The 1870 Carson City Double Eagle is a rare $20 gold coin that has fascinated collectors and historians for many years. It was minted in the Carson City Mint, located in Nevada, during its very first year of operation. The coin’s rich history, low mintage, and connection to America’s past make it a highly sought-after collectible. Recently, one of these coins was sold at auction for an amazing $1.44 million, which highlights its extreme value and historical importance.
In this article, we’ll explore why this coin is so special, its design, the factors that make it valuable, and why it fetched such a high price at auction. Let’s dive into the fascinating story behind the 1870 Carson City Double Eagle.
The History Behind the 1870 Carson City Double Eagle
The California Gold Rush and the Need for Larger Coins
In the mid-1800s, the California Gold Rush brought large amounts of gold into the U.S. economy. This caused the government to start producing larger gold coins, including the $20 Double Eagle. These larger coins made it easier for people to complete big transactions, which was important in a time when gold and silver were the backbone of the economy.
The Creation of the Carson City Mint
In 1870, the Carson City Mint was established in Nevada. It was built to take advantage of the gold and silver coming from the Comstock Lode, a huge silver mine discovered in the area. The 1870-CC Double Eagle was one of the first coins produced by this mint, making it an important piece of American history.
Mintage and Rarity of the 1870-CC Double Eagle
Limited Production and Surviving Coins
One of the key reasons the 1870 Carson City Double Eagle is so valuable is its rarity. Only 3,789 coins were minted that year, and today, only about 40 to 50 of these coins are believed to still exist. Because of this, the coin is one of the rarest and most sought-after coins in U.S. numismatics.
The “CC” Mintmark
The “CC” mintmark on the reverse side of the coin is a key feature that identifies it as being minted at the Carson City Mint. This mintmark adds to the coin’s desirability and rarity, making it highly collectible among numismatists.
Design Features of the 1870-CC Double Eagle
Obverse (Front) Design
The front of the 1870 Carson City Double Eagle features a portrait of Lady Liberty facing left. She is surrounded by 13 stars, which represent the original 13 American colonies. The year 1870 is also inscribed on this side, marking the year the coin was minted.
Reverse (Back) Design
On the back of the coin, there is a heraldic eagle holding both an olive branch and arrows, symbols of peace and strength. Below the eagle, you can see the $20 denomination inscribed. The distinctive “CC” mintmark appears below the eagle, indicating that it was produced at the Carson City Mint.
Recent Auction of the 1870-CC Double Eagle
The $1.44 Million Sale
On November 19, 2024, an 1870 Carson City Double Eagle sold for a remarkable $1.44 million at an auction. This particular coin was part of the Bernard Richards collection and had not been sold since 1986, when it was bought for just $23,100. Its reappearance at the auction after nearly four decades generated a lot of excitement among collectors and investors.
Why Did the Coin Fetch Such a High Price?
Several factors played a role in the high price the coin achieved at auction:
- Condition: This coin was graded as the finest known specimen by the Professional Coin Grading Service (PCGS), which means it was in excellent condition.
- Provenance: The coin’s connection to the prestigious Bernard Richards collection added extra value.
- Market Trends: The rise in interest in rare collectibles, especially during the COVID-19 pandemic, boosted the demand and price for rare coins.
Previous Sales of Similar Coins
In a similar auction in November 2021, the second-finest known 1870-CC Double Eagle sold for $1.62 million. This shows that the value of these rare coins has been consistently rising 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 coins |
| Estimated Survivors | 40–50 coins |
| Recent Auction Price | $1.44 million (November 2024) |
| Notable Sales | $1.62 million (November 2021) |
| Design Highlights | Lady Liberty on obverse, heraldic eagle on reverse, “CC” mintmark |
| Market Trends | Prices have steadily increased due to rarity and demand |
Why is the 1870-CC Double Eagle So Important?
The 1870 Carson City Double Eagle is much more than just a coin; it is a historical artifact from a key period in U.S. history. The coin represents the gold rush era and the rise of the Carson City Mint, which played a crucial role in shaping America’s economy.
For collectors, owning an 1870-CC Double Eagle is not just about having a valuable coin. It is about holding a piece of history, an item that symbolizes the economic growth and the cultural shifts of the time.
Investing in Rare Coins: Why the 1870-CC Double Eagle is a Smart Choice
The strong auction prices and increasing interest in rare coins show that the 1870-CC Double Eagle is a smart investment. Not only is it valuable due to its rarity, but it also has significant historical and cultural value, making it a coveted asset among collectors and investors.
As rare coins become more popular in the investment world, owning a coin like the 1870 Carson City Double Eagle offers an opportunity to invest in a tangible asset that can grow in value over time.
Conclusion
The 1870 Carson City Double Eagle is a stunning example of how history, design, and rarity come together to create a coin that’s worth millions. Its connection to the California Gold Rush, the Carson City Mint, and its limited mintage make it one of the most valuable and desirable coins in the world. The recent $1.44 million sale at auction shows how much collectors are willing to pay for a piece of this history.
For collectors and investors alike, the 1870-CC Double Eagle is a reminder of how the past can shape the present, and how rare artifacts can provide both historical insight and financial value.
FAQs
1. What is the 1870 Carson City Double Eagle?
The 1870 Carson City Double Eagle is a rare $20 gold coin minted in Carson City, Nevada, during the first year of the mint’s operation. It holds significant historical value and is considered one of the most valuable and sought-after coins among collectors.
2. Why is the 1870 Carson City Double Eagle so valuable?
The coin’s value comes from its extremely low mintage of only 3,789 coins. Today, only 40 to 50 of these coins are believed to have survived. Additionally, its unique design and historical context, tied to the California Gold Rush and the Carson City Mint, increase its rarity and value.
3. What makes the 1870 Carson City Double Eagle unique?
The coin is unique because it was minted in the Carson City Mint during its inaugural year. Its design features Lady Liberty on the front, surrounded by 13 stars, and a heraldic eagle on the back. The “CC” mintmark identifies it as a product of the Carson City Mint, further adding to its rarity and desirability.