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1870-CC $10 Gold – CC Coin of the Week 3-21-10
14 years 9 months ago - 14 years 8 months ago #1009
by Belayoff
1870-CC $10 Gold Piece
One hundred and forty years, one month and six days ago 1,644 gold coins were struck from about 720 ounces raw gold taken from the hills above Eagle Valley, Nevada. They were big coins, weighing in at almost six tenths of an ounce of 90% pure gold with 10% copper added for durability. These impressive coins were valued at $10 apiece and were named after our country's veritable symbol of strength...the Eagle.
The time was mid-winter 1870 and only five days previous, a proud Abe Curry had walked through town delivering a handful of shiny silver dollars to a few friends and prominent citizens, explaining that his gift represented something very special. The keepsakes he handed out that chilly afternoon were among the very first coins struck at the new US Branch Mint in Carson City, Nevada.
But this particular day, Tuesday, February 15, was no less auspicious as the very first Carson City minted $10 gold eagles were ready to be delivered by the mint's cashier into the burgeoning commerce of the western United States. For the next two decades and into a third, tens of thousands of gold $10 eagles were produced by the citizens of Carson City, stamping the venerable CC on the reverse of each and every one. When the coin presses fell silent for the last time in 1893, almost 300,000 gold eagles had been produced and absorbed into the economy of the Wild West, the nation, and over time, the world.
Almost a century and a half later, we twenty-first century numismatists and passionate collectors of Carson City minted coins recognize this paltry 5,908 coin mintage as having produced one of the most rare and sought after of all US ten dollar gold coins. Out of almost one third of a million $10 gold eagles produced in this little town situated on the eastern slope of the Sierra Nevada Mountains, the few coins remaining of those minted in 1870 command the very top spot. The 1870-CC $10 gold eagle, is the recognized key date in the 19 piece, $10 gold series, the second rarest of all Carson City gold coins and today, this important piece of Americana is my offering as The Carson City Coin of the Week.
The AU 50 NGC example pictured above is from the Rian's Bequeath Carson City Coin Collection. Even the modest resolution photograph displayed above clearly shows the many dings and dents on surfaces of this coin. But as anyone who collects CC gold will tell you, these multiple bag and circulation marks are more than just typical. In fact, this condition might even be recognized as somewhat diagnostic for Carson City minted $10 and $20 gold coins. However, even in my limited years as a serious coin collector, I've seen many Carson City eagles and double eagles in much worse shape than the example AU 50 piece.
Perhaps an explanation for their ever-present baggy condition can be found by simply examining why the mint was built in the first place. One rationale for constructing this facility was to save on the cost of shipping the mineral bearing ore from the Comstock area to San Francisco. But another motive for building a branch mint in the mountains of Nevada was the government's belief that gold coins minted in Carson City would be more likely to find their way into the region's commerce rather than being shipped out of the country to Asia or elsewhere. This last explanation makes sense and is as good a reason as any for the typical banged up appearance of most Carson City gold coins. Simply stated, they were utilized as intended.
Be that as it may, the exampled coin has many strong points which recommend it as among the top coins in its grade. The strike is solid and most of the details are sharp, even Ms Liberty's forelocks. Stars 1-3 and 10-13 are not cut as distinctly as are the six stars on the top half of the obverse. While the coin shows soft definition on the feathers of the lower half of its neck, this common condition is considerably less in evidence than on many other year's CC eagles I've examined in person or via photographs. Another common strike trait with Carson City minted eagles is a flatness or lack of sharp detail on the inner wings. But on the exampled coin, this central region is sharp and well defined.
In the writer's opinion, the strongest element of this particular coin's appearance is its remaining luster. Even though it's been dipped, this coin will surprise an examiner by showing excellent reflectivity and a very pleasing, bright, coppery-gold gleam. Rusty Goe estimates this coin retains about 20% of its original luster. But, even with such a modest percentage remaining, the coin's eye appeal is quite impressive when held under light. A diagnostic streak of copper oxidation can be seen on the lower portion of Liberty's neck and at about two o'clock on the reverse. This too, is a common trait found in early Carson City gold coins. The lack of perfection is certainly understandable considering how few gold coins Abe Curry's crew had practice producing in those first years.
