A rare and historic coin recently captured the attention of numismatists and collectors worldwide when it sold for $1.44 million at the Stack’s Bowers Galleries Rarities Night Auction in Costa Mesa, California. This impressive sale price marked a remarkable 70,000-fold increase over the coin’s original value. The 1870-Carson City $20 double eagle gold coin, minted shortly after the California Gold Rush, is now one of the most coveted pieces in the world of coin collecting.
A Glimpse into California’s Gold Rush Legacy
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The 1870-Carson City $20 double eagle is closely tied to the California Gold Rush, which played a pivotal role in shaping the United States’ history. In 1848, gold was discovered at a sawmill in the Sierra Nevada foothills, triggering a massive influx of fortune-seekers. An estimated 300,000 people rushed to California in search of riches, hastening the state’s entry into the Union in 1850. The Gold Rush made California a vital economic hub, leading to the establishment of the Carson City Mint in 1869.
The Minting of the Double Eagle
The double eagle gold coin was introduced in 1849 as a response to the vast gold deposits in California. Prior to its creation, the largest coin in circulation was the $10 eagle. The double eagle, worth $20, was designed to accommodate the large amounts of gold being mined in California and other western territories. Weighing nearly one ounce, the double eagle became the largest coin used for circulation in the U.S.
The Carson City Mint, located in Nevada, struck only 3,789 double eagle coins in 1870. Each of these coins was stamped with a small “CC” mark on the reverse side to signify the Carson City Mint’s location. While there are varying estimates on how many of these 1870-CC double eagles still survive today—ranging from 35 to 65—this coin is considered to be the finest example known.
The Rise in Value: From $23,101 to $1.44 Million
The 1870-Carson City $20 double eagle gold coin, which last sold in 1986 for $23,101, has since experienced an extraordinary increase in value. The coin, certified by the Professional Coin Grading Service (PCGS) for the first time ahead of its auction, fetched a staggering $1.44 million. This surge in value reflects not only the coin’s historical significance but also the rarity of surviving pieces from the Carson City Mint. While no examples of the 1870-CC double eagle are known to be in perfect mint condition, this particular coin is considered to be in remarkable shape, making it a highly sought-after item among collectors.
Why the 1870-CC Double Eagle Is So Special?
Several factors contribute to the allure of the 1870-Carson City $20 double eagle. First, the Carson City Mint itself was known for producing coins that were often in less-than-ideal condition due to the large quantities of silver and gold processed there. Second, the coin’s connection to the California Gold Rush and the rapid economic development of the American West adds to its historical importance. Finally, the scarcity of surviving coins from the minting of the 1870-CC double eagle, combined with the coin’s excellent condition, makes it a rare and valuable treasure in the world of numismatics.
Conclusion: A Symbol of America’s Gold Rush Era
The 1870-Carson City $20 double eagle gold coin represents a fascinating chapter in American history. From its creation during the Gold Rush era to its astronomical auction price in 2024, this coin has captured the imagination of collectors and investors alike. As one of the few surviving examples from the Carson City Mint, the coin continues to symbolize the wealth and excitement of California’s gold rush days. For collectors and investors, it stands as a rare and valuable artifact, one that is sure to remain a highlight of any numismatic collection for years to come.
