On March 13, 2008, U.S. Mint Director Ed Moy announced to the Citizens Coinage Advisory Committee his intent to recreate the Ultra-High Relief Double Eagle (UHRDE) $20 gold piece which was designed by Augustus Saint-Gaudens in 1907. Saint-Gaudens’ design proved impractical to produce with the technology of 1907, so a modified version of the artist’s creation was used on the Double Eagle from 1907 until the denomination was discontinued in 1933. The last coin in the series has always been controversial, with the Mint denying that any of the 1933 Double Eagle issues were released to the public, although several specimens are in private hands.
When the Mint announced a new Double Eagle for 2009, it had no way of knowing that the public release of the new piece would become as controversial and mysterious as the release of the last piece. What follows is a timeline of key events in the release of the UHRDE gold coin.
Events Prior to the UHRDE Release
March 13, 2008
- A U.S. Mint Press Release reveals plans to recreate the UHRDE gold coin. The Mint chooses to develop a 27-mm version of the coin, based on the second trial pattern used in 1907. This pattern, created from two $10 Gold Eagle planchets (coin blanks) melded together, could not be struck for circulation in 1907 as the Mint had no authority to produce coins of this size. The new UHRDE coins based on this pattern will only be sold in 2009.
- Congressman Michael Castle introduces a bill in the House (H.R. 5614) to require the coin to be struck in palladium to make it more affordable for collectors.
- Gold closes in London at $995.00 per ounce.
April 28, 2008
- Senator Max Baucus introduces a companion bill in the Senate (S. 2924) to require the UHRDE coin to be struck in palladium to make it more affordable to collectors.
- Gold closes in London at $890.50 per ounce.
May 2, 2008
- A U.S. Mint Press Release indicates that Treasury Secretary Paulson has approved the coin. Although a $20 bullion piece is not currently in use, a section in the 1992 law which authorized the 1995/1996 Atlanta commemorative coin program gives the Secretary authority to issue gold coins in any size, denomination, weight, or fineness as needed (Public Law 102-390).
May 15, 2008
- H.R. 5614 passes the House of Representatives. After the Bill is referred to the Senate Banking Committee, no further action is taken.
July 30, 2008
- At the American Numismatic Association's Baltimore coin show, the Mint unveils a display showing the current development and history of the UHRDE coin.
- The Mint holds a First Strike ceremony for the UHRDE coin at the West Point Mint facility and begins production of the coin.
UHRDE Events Following Release
January 22, 2009
- The U.S. Mint officially begins taking orders for the UHRDE coin. Collectors report problems with the online and phone ordering systems, especially in the first few hours. Uncertain of demand for the coin and concerned about a global shortage of gold, the Mint warns customers that it may take six to nine months to fulfill orders. The initial price of the coin is $1,189. Gold closes in London at $860.0 per ounce.
- Orders placed during the first hour are given an initial January 28th shipping date. Orders placed throughout the rest of the day are given the shipping date of February 6th.
January 27, 2009
- The Mint releases initial sales figures for the UHRDE. Approximately 28,000 coins are sold on the first day, and approximately 42,000 coins had been sold as of midnight, January 26th.
- Many customers who ordered the UHRDE on the first day began to receive email notifications that shipping will be delayed until February 11th, and in some cases, as late as February 20th.
February 3, 2009
- Some customers are able to see their coins as “In Stock and Reserved” on the Mint’s Web site with February 6th ship dates.
- During the unveiling ceremony for the UHRDE exhibit at the Philadelphia Mint, Ed Moy reveals that the Mint has struck 29,000 UHRDE coins so far.
February 6, 2009
- Collectors begin to report en masse that their “In Stock” coins have shifted to “Backorder” status, and shipping dates have been delayed to February 20th.
- In spite of this, many customers report that a funding hold has been placed on their credit cards or that their cards have been charged for the coin. Over the next several weeks, funds are released or the charges are reversed.
February 9, 2009
- A handful of collectors report that they have received the UHRDE coin. Most of the collectors who received their coins admit to placing their orders on the 3rd to 5th day after sales begin. This is contrary to the "First In, First Out" (FIFO) promise previously made by the U.S. Mint regarding this coin.
- Customers calling the Mint’s Customer Service Center are told variations of the following reasons for not receiving their coins – a reminder of the six-month potential delay, a reminder of gold shortages, a denial that any coins have shipped, and denials that 29,000 coins had been struck.
UHRDE Related Security Flaws Emerge
February 12, 2009
- The Mint’s Track Order feature mysteriously disappears. Online reports indicate that there is a security flaw on the Mint’s Web site. Reports state that the Track Order feature could be accessed without logging in to the Mint’s Web site, and anyone who had the order number and customer's surname could cancel the order without being logged in.
February 14, 2009
