The production of gold dollars swung into action fairly quickly, and coinage had gotten under way by early May. Thus amended, the bill became law on March 3, 1849. At the last minute, a provision was added for an entirely new coin, a double eagle. His bill was introduced late in January 1849.
A Congressman from North Carolina had an idea: If gold dollars were struck, to pass at par with the silver ones, it might ease some of the pressure on silver coinage.
Bullion dealers began buying up silver dollars and half dollars for melting and export, for they were now worth more than face value as bullion. Why did Americans need more gold denominations? So much gold was now coming out of California that it was actually lowering the value of that metal against silver. Philadelphia obverse designer Longacre, James Barton reverse designer Longacre, James Barton Description The California gold rush quickly gave the United States not one new gold coin, but two: a tiny gold dollar at the lower end of the monetary spectrum, and a large double eagle, or twenty-dollar coin, at the upper end. Eliot Elisofon Photographic Archives, African Art.
