LOT #5173 |
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1870-CC $20 XF40 NGC. Variety 1-A....
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Sold on Apr 24, 2021 for:
$360,000.00
Bid Source: Internet bidder
Description
1870-CC Liberty Double Eagle, XF40
Rarest Carson City Twenty
Unknown in Mint State
1870-CC $20 XF40 NGC. Variety 1-A. The 1870-CC Liberty
double eagle claims a meager mintage of 3,789 pieces, struck during
the first year of coinage operations at the Carson City Mint. Jeff
Garrett and Ron Guth note the 1870-CC double eagles are
inextricably linked to the mining history and development of the
Old West:"In 1870, a new U.S. branch mint opened at Carson City, Nevada. Because of the Comstock Lode and other mineral discoveries, the West was producing an abundance of precious metals. It was felt that a coining facility in Carson City, only about 15 miles from the Comstock Lode, would be useful to the inhabitants ..."
The coins were extremely useful in the hard-money economy of the American West and they circulated widely throughout the region. Unfortunately, not a single Mint State example of the issue is known to collectors today, as none were saved by contemporary collectors. Collecting branch mint issues of any denomination was not popular before Augustus Heaton published his seminal work on mintmarks in 1893. Double eagles were especially difficult for the average collector to save, because of the high face value of every coin. Only the wealthiest numismatists could afford to set aside long date runs of twenty dollar double eagles for their collections, and the few who did preferred to represent each date with a proof specimen from the Philadelphia Mint. The coins circulated for decades, suffering wear and attrition along the way, before any real collector interest developed in the series in the 1930s. By then, every surviving example showed some signs of wear. In Type Two Double Eagles, Doug Winter and Mike Fuljenz note:
"The 1870-CC Double Eagle holds a number of important distinctions. It is the rarest and most valuable Type Two Double Eagle. It is the most famous and desirable gold coin struck at the Carson City Mint. And, it is the most difficult Type Two Double Eagle to locate in premium quality grades."
PCGS and NGC have combined to certify 71 examples in all grades (3/21). Allowing for crossovers and resubmissions, PCGS CoinFacts estimates the surviving population at 40-50 specimens, with most survivors concentrated in the VF-XF grade range.
The 1870-CC began appearing at auction at least as early as lot 688 of the Charles W. Cowell Sale (B. Max Mehl, 11/1911), but the lot realized only $24.50, a typical price for that time. It was only in the 1940s that Liberty double eagles began bringing significant premiums. By the time Mehl sold the Atwater Collection in June 1946, the 1870-CC was bringing high prices. Mehl described the coin in lot 1313 as:
"1870. First year of issue and the rarest of the series. Only 3,789 specimens struck, the smallest coinage of any Double Eagle of this Mint. Very fine to extremely fine with some mint luster. Rare. Record for equal specimen well over $200.00. Not even in a recent Sale which was described as 'World's Greatest Collection of U.S. Gold Coins.' One of our very rarest Double Eagles. I consider this another "sleeper." In the Bell Sale a specimen of this rarity brought $240.00. The price was paid by a dealer who sold it soon after for $350.00."
Mehl was undoubtedly very pleased with the lot, which brought a strong price of $275. Of course, collector demand has steadily increased over the years and prices realized have skyrocketed accordingly. Garrett and Guth list a variety of reasons why the 1870-CC twenty has become so famous, highlighting the influence of collectors of Carson City coinage, those interested in the mystique of the Old West (such as the Japanese purchasers of the 1980s, as noted by Doug Winter in his Gold Coins of the Carson City Mint from 2001), and those with a penchant for the hefty gold double eagle denomination in general. With these groups all pursuing the relative handful of 1870-CC twenties still extant, it is little wonder that demand should far outstrip the current supply. Recent sales include the XF40 PCGS example in lot 3936 of the ANA Signature (Heritage, 8/2019), that realized $240,000.
Like all its fellows, this impressive XF representative shows the effects of what must have been years of hardscrabble wear in Nevada or perhaps elsewhere in the West. The softly struck portrait and stars appear more worn than they actually are, though the yellow-gold fields still show appreciable luster, which corrects this faulty impression. Both sides exhibit light to moderate abrasions, though in the context of the 1870-CC double eagle issue, this is an appealing survivor. In their 2006 Encyclopedia of U.S. Gold Coins, Garrett and Guth offered the 1870-CC double eagle this simple tribute: "The 1870-CC double eagle is one of the true classics of the series." This Platinum Night session is one of the best opportunities in years to own the legend. The 1870-CC is listed among the 100 Greatest U.S. Coins. Census: 7 in 40, 17 finer (3/21).
Ex: FUN Signature (Heritage, 1/2010), lot 2250.
From The Selman Family Collection. (Registry values: N10218)
Coin Index Numbers: (NGC ID# 26A8, PCGS# 8958, Greysheet# 9911)
Metal: 90% Gold, 10% Copper
Weight: 33.44 grams
AGW: 1.06oz
Mintage: 3,789
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.
View all of [The Selman Family Collection ]
The Confident Carson City Coin Collector
by Rusty Goe
The Carson City Mint’s celebrated legacy — replete with landmark achievements, setbacks, mysteries and tall tales — is covered in exacting detail in Goe’s three-volume set.
by Rusty Goe
The Carson City Mint’s celebrated legacy — replete with landmark achievements, setbacks, mysteries and tall tales — is covered in exacting detail in Goe’s three-volume set.
Auction Info
2021 April 22 - 25 Central States US Coins Signature Auction #1329 (go to Auction Home page)
Auction Dates
April, 2021
22nd-25th
Thursday-Sunday
Bids + Registered Phone Bidders: 37
Lot Tracking Activity: N/A
Page Views: 1,350
Buyer's Premium per Lot:
20% of the successful bid per lot.
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