A rare 1870 $20 “Double Eagle” gold coin, minted in Carson City, Nevada, recently fetched $1.44 million at a Southern California auction. This remarkable sale underscores the enduring allure of numismatic treasures and the historical significance of such coins.
Historical Context of the 1870 Double Eagle
The $20 Double Eagle coin was introduced following the California Gold Rush, which significantly increased the nation’s gold supply. Prior to 1849, the highest denomination for a gold coin was $10, known as the eagle.
The Double Eagle was authorized to accommodate the surplus gold, marking a new era in U.S. coinage.
Details of the Auction
- Date and Location: The auction took place on November 19, 2024, at Stack’s Bowers Galleries in Costa Mesa, California.
- Coin Specifications: The 1870 Double Eagle was minted in Carson City, Nevada, with only 3,789 pieces produced. It is estimated that only 40 to 50 of these coins remain today.
- Sale Price: The coin sold for $1.44 million, including the buyer’s premium. This price reflects its rarity and pristine condition.
Significance of the Coin
The 1870-CC Double Eagle holds a special place in numismatic history due to its limited mintage and the historical context of its production. Coins minted in Carson City are particularly coveted by collectors, as the mint operated for a relatively short period and produced limited quantities.
Comparison with Previous Sales
The last recorded sale of this specific coin was in 1986, where it fetched $23,100. The substantial increase in its value over the decades highlights the growing interest and investment in rare coins.
| Detail | Information |
|---|---|
| Auction Date | November 19, 2024 |
| Location | Stack’s Bowers Galleries, Costa Mesa, California |
| Coin | 1870 $20 Double Eagle |
| Mint | Carson City, Nevada |
| Original Mintage | 3,789 coins |
| Estimated Remaining | 40 to 50 coins |
| Sale Price | $1.44 million (including buyer’s premium) |
Conclusion
The sale of the 1870 Double Eagle for $1.44 million underscores the enduring value and fascination associated with rare coins. Such auctions not only highlight the historical significance of these artifacts but also reflect the robust market for numismatic collectibles.
Collectors and investors alike continue to seek out these treasures, preserving a tangible piece of history.
FAQs
1. Why is the 1870 Double Eagle so valuable?
Its value stems from its limited mintage, historical significance, and the prestige of being minted in Carson City.
2. How many 1870 Double Eagles are known to exist today?
Approximately 40 to 50 coins are believed to remain.
3. What factors influence the value of rare coins?
Rarity, condition, historical significance, and demand among collectors are key factors.
4. Where can I learn more about rare coin auctions?
Reputable auction houses like Stack’s Bowers Galleries provide information on upcoming sales and past auction results.
5. Is investing in rare coins advisable?
Investing in rare coins can be profitable, but it’s essential to conduct thorough research and consult with experts in numismatics.
