The 1870 Carson City Double Eagle is one of the most coveted coins in the world of numismatics (the study or collection of currency). Recently, it made headlines when it was auctioned for a whopping $1.44 million. This $20 gold coin, minted in the early years of the Carson City Mint, is incredibly rare and holds a significant place in American history. Its remarkable story, from its creation to its current value, is what makes it so special for collectors and investors.
In this article, we’ll explore the historical context, design features, and the factors that make the 1870 Carson City Double Eagle so valuable. Additionally, we’ll discuss how this coin’s price skyrocketed in a recent auction and what makes it a prized possession for numismatists.
Historical Context of the 1870-CC Double Eagle
The 1870 Carson City Double Eagle was minted during a crucial time in U.S. history. The California Gold Rush of 1849 led to an enormous amount of gold flooding into the U.S. economy, sparking the need for higher denomination coins, such as the $20 Double Eagle. This was designed to handle large financial transactions.
In 1870, the U.S. government decided to open the Carson City Mint in Nevada, an area rich with gold and silver from the Comstock Lode. The minting of the 1870-CC Double Eagle marked the beginning of operations at the Carson City Mint. However, only a limited number of these coins were made, and many were lost over time, making this coin a rare find.
Mintage and Rarity of the 1870-CC Double Eagle
One of the primary factors that contribute to the 1870-CC Double Eagle’s high value is its rarity. The U.S. Mint only produced 3,789 of these coins, and today, it is believed that only 40 to 50 of them still exist. This scarcity makes it one of the rarest coins from the Carson City Mint.
Collectors are always on the lookout for these rare coins, and this limited mintage ensures that any surviving examples are highly sought after. As a result, the 1870-CC Double Eagle is not just a piece of currency, but a historical treasure.
Design Features of the 1870-CC Double Eagle
The 1870-CC Double Eagle features a design that represents the strength and ideals of the United States. The obverse (front side) of the coin shows a left-facing portrait of Lady Liberty, surrounded by 13 stars that represent the original American colonies. This design was created by Christian Gobrecht, the U.S. Mint’s Chief Engraver.
On the reverse (back side), the coin features a heraldic eagle, symbolizing freedom and strength. The eagle is clutching an olive branch (peace) and arrows (military power), with the denomination ($20) inscribed below. The coin also includes the “CC” mintmark, which indicates it was minted at the Carson City Mint.
These design elements not only make the coin visually striking but also symbolize key American values and the country’s commitment to prosperity and strength.
Recent Auction Highlight: A $1.44 Million Sale
The most exciting recent development for the 1870-CC Double Eagle came when one of these coins was sold at auction for an astonishing $1.44 million on November 19, 2024. This particular coin, which had been part of the prestigious Bernard Richards Collection, had not been seen on the market since 1986, when it sold for a much lower price of $23,100.
The auction price was influenced by several factors, including the coin’s condition, provenance, and the market dynamics at the time. The coin was graded as the finest known specimen by the Professional Coin Grading Service (PCGS), making it even more valuable. The coin’s connection to the Bernard Richards Collection also added prestige and increased its desirability among collectors.
Factors Influencing the Auction Price
Several key elements contributed to the extraordinary auction price of $1.44 million for the 1870-CC Double Eagle:
Condition
The condition of a coin significantly affects its value. The coin sold at auction was graded as Mint State, meaning it was in excellent condition with minimal signs of wear or damage. Coins in such pristine condition are worth much more than those with visible scratches or wear.
Provenance
The provenance or history of ownership adds to a coin’s value. Since this coin was part of the highly regarded Bernard Richards Collection, it attracted extra attention from collectors, further increasing its auction price.
Market Dynamics
The pandemic caused many people to turn to collectibles, like rare coins, as a way to invest their money. As a result, there has been a rise in demand for coins like the 1870-CC Double Eagle, driving up its price.
Comparative Sales Data: How the 1870-CC Double Eagle Continues to Appreciate
The 1870-CC Double Eagle’s auction results show a consistent increase in value. For example, in November 2021, the second-finest known 1870-CC Double Eagle sold for $1.62 million. This ongoing rise in price reflects how rare and valuable this coin has become in the eyes of collectors and investors alike.
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 celebrated not just for its rarity, but for its deep connection to a transformative period in American history. The coin was minted during the post-Gold Rush era, at a time when the United States was expanding and solidifying its economic and political power. The Carson City Mint itself was founded due to the wealth from the Comstock Lode, a silver and gold deposit that played a major role in the economic growth of the country.
Investment Perspective: Why the 1870-CC Double Eagle Is a Valuable Asset
For investors, the 1870-CC Double Eagle represents more than just a collectible piece of currency—it’s a tangible asset that has shown impressive appreciation over time. The high prices achieved at auction reflect the increasing interest in rare and historically significant coins as a form of investment.
In today’s uncertain economic climate, many investors turn to rare coins like the 1870-CC Double Eagle as a way to protect their wealth. These coins, due to their rarity, condition, and historical importance, offer not only a piece of American history but also a sound investment opportunity.
Conclusion
The 1870 Carson City Double Eagle is a remarkable piece of American history and numismatic rarity. Its recent auction sale for $1.44 million is a testament to its lasting appeal and value. Whether you’re a seasoned collector or a first-time investor, this coin is a prime example of how history, design, and rarity combine to create an asset that continues to grow in value over time. The 1870-CC Double Eagle remains an enduring symbol of the nation’s gold rush era and its continued fascination in the world of numismatics.
FAQs
1. What is the 1870 Carson City Double Eagle?
The 1870 Carson City Double Eagle is a $20 gold coin minted in the United States at the Carson City Mint in Nevada. It is one of the rarest and most valuable coins in the world due to its limited mintage of only 3,789 coins and its historical significance.
2. Why is the 1870 Carson City Double Eagle so valuable?
The coin is valuable because of its rarity, historical significance, and the condition of surviving specimens. Only about 40-50 of these coins are thought to have survived, and those in excellent condition are worth millions of dollars. The recent sale of one such coin for $1.44 million highlights its exceptional value.
3. What makes the 1870 Carson City Double Eagle special in numismatic circles?
This coin is significant because it was minted during the California Gold Rush era and symbolizes the wealth and expansion of the United States. The Carson City Mint was established to process the gold and silver from the Comstock Lode, making coins minted there highly sought after.