the precious metal composition of us coins was calculated such that gold would be fifteen times as valuable per ounce as silver. by the turn of the 19th century, the price of gold in terms of silver had risen to approximately 15.75 to one. this made it profitable for merchants to buy gold coins at face value using silver coins, and export the gold to europe. gold vanished from circulation in the united states by 1800. by 1801, almost no bullion was being deposited at the mint, causing the jefferson administration to consider its closure. the eagle was especially desired by exporters, as the larger size and value made it more convenient to handle. although the mint remained open, on december 31, 1804, president thomas jefferson ordered that eagles and silver dollars no longer be struck, ending the turban head eagle series. coin dealer and author q. david bowers suggests that while a majority of eagles remained in the united states, enough were exported to make continuing their mintage an exercise in futility.