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The first double eagle was minted in 1849, coinciding with the California Gold Rush. Two pieces were produced in that year. The first can be found in the Smithsonian Institution in Washington, D.C. The second was presented to Treasury Secretary William M. Meredith and was later sold as part of his estate. Regular production began in 1850.
Due to the large amount of bullion being brought east after the discovery of gold in California, the new double eagle gold coin was immediately successful, being used by merchants and banks in trade.
Prior to 1850, eagles with a denomination of $10 were the largest denomination of US coin. Since the $20 gold piece had twice the value of the eagle, these coins were designated "double eagles". In 1850, the double eagle had the purchasing power of $1200 today.
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