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Sale 78
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Lot 1868
1870-CC NGC graded AU Details. Improperly cleaned. Well struck with plenty of detail and enough mint luster remains to justify this lofty grade. Normal allotment of light handling marks, none of which are worthy of mention although for purposes of future provenance research we point to a diagonal mark on Liberty's cheek ending at her ear. The classic Carson City Double Eagle rarity!
The first coins to bear the distinguishing double-C mintmark of the Carson City, Nevada Mint were struck in 1870 in Quarter, Half Dollar, Silver Dollar, Half Eagle, Eagle and Double Eagle denominations. (The first Dimes would be forthcoming in 1871.) All 1870-CC issues are rare, key-date coins in their respective series, but the '70-CC Double Eagle stands out as a particularly central issue even in this highly select group. Rivaling only the 1870-CC Eagle for this honor, the 1870-CC $20 is widely regarded as the rarest gold coin struck in the Carson City Mint. It is an important offering at all grade levels and one that is always greeted with considerable trumpet blasts of approval when offered either through auction or for private treaty purchase.
Treasury Department records indicate that only 3,789 Double Eagles were struck in the Carson City Mint during 1870, and virtually all of those coins have since been lost. Writing in 2001 (Gold Coins of the Carson City Mint), Douglas Winter and James L. Halperin account for just 35-45 survivors in all grades. The authors further state that there are no Mint State examples known to exist.
A leading highlight, if not the centerpiece of this collection of rare U.S. gold, the present 1870-CC Double Eagle is also among the most prestigious coins an collector could own. And as a long-hidden example of this very rare issue, it is a piece that is sure to have no difficulty finding its way into another world-class portfolio of gold rarities (PCGS # 8958) .
Historical Account of the Carson Mint: As backgrounder, we look first to Walter Breen's Double Eagle research which revealed that, "Most dates in this period show up oftenest in VF with S mintmarks. Philadelphia issues 1866-72 are mostly scarce, except for the 1867 UNCS. from a hoard (possibly 2,000, found in Europe about 1966, distributed in the USA beginning about 1973). For political reasons, official orders limited the Carson City issues 1870-73. Authorities and bankers preferred to ship bullion to San Francisco, alleging lower cost. Claims (partly verified) that the CC Mint issued some lightweight and/or debased coins, 1871-73, led to dismissal of the Superintendent, H. F. Rice, and to the frequently seen edge test marks on Carson City gold pieces of this period. This discovery gave ammunition to the Carson Mint's official attackers, and rationale to many who sought to have this branch abolished; but their real reasons had to do with who would get the coveted contracts for transporting ores and coins. The only readily available Carson City issues are dated 1874-76, coined from local bonanzas. Other CC dates are all rare, and in mint state all but unknown."
The best source for in-depth information about the Carson City and its array of coins is the book by Rusty Goe titled The Mint on Carson Street. In it, Goe has this to say in his "Reflections" on the 1870-CC $20:
"To get things off to a much anticipated start, Comstock miners deposited approximately $125,000 worth of gold ore at the new local mint in the first half of 1870. In February, $16,440 worth of the gold bullion was minted into $10 eagles, followed by $2,000 worth of $5 half eagles, and in March, $26,640 in new 1870-CC double eagles.
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."
Estimated Value $175,000-UP.
Ex: Purchased from Abner Kreisberg in the early 1970's The Del Valle Collection.
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