In numismatics, hardly many coins enthrall historians and collectors like the 1870 Carson City Double Eagle. Made in the first year of the Carson City Mint, this $20 gold piece captures a rich tapestry of American history and uniqueness. Its importance and appeal are shown by its most recent auction sale of $1.44 million.
Historical Context of the 1870–CC Double Eagle
Higher denomination gold coins were authorized following the significant flood of gold into the American economy brought about by the California Gold Rush in 1849. The $20 Double Eagle was therefore adopted to enable significant financial transactions.
With the 1870-CC Double Eagle among its first output, the founding of the Carson City Mint in Nevada in 1870 sought to profit on the plenty of gold and silver from the Comstock Lode.
Mintage and Rarity
The 1870-CC Double Eagle has a very low mintage of just 3,789 coins. One of the rarest releases from the Carson City Mint, today it is estimated that about 40 to 50 of these coins have survived. Its appeal among collectors and investors is much enhanced by this shortage.
Design Elements
The coin’s obverse, which represents the original colonies, shows a left-facing Lady Liberty surrounded by 13 stars. The reverse shows a heraldic eagle grasping an olive branch and arrows with the denomination printed below. Clearly placed under the eagle, the unique “CC” mintmark indicates its Carson City source.
Recent auction highlight
An 1870-CC Double Eagle sold for a stunning $1.44 million on November 19, 2024, inclusive of the buyer’s premium. Part of the Bernard Richards collection, this specific specimen has stayed off the market since 1986, having traded for $23,101. Its comeback after over four decades caused great enthusiasm within the numismatic society.
Contributors Affecting the Auction Price
Several factors helped to explain the remarkable auction outcome of the coin:
- Condition: Ranked as the best known specimen by the Professional Coin Grading Service (PCGS), its remarkable preservation added value.
- Provenance: Its link to the prestigious Bernard Richards collection lends credibility.
- Market dynamics: The COVID-19 epidemic saw a rise in collectible investments; rare coins were in more demand and prices were rising.
Data Comparative Sales
Reflecting the coin’s continuing value over time, the second-finest known 1870-CC Double Eagle realized $1.62 million during a November 2021 sale.
Important Characteristics 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 |
Value in Numismatic Circles
Respected not merely for its rarity but also as a physical relic from a turning point in American history, the 1870-CC Double Eagle Its historical and cultural worth is enhanced by its relationship to the Carson City Mint, a building born of Comstock Lode riches.
From an investment standpoint
The large amounts obtained at auctions for this coin highlight its appeal to numismatists and investors. Its great success in the collections market is influenced by its rarity, historical relevance, and growing attention in physical objects.
Conclusion
Captulating the economic and cultural pulse of the post-Gold Rush era, the 1870 Carson City Double Eagle is evidence of a turning point in American history. Its most recent $1.44 million auction sale not only captures its inherent worth but also the ongoing appeal it has to historians and collectors both.
FAQ’s
Q. Why is the 1870–CC Double Eagle so rare?
A. Its scarcity is mostly related to its mintage of only 3,789 coins and the expected 40 to 50 surviving today.
Q. What is the value of the coin depending on its condition?
A. Professional grading systems help to determine the grade of the coin, which greatly affects its market value; higher grades indicate greater preservation and demand more money.
Q. Why at auction did the coin sell for $1.44 million?
A. Its high auction price was influenced by elements like provenance, great condition, rarity, and increased demand for rare objects.
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