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The Letter That Started the 20th Century Coin Renaissance

2021-01-04 20:31:00
Theodore Roosevelt’s Letter to Shaw
Posted in: News, News

The Letter That Started the 20th Century Coin Renaissance

No president in the history of the United States of America has taken a greater interest in the coinage of our country than 26th President Theodore Roosevelt. In fact, it was one simple letter written by Roosevelt 116 years ago on December 27, 1904, that sparked the American Coin Renaissance. To this day, this letter that Roosevelt wrote to his Secretary of Treasury is lauded by the numismatic community. 

Roosevelt’s presidency began in 1901, after the tragic assassination of President McKinley. At this time, Roosevelt vowed to the American people that he would not stray from the ideals and policies of his predecessor, McKinley. 

There were, however, certain projects that Roosevelt personally wished to accomplish. One of his greatest undertakings was to redesign the circulating coinage of the United States. To Roosevelt, a country’s coinage was a reflection of its status. Oftentimes, Roosevelt would admire coins of the Ancient Greeks, such as the Athenian Owl Tetradrachm, and wonder why the coins of the United States couldn’t reflect such a great level of artistry. One day, after visiting the Smithsonian Institution's collection of Ancient Greek coinage, Roosevelt was inspired to reach out to his Secretary of Treasury, Leslie Mortier Shaw, with this famous letter: 

"I think our coinage is artistically of atrocious hideousness. Would it be possible, without asking permission of Congress, to employ a man like Saint-Gaudens to give us a coinage that would have some beauty?" 

At that time, Augustus Saint-Gaudens was the premier sculptor of America, having his works displayed all over the country. However, in 1892, Saint-Gaudens promised to never work with the US Mint again. The reasoning behind this was that the US Mint had once changed one of Saint-Gaudens' designs without his permission. Roosevelt recognized the artistic merit behind Augustus Saint-Gaudens' work and was determined to collaborate with him. As a result of Roosevelt’s admiration, he reached out to Saint-Gaudens requesting an inaugural medal.  

Of course, Saint-Gaudens was reluctant to work with Roosevelt due to past experiences with the US Mint. After many conversations, however, Saint-Gaudens agreed to produce an inaugural medal for Theodore Roosevelt. This collaboration ended up opening the door for Saint-Gaudens to begin redesigning the coinage of America. 

Inspired by the gold coins of Alexander the Great, Roosevelt requested that Saint-Gaudens produce high relief coins. This led to the creation of one of the most iconic coins ever struck, the 1907 High Relief Saint-Gaudens Double Eagle. Only 12,367 of these coins were created because it took three strikes to fully raise the design. With so much labor involved in producing these high relief examples, they were far too inefficient to use as circulating coinage. 

In the end, the relief of these coins was lowered so that they could be produced by a single strike. Although the relief of the Saint-Gaudens Gold Double Eagle was lowered, it is still remembered as the most beautiful coin design to be produced in United States history. In turn, this coin’s stunning beauty inspired every piece of American coinage to be redesigned by 1921. 

Over the past century, there has been much speculation as to whether or not the American Coin Renaissance would have taken place without Roosevelt’s brazen letter to Secretary Shaw. Although it is difficult to pinpoint one exact moment that sparked this iconic period of time, it is more than likely this letter that acted as the catalyst. 

Rare Collectibles TV is proud to offer several stunning examples of Saint-Gaudens Gold Double Eagles, available here.