1881 - CC-$10 Gold Eagle CC Coin of the Week - 05-23-10

In 1881, the U.S. Senators from the State of Nevada were Comstock local boys, so to say, with James G. Fair joining John Pervival Jones in the Senate. Jones had been serving in the Senate since 1873, he had lived in Gold Hill, just south of Virginia City, and made big money with the Crown Point mine. Fair, starting his first (and only) term, was one of the "Big Four" who owned a few of the biggest producing mines on the Comstock. You would think that with two Senators with such close ties to the precious metals of the area, the Carson City mint would have a loud voice in Washington. No. At least Jones championed for the twenty cent piece in his first term which gave the mint a little work, but Fair didn't do much. He was more absorbed in the social status of being a United States Senator than doing anything to help the cause of the mint in Carson City. After one term, he was gone.

1881 was a volatile year for the Carson City mint. One issue that it dealt with was a shortage of bullion needed for coin minting. While the other mints were producing silver dollars with mintage totals of near or over ten million from each mint, Carson City made only 296,000. It produced no double eagles for that year and the gold coins it did produce, eagles and half eagles, totaled only 37,901. An article fron the "Reno Weekly Gazette" pointed a finger at Senator Fair for not doing more and getting involved in keeping the mint in operation. It also stated that Fair and his partners of the Consolidated Virginia and California mines were sending their metals to San Francisco to have it refined there at their own refinery. The article also stated that the bullion from Fair's mine would be enough to keep the mint operating. A display of a lack of loyalty from Fair to the area that made him who he was.

Another mark against the mint was the charges that mint employees were stealing precious metal from the mint. An agent from the Secret Service was sent to investigate. In the course of his investigation, citizens of Carson City gave him so much false information leading him on nothing but a series of wild goose chases, that he got nowhere and reported back to headquarters that "Any community where so many people seem determined to shield criminals is not a good place for a mint." Probably not the best publicity the mint could have.

There was an increasing demand for gold coins in values of less that twenty dollars and in 1881 production of the eagles responded to those demands with the nation's mints putting out a combined total of 4,879,625 eagles. Of that total Carson City minted just 24,015. New Orleans made less with a total of 8,350, but made up for it producing 5,703,000 silver dollarss. In comparision, Carson City total coinage face value equaled just $605,580. But the 24,015 eagles minted could be considered a good year for eagle production when you think about the fact that it equaled the combined total mintage of C.C. eagles of the five years previous.

The 24,015 mintage total for 1881 C.C. eagles was the higest total struck at the mint up to that point and would go on to be the most common date Carson City eagle struck prior to 1890. It is estimated that as many as 525 probably survive. In circulated grades, grades below MS-60, it can be found with no difficulty and are the least expensive of the C.C. eagles minted in the 1880s, and even somewhat available in uncirculated grades up to MS-61, after that, you're on your own.

On the subject of strikes of the 1881 C.C. eagle, they can be found generally reasonable sharp, however a majority have some weakness on the hair about the face and above the ear. A much sharper strike is found on the reverse, with strong detail except on the eagle's neck feathers. It is among the better struck eagles from the Carson City mint made during the 1880s.

The luster is considered slightly above average, frosty and a bit satiny texture. The eye appeal of the 1881-C.C. eagle is said to be better than any other eagle produced fron Carson City of the 1880s. There are a number of examples that have copper spots or mint made grease stains which gives it a look of black streaks in the planchet.

Of die varieties, there is only one currently known. Variety 1-A has the date large, placed low in the field, slanting downwards slightly. Some have been seen with light repunching on the base of the first "one" of the date. The mintmark is tall and widely spaced with the first C higher that the second. A thin die crack shows through the 81 and to the right of the date on older die states.

Values are as follows as found in NumisMedia: VG- $770, F- $830,
EF- $1060, AU50- $1230, AU55- $2130, MS60- $6,590.

1881 was not a particulary good year for the Carson City mint, the next few years, however, would be better, by Carson City standards. But the mint was entering the autumn of its existance and with autumn, there casts long shadows of uncertainty. The sun, though it was still shining, would soon start to set on the mint, but for now, and the next few years, the sun cast a hue of hope that the mint would continue, but sooner or later, the sun finally sets.

Great article, Randy. I like the imagery "... with autumn, there casts long shadows of uncertainty." And the Senator Fair (or Senator Not Fair) story. Another one for the Chronicle. I am going to have to step it up next time... :laugh:

Very interesting article Randy. I did not remember that the local Carson City folks gave the investigator misleading information. Thanks for pointing me to the write sources. I've already reread the section in The Mint on Carson Street.

Below are photos of my two 1881-CC Eagles. These two could be the "poster child" examples for promoting "knowledge based coin selection". Unfortunately, the photos do not show the huge differences between the coins. Take my word for it, the first 1881-CC Eagle graded MS-61 cannot hold a candle to the second coin, the 1881-CC AU-58 $10.

I bought the 1881-CC AU-58 Eagle last year when visiting Rusty and the crew at Southgate Coins. I was not even looking for an 1881-CC Eagle for my collection as I already owned the MS-61 example. But when I saw the AU-58, I about fell over. The photo does not capture the dramatic luster and tremendous eye appeal of the coin. This was the only time I can recollect when I actually dropped not one, not two but three grades while IMPROVING a date-denomination example in my collection. I paid more for the 1881-CC AU-58 Eagle than I did for the 1881-CC MS 61 Eagle and did not baulk once about doing so.



Thanks..Belay Off

Hey Belay,
Rusty does mention it in his book, 'Mint on Carson Street' on page 78, second column. I first ran across it in that old book 'Mint Mark "CC"', written in 1972 by Howard Hickson, if you have that book he makes mention of it on page 51. Look forward to seeing your pictures of this coin, I currently do not possess an 1881 eagle and would appreciate you posting pictures of yours. Thanks.

And thank you Garry,for the kind words on the article. Sorry I was late in getting it posted. I must confess, I was watching the last episode of "Lost" last night. Thanks again.

Hey guys!

I will be gone about three weeks on vacation starting today and just wanted to remind our COW writers that the next three articles are as follows;

LITAS - May 30

Blu62vette - June 6

Sierra Biker - June 13

Thanks guys!

Belay Off

Great article Randy. It appears that the Carson mint really got dissed in it's day. I provided a picture of my 1881-CC $10 (PCGS AU-50).
Sorry I didn't respond sooner but I have been out of town. Better late than never I suppose!

Michael the beachbum drummer