King of Carson City gold, a 1870-CC $20 VF30 PCGS Secure, Variety 2-B sold for US$188,000 at Heritage's Oct. 8 - 13 US Coins Signature Auction, held in conjunction with the PNG New York City show, which runs Oct. 9-11. The event take place at the Millennium Broadway Hotel in the heart of New York City.
The coin ranks among Garrett and Guth's 100 Greatest American Coins, third edition, where it is heralded as the "King of Carson City gold."
"The 1870-CC double eagle is considered one of the keys to the entire Liberty double eagle series, and is by far the rarest double eagle struck in Carson City," said Greg Rohan, President of Heritage. "With only 35-45 pieces known overall, and no examples known in mint state grades, pieces in any grade attract spirited bidding and high prices, as well evidenced by the bidding in New York."
This example exhibits bright yellow-gold patina with pleasing detail for the grade. As always, scattered abrasions are present, some being significant in nature. The most noticeable are a pair of short cuts near the obverse rim adjacent to stars 5 and 7. The sheer rarity and historical allure of the issue, however, balances the appeal of this coin, making it an important find for the advanced Carson City gold specialist.
Production during the Carson City Mint first year of operation was primarily limited to the larger silver denominations (quarters through dollars), and small amounts of five, ten, and twenty dollar gold pieces. The double eagle had the lowest production total overall, with records reporting a total of only 3,789 pieces. Survival estimates vary slightly, though most researchers agree the known population is only in the 35 to 45-coin range.
Besides its profound rarity (the greatest of any gold issue from the Carson City Mint), the 1870-CC double eagle also stands as one of the most sought-after of all American gold coins in general. Many collectors endeavor to complete a set of CC-mint double eagles, with the 1870-CC being the only legitimate "stopper," a factor which only increases its desirability.
Source: Heritage Auction