In a recent discussion about this coin with Rusty Goe, I learned that he has handled no more than a half dozen "AU" examples of 1870-CC Eagles in his career...a telling statement of this coin's rarity. Rusty went on to point out that as recently as the publication of Walter Breen's massive treatise on US Coins, it was believed that only about 15, 1870-CC $10 gold coins had survived in all grades. Later, Douglas Winter more than doubled that estimation and even included a detailed pedigree list in his book's chapter about the 1870-CC $10 eagle.
Today, PCGS and Rusty Goe are close to agreement on the number of coins extant with Rusty indicating that total to be around 75 coins. There are no known examples of this date in uncirculated condition, though in the chapter dedicated to the 1870-CC $10 eagle in The Mint on Carson Street, Rusty has entered "1" after "Estimated in Uncirculated" in the estimated survival box at the top of the chapter's title page. The key word here of course is "Estimated".
Hmmm...if Rusty Goe is anything, he's diligent and precise. We respect Rusty for his many years of practicing Carson City coinage as a specialty not only as a dealer and professional numismatist but also as an historian and well published author. These accomplishments, together with the thousands of hours researching specific Carson City subjects and lore, tell us in no uncertain terms that Rusty Goe has greater depth of knowledge and a better gut feel for this unique branch of numismatics than any other numismatist today or in the past. Such credentials provide more than a little weight to his estimation of "1" coin possibly existing in uncirculated condition. Undoubtedly, he would say that this estimate is based on statistical analysis of the empirical evidence he has gathered over the years. Nonetheless, setting all ten dollar words aside, I can't help but wonder (read hope) about that "estimate".
Side stepping the Rusty ribbing for a moment, the big two certification agencies report that there are only eleven coins graded AU- 50, three at AU 53 with another five determined to be AU 55. There are none graded higher. A small reference point in The Mint on Carson Street suggests that this big pile-up at AU-50 is possibly reflective of multiple submissions of the same coins. Considering the very sizeable premium awarded for a higher grade in this key date, it's quite possible that a third or more of the eleven AU-50's may be the same coin. Clearly, the coin collecting industry is ripe for an auditable, forensic system of coin identification to correct such misrepresentations and to more fairly reward the coins that really do exist. But that's a subject for another time.
The rest of the known population of 1870-CC $10 eagles are certified in VF through XF condition. But regardless of the grade, this is a really tough date to fill for any collector regardless of the depth of one's financial resources. Perhaps there is no more revealing example of this point than when examining the 1870-CC $10 gold eagles owned by the big boys... the Carson City "Knights of the Round Coin Press"... Eliasberg, Biltz and Mr. Battle Born. Respectively, they own(ed) this date in VF, XF and AU 50 condition!
The 1870-CC $10 was once thought to be the key date in the Carson City gold series. But the 1870-CC $20 Double Eagle eventually took over the number one spot and has held on to that airy position ever since. Winter writes that the 1870-CC $10 coin is an undervalued rarity. Who could possibly argue, especially when comparing the populations and published values with those of the top dog, the 1870-CC Double Eagle in similar grades?
Almost every one of the 19 dates in the $10 gold eagle series produced at the Carson City mint is held in numismatic esteem by amateur coin collectors and professionals alike. But, due to its unique "first ever" lineage, it's safe to say the 1870-CC $10 would be among the most desired numismatic collectibles even if 500,000 gold eagles of this date had originally been produced at the little branch mint in Carson City.
The Rian's Bequeath Carson City Coin Collection was fortunate to have been given the opportunity to acquire this outstanding example of the 1870-CC $10 gold eagle and I am honored to present the coin to you today as the Carson City Coin of the Week.
