1870-CC $20 AU50 NGC. The series of Liberty Head double eagles include several scarce or rare dates, and the 1870-CC issue ...

Description

Impressive AU 1870-CC Double Eagle

1870-CC $20 AU50 NGC. The series of Liberty Head double eagles include several scarce or rare dates, and the 1870-CC issue is near the top of the list of rarities with only about 40 to 50 examples known today, from an original mintage of 3,789 coins, the first of their type. Rarer business strike issues include 1854-O, 1856-O, 1861 Paquet, 1881, and 1882. Most numismatists agree with the general population with opinions ranging between 35 and 55 coins. Like the coin itself, market appearances are also rare. We have only handled 12 examples of this date prior to the present sale. This is the first double eagle of the Carson City Mint, and one of the most important and most highly prized pieces in the present collection of Liberty double eagles.
In the Official Red Book of double eagles, author Q. David Bowers commented: "This is the first year of issue, the lowest mintage, and the rarest variety--three important aspects wrapped up in one, to which can be added its status as the rarest of all Type 2 double eagles. The estimated fewer than 50 coins extant change hand regularly, and hardly a year passes without one or two crossing the auction block--always good for an enticing catalog description. Most grade VF to EF by conservative interpretations, EF to AU to those with a more liberal view. In any grade, the 1870-CC is a numismatic prize of the first order."
Part of the desirability of the 1870-CC double eagle is its history, and its mystique. After an initial mintage of half eagles and eagle in February 1870, the first new double eagles came off the press in March. According to Walter Breen, the initial mintage consisted of 1,322 coins on March 10. Local miners provided the earliest supply of gold to the Carson City Mint. Individuals and firms working the Comstock Lode supplied $125,000 in gold ore during the first half of the year. Rusty Goe discussed the first gold coins in his reference, The Mint on Carson Street. Anyone who has even a casual interest in Carson City Mint coinage, both silver and gold, absolutely must own a copy of this book. It is a complete historic record of the operations of the Carson City Mint, including a discussion of every individual coinage issue. According to Goe: "Superintendent and town founder Abe Curry was proud of every coin being minted, but especially the $20 double eagles. As he held these heavy gold coins in his hand he could not help but admire every detail of them. In November of 1868, during construction of the Mint, Curry had promised to send the first double eagle produced to newly elected President Ulysses S. Grant. Curry had hoped to fulfill this promise in 1869, but because of delays, coinage operations were postponed until 1870. Although there is no documentation to verify if Curry ever sent a new double eagle to the President, it is known that he did indeed send Grant a new 1870-CC silver dollar."
Although double eagle production at the Carson City Mint was limited to about $75,000 during the first year of operation according to official records, it may have actually been double that amount, if the cover-up story is true. Rusty Goe told the story, based on an essay written by Michele Elizabeth Frazer for the PCGS Essay Contest. She cited her grandfather as the source of this story, and reported that he was a relative of H.F. Rice, the second superintendent of the Carson City Mint. The story relates that 3,600 additional 1870-CC double eagles were coined, and the Abe Curry stored these coins in the Mint's vault as he was dissatisfied with their quality. Curry then left the Mint and Henry F. Rice later discovered the coins. Rice supposedly devised a plan to steal the coins, but then his delivery men decided to steal the coins for themselves, burying the treasure and then stating that they were robbed by thieves. While there are too many unanswered questions, the story is certainly fun to read and ponder.
This 1870-CC double eagle is similar to nearly every other existing piece, with myriad abrasions on both sides. The fields on both sides are faintly reflective with light yellow-gold color. Although some of the stars are weakly defined, all other design details are strong. This specimen is easily one of the finer pieces known. Census: 3 in 50, 1 finer (6/06).
From The Wyoming Collection.(Registry values: N14284)

Coin Index Numbers: (NGC ID# 26A8, PCGS# 8958, Greysheet# 9911)

Weight: 33.44 grams

Metal: 90% Gold, 10% Copper

Note for clients in the European Union: This lot is considered by the European Union to be “investment gold”. We believe that it meets the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC and thus should be exempt from import VAT regardless of the selling price. Any questions or concerns about VAT should be addressed to your accountant or local tax authority.

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