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1870-CC $10 VF25 PCGS. Variety 1-B....
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Sold on Aug 24, 2022 for:
$87,000.00
Bid Source: Internet bidder
Description
1870-CC Liberty Eagle, VF25
Inaugural Gold Coinage at Carson City
A Celebrated Old-West Rarity
1870-CC $10 VF25 PCGS. Variety 1-B. Ex: Navy Mustang. The
first Liberty eagles struck at the Carson City Mint were delivered
on February 14, 1870, preceding the first half eagle coinage by
about two weeks. These coins were struck for circulation and
readily distributed into local commerce. Carson City and the
surrounding areas, including Virginia City, were an economic magnet
during the 1860s and 1870s, brought about by the fruitful Comstock
Lode mines and associated vibrant business climate. A ten dollar
gold piece was roughly equivalent to two days' wages for miners (a
substantial income at the time for that profession), but was easily
expended in Carson City due to the high cost of daily living in
that area.Of the 5,908 ten dollar gold pieces struck at Carson City in 1870, only 60 to 75 pieces are believed to survive (older estimates suggest an even smaller survivorship). In his Analysis of Auction Records in 1980, David Akers considered the 1870-CC the rarest Carson City eagle when taking into account both absolute and conditional rarity. He added:
"In fact, only the famous Double Eagle of the same date surpasses the 1870-CC Eagle as the rarest of all Carson City gold coin. Basically, the only specimens available (and there aren't really all that many) grade Fine or VF. The 1870-CC is prohibitively rare in full EF condition and I have seen only one specimen that I graded AU. To the best of my knowledge, this very rare date is unknown in strictly uncirculated condition."
Since the widespread advancement of third party grading, the known population of 1870-CC eagles has expanded to a modest degree, making a once prohibitively rare issue, in some measure, collectible. However, it remains unknown in Mint State, and it yet ranks as one of the absolute rarest Carson City gold pieces in the series.
The example offered here exceptionally represents the continuity of the Navy Mustang Collection's focus on quality within the grade. The coin displays honest wear and scattered small surface marks that harken to the era of the unsettled West, and yet each side has a distinctly smooth, problem-free appearance that belies the reputation of circulated Carson City gold. Rich orange-gold patina encompasses much of each side but cedes to delicate lavender and amber hues in the peripheral portions of the fields, particularly on the reverse.
In The Confident Carson City Coin Collector, Carson City Mint authority Rusty Goe writes:
"Probably no examples of the 1870-CC eagle will satisfy collectors who cherish coins with so-called 'wow-factor' eye appeal. Yet, within the context of this date-denomination, there are some pieces (in all grade divisions) that stand out from their mates, insofar as physical appearance is concerned. Among this select group of better looking pieces, which range in condition rating from VG-10 up to the Almost Uncirculated category, are found the coins collectors dream of owning."
Our consignor's example of the 1870-CC eagle is doubtless one of these coins. Population: 5 in 25, 42 finer (6/22).
From The Navy Mustang Collection. (Registry values: N4719)
Coin Index Numbers: (NGC ID# 264U, PCGS# 8658, Greysheet# 9471)
Weight: 16.72 grams
Metal: 90% Gold, 10% Copper
View all of [The Navy Mustang 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
2022 August 22 - 28 US Coins Signature® Auction #1348 (go to Auction Home page)
Auction Dates
August, 2022
22nd-28th
Monday-Sunday
Bids + Registered Phone Bidders: 12
Lot Tracking Activity: N/A
Page Views: 383
Buyer's Premium per Lot:
20% of the successful bid per lot.
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