Respectfully.....Belay Off
C4OA Lifer!
1870-CC $10 Gold – CC Coin of the Week 3-21-10 was created by Belayoff
1870-CC $10 Gold Piece
One hundred and forty years, one month and six days ago 1,644 gold coins were struck from about 720 ounces raw gold taken from the hills above Eagle Valley, Nevada. They were big coins, weighing in at almost six tenths of an ounce of 90% pure gold with 10% copper added for durability. These impressive coins were valued at $10 apiece and were named after our country's veritable symbol of strength...the Eagle.
The time was mid-winter 1870 and only five days previous, a proud Abe Curry had walked through town delivering a handful of shiny silver dollars to a few friends and prominent citizens, explaining that his gift represented something very special. The keepsakes he handed out that chilly afternoon were among the very first coins struck at the new US Branch Mint in Carson City, Nevada.
But this particular day, Tuesday, February 15, was no less auspicious as the very first Carson City minted $10 gold eagles were ready to be delivered by the mint's cashier into the burgeoning commerce of the western United States. For the next two decades and into a third, tens of thousands of gold $10 eagles were produced by the citizens of Carson City, stamping the venerable CC on the reverse of each and every one. When the coin presses fell silent for the last time in 1893, almost 300,000 gold eagles had been produced and absorbed into the economy of the Wild West, the nation, and over time, the world.
Almost a century and a half later, we twenty-first century numismatists and passionate collectors of Carson City minted coins recognize this paltry 5,908 coin mintage as having produced one of the most rare and sought after of all US ten dollar gold coins. Out of almost one third of a million $10 gold eagles produced in this little town situated on the eastern slope of the Sierra Nevada Mountains, the few coins remaining of those minted in 1870 command the very top spot. The 1870-CC $10 gold eagle, is the recognized key date in the 19 piece, $10 gold series, the second rarest of all Carson City gold coins and today, this important piece of Americana is my offering as The Carson City Coin of the Week.
The AU 50 NGC example pictured above is from the Rian's Bequeath Carson City Coin Collection. Even the modest resolution photograph displayed above clearly shows the many dings and dents on surfaces of this coin. But as anyone who collects CC gold will tell you, these multiple bag and circulation marks are more than just typical. In fact, this condition might even be recognized as somewhat diagnostic for Carson City minted $10 and $20 gold coins. However, even in my limited years as a serious coin collector, I've seen many Carson City eagles and double eagles in much worse shape than the example AU 50 piece.
Perhaps an explanation for their ever-present baggy condition can be found by simply examining why the mint was built in the first place. One rationale for constructing this facility was to save on the cost of shipping the mineral bearing ore from the Comstock area to San Francisco. But another motive for building a branch mint in the mountains of Nevada was the government's belief that gold coins minted in Carson City would be more likely to find their way into the region's commerce rather than being shipped out of the country to Asia or elsewhere. This last explanation makes sense and is as good a reason as any for the typical banged up appearance of most Carson City gold coins. Simply stated, they were utilized as intended.
Be that as it may, the exampled coin has many strong points which recommend it as among the top coins in its grade. The strike is solid and most of the details are sharp, even Ms Liberty's forelocks. Stars 1-3 and 10-13 are not cut as distinctly as are the six stars on the top half of the obverse. While the coin shows soft definition on the feathers of the lower half of its neck, this common condition is considerably less in evidence than on many other year's CC eagles I've examined in person or via photographs. Another common strike trait with Carson City minted eagles is a flatness or lack of sharp detail on the inner wings. But on the exampled coin, this central region is sharp and well defined.
In the writer's opinion, the strongest element of this particular coin's appearance is its remaining luster. Even though it's been dipped, this coin will surprise an examiner by showing excellent reflectivity and a very pleasing, bright, coppery-gold gleam. Rusty Goe estimates this coin retains about 20% of its original luster. But, even with such a modest percentage remaining, the coin's eye appeal is quite impressive when held under light. A diagnostic streak of copper oxidation can be seen on the lower portion of Liberty's neck and at about two o'clock on the reverse. This too, is a common trait found in early Carson City gold coins. The lack of perfection is certainly understandable considering how few gold coins Abe Curry's crew had practice producing in those first years.
