

Unfortunately both of my best sources have passed on ... but they each left me with different wisdoms and memories.

I'd say from their accounts, in certain places, small gold circulated quite a bit.

Elcontador

My father knew I collected coins. One day in the late 1960s, he took me to his safety deposit box. He had something that he wanted to show me. Circulated U.S. gold coins (but the 04 S Double Eagle may be a slider); $85 face value. Two double eagles, three eagles, and three 1/2 eagles. All common dates, between 1901 and 1915.

I was puzzled; Dad didn't collect coins. How did he get them? Then it got interesting. My paternal grandmother refused to obey the government order re gold redemption and put these coins in her safety deposit box. She was a Latvian immigrant, and one feisty lady. She didn't trust the government, and she didn't like anyone telling her what to do, period.

With the exception of the 04 S Double Eagle, these coins were well circulated. Most of them would grade in the VF-XF area. Apparently these coins DID circulate here in the Los Angeles area. However, from the looks of them, the Double Eagles circulated less than the other gold coins (which due to their value, is logical).

Dad still has the coins. I'll get them when he passes on. While none of them are particularly scarce, I think I'll also pass them onto the next generation. I don't even think I'll get them slabbed. They've become family heirlooms of sorts.

MFH

My Dad is 87 years old and he remembers getting 2 1/2 dollar coins as gifts back in the 1920's. He saved them all, but they went missing sometime inbetween moving from one house or the other. He also doesn't remember them actually circulating either. It was a rare occourance to see one in change. Larger coins - $10's and $20's were never seen in change; you had to go to the bank and ask for them, and at a slight premium over face value !