In the realm of numismatics, few coins captivate collectors and historians like the 1870 Carson City Double Eagle. This $20 gold piece, minted during the inaugural year of the Carson City Mint, embodies a rich tapestry of American history and rarity. Its recent auction sale for $1.44 million underscores its significance and allure.
Historical Context of the 1870-CC Double Eagle
The California Gold Rush of 1849 precipitated a substantial influx of gold into the U.S. economy, prompting the authorization of higher denomination gold coins. Consequently, the $20 Double Eagle was introduced to facilitate large financial transactions.
The establishment of the Carson City Mint in Nevada in 1870 aimed to capitalize on the abundant gold and silver from the Comstock Lode, with the 1870-CC Double Eagle being among its inaugural productions.
Mintage and Rarity
The 1870-CC Double Eagle boasts an exceptionally low mintage of just 3,789 coins. Today, it is estimated that only 40 to 50 of these coins have survived, rendering it one of the rarest issues from the Carson City Mint. This scarcity significantly amplifies its desirability among collectors and investors.
Design Features
The coin’s obverse showcases a left-facing Lady Liberty encircled by 13 stars, symbolizing the original colonies. The reverse features a heraldic eagle clutching an olive branch and arrows, with the denomination inscribed below. The distinctive “CC” mintmark, denoting its Carson City origin, is prominently positioned beneath the eagle.
Recent Auction Highlight
On November 19, 2024, an 1870-CC Double Eagle was auctioned for a remarkable $1.44 million, inclusive of the buyer’s premium. This particular specimen, part of the Bernard Richards collection, had remained off the market since 1986, when it sold for $23,100. Its reemergence after nearly four decades generated substantial excitement within the numismatic community.
Factors Influencing the Auction Price
Several elements contributed to the coin’s impressive auction result:
- Condition: Graded as the finest known specimen by the Professional Coin Grading Service (PCGS), its exceptional preservation heightened its value.
- Provenance: Its association with the esteemed Bernard Richards collection added a layer of prestige.
- Market Dynamics: The COVID-19 pandemic witnessed a surge in collectible investments, with rare coins experiencing heightened demand and escalating prices.
Comparative Sales Data
For context, the second-finest known 1870-CC Double Eagle realized $1.62 million at a November 2021 auction, reflecting the coin’s consistent appreciation over time.
Key Details of the 1870-CC Double Eagle
| Feature | Description |
|---|---|
| Year of Minting | 1870 |
| Mint Location | Carson City, Nevada |
| Mintage Quantity | 3,789 |
| Estimated Survivors | 40–50 coins |
| Recent Auction Price | $1.44 million (November 2024) |
| Notable Sales | $1.62 million (November 2021) |
| Design Highlights | Obverse: Lady Liberty; Reverse: Heraldic eagle; “CC” mintmark |
Significance in Numismatic Circles
The 1870-CC Double Eagle is revered not only for its rarity but also as a tangible artifact from a transformative era in American history. Its connection to the Carson City Mint, a facility born from the wealth of the Comstock Lode, enhances its historical and cultural value.
Investment Perspective
The substantial sums realized at auctions for this coin underscore its status as a coveted asset among numismatists and investors. Its rarity, historical significance, and the increasing interest in tangible assets contribute to its strong performance in the collectibles market.
Conclusion
The 1870 Carson City Double Eagle stands as a testament to a pivotal period in American history, encapsulating the economic and cultural zeitgeist of the post-Gold Rush era. Its recent $1.44 million auction sale not only reflects its intrinsic value but also the enduring fascination it holds for collectors and historians alike.
FAQs
Why is the 1870-CC Double Eagle so rare?
With a mintage of only 3,789 coins and an estimated 40 to 50 surviving today, its scarcity is a primary factor in its rarity.
What does the “CC” mintmark signify?
The “CC” mintmark indicates that the coin was minted at the Carson City Mint in Nevada.
How does the coin’s condition affect its value?
The coin’s grade, assessed by professional grading services, significantly influences its market value; higher grades denote better preservation and command higher prices.
Why did the coin sell for $1.44 million at auction?
Factors such as its rarity, exceptional condition, provenance, and heightened demand for rare collectibles contributed to its substantial auction price.
What is the historical importance of the Carson City Mint?
Established in 1870 to process silver and gold from the Comstock Lode, the Carson City Mint played a crucial role in the coinage of U.S. currency during the late 19th century.