In a recent discussion about this coin with Rusty Goe, I learned that he has handled no more than a half dozen "AU" examples of 1870-CC Eagles in his career...a telling statement of this coin's rarity. Rusty went on to point out that as recently as the publication of Walter Breen's massive treatise on US Coins, it was believed that only about 15, 1870-CC $10 gold coins had survived in all grades. Later, Douglas Winter more than doubled that estimation and even included a detailed pedigree list in his book's chapter about the 1870-CC $10 eagle.
Today, PCGS and Rusty Goe are close to agreement on the number of coins extant with Rusty indicating that total to be around 75 coins. There are no known examples of this date in uncirculated condition, though in the chapter dedicated to the 1870-CC $10 eagle in The Mint on Carson Street, Rusty has entered "1" after "Estimated in Uncirculated" in the estimated survival box at the top of the chapter's title page. The key word here of course is "Estimated".
Hmmm...if Rusty Goe is anything, he's diligent and precise. We respect Rusty for his many years of practicing Carson City coinage as a specialty not only as a dealer and professional numismatist but also as an historian and well published author. These accomplishments, together with the thousands of hours researching specific Carson City subjects and lore, tell us in no uncertain terms that Rusty Goe has greater depth of knowledge and a better gut feel for this unique branch of numismatics than any other numismatist today or in the past. Such credentials provide more than a little weight to his estimation of "1" coin possibly existing in uncirculated condition. Undoubtedly, he would say that this estimate is based on statistical analysis of the empirical evidence he has gathered over the years. Nonetheless, setting all ten dollar words aside, I can't help but wonder (read hope) about that "estimate".
Side stepping the Rusty ribbing for a moment, the big two certification agencies report that there are only eleven coins graded AU- 50, three at AU 53 with another five determined to be AU 55. There are none graded higher. A small reference point in The Mint on Carson Street suggests that this big pile-up at AU-50 is possibly reflective of multiple submissions of the same coins. Considering the very sizeable premium awarded for a higher grade in this key date, it's quite possible that a third or more of the eleven AU-50's may be the same coin. Clearly, the coin collecting industry is ripe for an auditable, forensic system of coin identification to correct such misrepresentations and to more fairly reward the coins that really do exist. But that's a subject for another time.
The rest of the known population of 1870-CC $10 eagles are certified in VF through XF condition. But regardless of the grade, this is a really tough date to fill for any collector regardless of the depth of one's financial resources. Perhaps there is no more revealing example of this point than when examining the 1870-CC $10 gold eagles owned by the big boys... the Carson City "Knights of the Round Coin Press"... Eliasberg, Biltz and Mr. Battle Born. Respectively, they own(ed) this date in VF, XF and AU 50 condition!
The 1870-CC $10 was once thought to be the key date in the Carson City gold series. But the 1870-CC $20 Double Eagle eventually took over the number one spot and has held on to that airy position ever since. Winter writes that the 1870-CC $10 coin is an undervalued rarity. Who could possibly argue, especially when comparing the populations and published values with those of the top dog, the 1870-CC Double Eagle in similar grades?
Almost every one of the 19 dates in the $10 gold eagle series produced at the Carson City mint is held in numismatic esteem by amateur coin collectors and professionals alike. But, due to its unique "first ever" lineage, it's safe to say the 1870-CC $10 would be among the most desired numismatic collectibles even if 500,000 gold eagles of this date had originally been produced at the little branch mint in Carson City.
The Rian's Bequeath Carson City Coin Collection was fortunate to have been given the opportunity to acquire this outstanding example of the 1870-CC $10 gold eagle and I am honored to present the coin to you today as the Carson City Coin of the Week.
Respectfully.....Belay Off
C4OA Lifer!
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