They declared the value of the gold, melted the gold into bars to ahipped the bars philadelphia mint to make gold coins. At the time, the largest u. S. Coin was the 10 liberty had gold eagle. Of a newd to the idea larger gold coin. The liberty had coin was designed by the chief engraver of the u. S. Mint, james martin longacre. Since this new coin was twice the value of the 10 eagle, it was nicknamed the double eagle. The double eagle was first struck as a proof coin. Only one of these coins is known to exist and today resides in the smithsonian. It is estimated to be valued at millions of dollars. The obverse of this coin portrays a beautiful rendition of lady liberty adorned by a coronet inscribed with the word liberty. The reverse of this coin depicts a heraldic ego. The double eagle, composed of 90 gold and 10 copper, was an instant commercial success heavily used by merchants and banks. Liberty head gold double eagles are of particular importance due to their low mint edges and fa