1870-CC $20 XF45 NGC. Variety 1-A. ...

Description

1870-CC Double Eagle, XF45
Historic First Year of Issue From Carson City

1870-CC $20 XF45 NGC. Variety 1-A. The 1870-CC double eagle combines many of the characteristics that collectors find most desirable in U.S. coinage. It combines the desired and legendary CC mintmark with the largest classic coinage denomination ever issued for circulation, and adds the historic first year of production for the historic Carson City Mint. In 1870 the double eagle denomination had been in existence only 20 years, owing its origin to the Fields of Gold found in nearby California. In that year the Carson City Mint was opened to produce local coinage from the precious gold and silver gleaned from the Comstock Lode discovered in 1859, obviating an overland or rail trip to transport metal to California for coinage.

According to The Mint on Carson Street author Rusty Goe, Abraham Curry, founder of the town of Carson City and superintendent of the eponymous mint, was especially proud of the large, heavy twenty dollar gold pieces flowing from the facility. The recorded mintage of double eagles from the first year was 3,789 pieces, although only a few dozen are known today.

By whatever route, most of them circulated heavily. The average certified survivor "only" grades "XF40.5" -- but into that must be factored the fact that not a single true Mint State example is known. Although Goe quotes Q. David Bowers as once reporting that he had handled a Mint State coin at one time, it is unknown today. Goe comments: "If this piece were ever to hit the market, the sky would be the limit as far as price was concerned." So, for every AU50 coin known, another only grades VF20. When Goe published his reference in 2003, the highest-graded pieces were a handful of coins in AU -- two at NGC, four at PCGS. Since then NGC has certified two pieces in AU53, and one coin in AU55. The highest-graded example at PCGS is a single AU53. Pieces in XF condition, much less Choice XF, the condition of the present piece, are still considered high-end, and possibly within the Condition Census, as some of the above citations are almost certainly reappearances of the same coin.

The present Choice XF example shows the heavy abrasions on both sides that are typical of, literally, every known example. These soft and heavy coins circulated in the rough-and-tumble West until the survivors were plucked from the channels of commerce, and that has taken its toll. However, this piece offers the twin blessings of good original color and considerable luster remaining for the XF45 grade, qualities that most survivors lack. The surfaces are mellow orange-gold, with considerable reflectivity and even some faint prooflikeness remaining in some of the protected areas. The strike is somewhat soft around portions of the peripheries, although most of the stars display some detail in the centers. The TAT in STATES is noticeably weak. Goe aptly paraphrases the nonetheless obvious appeal of this coin when he states, "More often than not all of these deficiencies are excused due to the date and mintmark combination, by 'CC' gold specialists who are able to pay the hefty price tag to own an 1870-CC double eagle, as there is no equal as far as they are concerned." Census: 9 in 45, 8 finer (2/21).
Ex: Baltimore Signature (Heritage, 3/2009), lot 3270; Central States Signature (Heritage, 4/2014), lot 5820.
From The Cameron Collection. (Registry values: N10218)

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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