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36th Anniversary of the First Modern Gold Coin

2020-06-25 09:00:00
Obverse of the 1984 Olympic Commemorative Gold Eagle
Posted in: News, News

36th Anniversary of the First Modern Gold Coin

Gold Coin Revival 

Exactly 36 years ago, on June 25, 1984, the United States Mint did something that had not been done in America for 51 years: they struck a gold coin. This 51-year hiatus of American gold began when President Franklin Delano Roosevelt signed Executive Order 6102 in 1933. This Executive Order banned personal ownership of gold and mandated that all Americans turn in their gold to be melted down in hopes of restoring the American economy during the Great Depression 

Over 40 years later, in 1974, a bill signed by President Gerald Ford effectively repealed Executive Order 6102 and ownership of gold was once again legal in our country. Although ownership of gold was legal starting in 1974, it wasn’t until a decade later that the U.S Mint struck a gold coin for an incredibly momentous occasion 

Los Angeles Olympiad 

After two consecutive unsuccessful bids to host the Olympics in 1976 and 1980, Los Angeles would finally be honored to host athletes from around the world in the 1984 Summer Olympics. Previously, Los Angeles had hosted the Summer Olympics in 1932, making it the first and only American city to host two Summer Olympic ceremonies in the history of the United States 

To commemorate this accomplishment, the United States Mint struck the 1984 Los Angeles Olympic Torch Bearers Gold Eagle. This iconic Ten Dollar Gold Eagle had the same weight, size, and fineness as the 1933 Indian Head Gold Eagle, which was the last Ten Dollar Gold Eagle to be minted. 

A New Gold Eagle 

John Mercanti, the man who would later be named the 12th Chief Engraver of the United States Mint, was responsible for designing this historic coin. The obverse of this commemorative Ten Dollar Gold Eagle features two runners, one male and one female, each holding the Olympic flame with one hand to symbolize unity.  

Lighting the Olympic flame is a tradition that dates back thousands of years to the original ancient Greek Olympics. Since the ancient Olympic games were always held in Greece, the flame would never be moved out of the country. In modern times, however, the Olympics are held in a different country every year. To pay homage to the original Olympics, the flame is now lit in Olympia, Greece and subsequently relayed to the host city for that year’s Olympic games. 

The reverse of the 1984 Olympic Torch Bearers gold eagle displays a stunning heraldic eagle based on the Great Seal of the United States. Two years later, Mercanti designed another highly detailed rendition of the heraldic eagle which is showcased on the American Silver Eagle to this day. As both of these coins are designed with the Great Seal in mind, they bear a slight resemblance to one another. 

Proof strikes of these Gold Eagles were struck at the Philadelphia, San Francisco, Denver, and West Point Mints in limited quantities. Mint State examples, however, were only struck at the West Point Mint. As the first gold coin struck after Executive Order 6102, the first coin to display the “W” mintmark of the West Point Mint, and the first coin to commemorate the Olympics, the 1984 Olympic Torch Bearer Gold Eagle is one of the most significant  
Commemorative coins to ever be produced.  

 

If you’re interested in adding gold coins to your collection, be sure to check out our selection of American Gold Eagles! 

 

Image of the 1984 Los Angeles Olympic Torch Bearers Gold Eagle courtesy of NGC