1870-CC $20 XF40 PCGS....

Description

Classic Rarity 1870-CC Twenty, XF40

1870-CC $20 XF40 PCGS. Variety 2-B. The Carson City Mint began coining operations on February 11, 1870, with a small emission of silver dollars. The facility had been under construction since 1866, but many delays were experienced due to inclement weather, lack of building materials, and a chronic shortage of funds to pay the workers. The final cost of the Mint's construction was $426,787, nearly three times the initial estimate of $150,000. Coinage of double eagles commenced on March 10, with a delivery of 1,332 pieces, but technical problems continued to beset the Mint. The total production figure for double eagles was only 3,789 pieces in the first year of operation. The entire mintage was immediately released into circulation and was undoubtedly a boon to the local economy.
Because the entire mintage was released into circulation, every 1870-CC double eagle known today shows some signs of wear. The issue is completely unknown in Mint State. Experts estimate a surviving population of 35-50 examples in all grades. A search of auction records reveals 25 appearances of this date since 1991, with Heritage handling the coin on 15 of those occasions. A particularly nice PCGS graded AU53 coin brought $368,000 at the Platinum Night Sale (Heritage, 1/2004), lot 3129. A total of 56 submissions have been certified in all grades by the two leading grading services , 28 at NGC and 28 at PCGS, but these figures are almost certainly distorted by resubmissions (3/09). In terms of absolute rarity among business strike double eagles, David Akers believes the 1870-CC is surpassed only by the Philadelphia Paquet Reverse double eagle, the 1856-O, and the issues of 1881 and 1885.
Collecting branch mint double eagles did not become popular until the 1940s, and early auction appearances are few and far between. One important early citation was in the Atwater Collection (B. Max Mehl, 6/1946), lot 1313. Mehl's description is worth reproducing :

"1870 First year of issue and the rarest of the series. only 3789 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. This price was paid by a dealer who sold it soon after for $350.00."

The buyer of the lot was Louis Eliasberg, at $275.00. It is interesting to note even a super collector like Eliasberg had to settle for a coin in circulated condition.
The circumstances outlined above combined to make the 1870-CC double eagle one of the most desirable issues in all of American coinage. The 1870-CC is the rarest of all Type Two double eagles, the rarest Carson City double eagle, the lowest mintage Carson City double eagle, and a first-year-of-issue coin. It is also the rarest double eagle of any date in high grade. To this potent list of desirable qualities can be added the fact that all coins with the CC mintmark possess an undeniable charisma due to their association with the Old West, and the heady days of the Comstock Lode.
Two die varieties are known for the 1870-CC double eagle. The present coin is a representative of Variety 2-B, the less available type. In Gold Coins of the Carson City Mint, Doug Winter discusses this variety:

"The date is large but not quite as well impressed as on Variety 1-A. It is placed slightly lower in the field with more space noted between the top of the 1 and the neck. The first C in the mintmark is placed over the right upright stroke of the N in TWENTY while the second is over the top of the T in TWENTY. This variety was discovered by New York dealer Anthony Terranova in 1993. It appears to be rarer than Variety 1-A."

The present coin is an attractive specimen of this American classic. Doug Winter has noted, "Every 1870-CC double eagle that I have ever seen has excessive abrasions on the surfaces. These are usually very deep and conspicuous." In keeping with Winter's observations, numerous small to middle sized abrasions are scattered over the surfaces of both sides of this coin. The most distinctive ones are a long scratch in the field in front of star 3, and a short, near-vertical mark in the field near stars 12 and 13. All of these are consistent with the grade. The surfaces are a pleasing light golden-brown color and show moderate, even wear. Population: 7 in 40, 15 finer (3/09).(Registry values: N10218)

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

Metal: 90% Gold, 10% Copper
Weight: 33.44 grams
AGW: 0.9675oz
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 Certification Details from PCGS