1891-CC Gold Eagle CC Coin of the Week Oct. 17, 2010

The 1891-CC Eagle is far and away the most common coin of all Carson City minted, gold coins. But this large group of extant examples can be found something of extreme rarity within the Carson City group of gold coins...a fairly large selection of relatively high grade, uncirculated business struck coins. The key word here being "relatively". This qualifier speaks to the average surface condition found on Carson City minted gold coins as compared to their cousins from other branch mints. Carson City gold coins have surfaces with considerably more abrasion, bumps and dings and materially less luster.

An experienced Carson City gold coin collector is more likely to be aware of the differences in surface condition between CC coins and those minted elsewhere. However, the average "type" coin collector rarely gets into the arcane nuances of coin mintage as such differs from one branch mint to another. Instead, a type collector, especially a novice type collector, is more of a generalist. One important benefit for the generalist, type collector arises when searching for a coin to fill a certain denomination and "date range". Except for a few "one or two year only" type coins, most type slots within their respective date range can be filled with a fairly large number of date and branch mint choices. As such, the type collector has an opportunity, subject to budget of course, to acquire some truly spectacular, pristine and lustrous coins.

So, imagine the surprise, and possibly even disappointment, when a type collector first becomes intrigued with Carson City gold coins and begins searching for examples to collect. One of the first, and most difficult, facts the CC convert must learn to accept is that Carson City gold coin surfaces are typically abraded, dinged and a lot more banged up when compared to other "type" coins of the same year but from other mints, especially Philadelphia. Take it from me, it's a little like learning about a whole different sub species of coin within the larger family of US coins.

This whole issue of surface condition relativity caused this collector to acquire his 1891-CC Eagle twice. As described above, I was a type collector before discovering Carson City coins. I've always had an interest in the coins minted in the middle of the wild west. However, that interest was limited to filling my 1870 through 1893 date range type coins with coins minted at Carson City.

When I acquired an 1891-CC $10 Eagle, MS-61 PCGS to fill my 1866 through 1907 Liberty Coronet, $10 gold coin type slot, I was thrilled and felt I had found a super coin. I believed that any CC gold coins found in mint state were extremely difficult to find, so I snatched up the MS-61, 1891-CC Eagle when the opportunity came my way. Unfortunately for me, I did not realize that the 1891-CC date is the only Carson City gold eagle date with a fairly large selection of high grade coins extant.

Four years later, sitting in Rusty Goes office at Southgate Coins in Reno, Nevada, I was glassing one of the most stunning, $10 gold coins I have ever had the pleasure of inspecting. The coin was an 1891-CC $10 Eagle in an MS-63 NGC holder! The coin made my MS-61 example look like it might win third place at my grand-daughter's PTA coin show. Needless to say, the MS-63 coin has now replaced the MS-61 both as the 1891-CC date example in my CC Eagle series collection as well as the date-range example in my type collection.

The 1891-CC Eagle is the only date in the entire CC eagle series where such a large number of fairly high standard examples can be found. In fact, there are nearly as many examples of this date known today as there are for all the other dates of Carson City eagle combined. Accordingly, the 1891-CC Eagle is the one date in the ten dollar gold coin series where you will find quite a few exceptions to the typical poor surface quality found on most gold coins minted at Carson City. Take your time and raise your acquisition standards for this date just a bit before getting out your wallet.

The 1891-CC Eagle is generally well struck and can frequently be found with a good amount of frosty luster. Douglas Winter, in Gold Coins of the Carson City Mint, points out that several proof-like examples exist. My research show 13 1891-CC Eagles graded by NGC as proof-like.

Of the original mintage of 103,732, something over 3,000 extant examples have been certified between PCGS and NGC in all grades. Of these, around 1,900+ have been certified as mint state ranging from MS-60 to MS-63. A miniscule eleven coins have been graded MS-64, eight of these are in NGC holders and three are in PCGS holders. A lone MS-65 example resides in an NGC holder.

The population one, MS-65 NGC example of the 1891-CC Eagle just sold at the Long Beach Auction in September, 2010 for $74,750. On the other end of the spectrum, a person can buy an MS-60 or MS-61 example for under $2,500.

There are three varieties of the 1891-CC Eagle, two of which concern different date and mint mark placements. The third variety involves a re-punched mint mark, sometimes referred to as the "CC/C" variety.

For all of you who are working on your ten piece Carson City type collections, I heartily recommend that you select the Carson City Coin of the Week, the 1891-CC Eagle, to fill your ten dollar CC gold coin slot.

Belay Off

With gold price going up each day it is not too late to buy 1891 CC $10 coins.

PCGS lists the following prices,

AU55 $1,295
MS60 $1,750

and if you are looking for a special specimen MS64 is listed at $37,500.

A couple of years ago I bought the above coins for less than $2,000 each.

John Armonas

The Scotsman Auction in St.Louis last Friday (15th) offered an XF-45 1891-CC Eagle. It hammered at $760.00 ($874.00 after Buyers Fee). You can view it at scoins.com. I was out of town and didn't bid, but their auctions do offer some pretty nice coins at reasonable prices.

mcfly

McFly,

As both you and Litas point out, there are some very good values to be had for this date of CC Eagle. In my opinion, carefully selected examples in MS-61 through MS-63, may offer the most bang for the buck and have the best upside potential as investments.

Belay Off

Belay Off,


You write:

In fact, there are nearly as many examples of this date known today as there are for all the other dates of Carson City eagle combined.

This is an interesting statistic for "CC" coin collectors. With 19 dates in a set of Carson City $10 gold pieces, my estimated maximum number of survivors, for all years, is 10,000 coins. My estimated maximum number of 1891-CCs extant is 4,500 pieces (the combined PCGS-NGC population stands today at about 3,900, of which we must subtract 10% - 15% for cross-overs and resubmissions). This leaves an estimated maximum number of 5,500 coins spread out over 18 other dates (the 1892-CC accounting for approximately 1,200 of that number).

This is one reason why the 1891-CC eagle is a 10-piece "CC" coin type set collectors best friend.

Rusty

Hi Belay

Once again, a great article on a very special "CC" gold eagle.
Yep...the 1891-CC $10 date is considered common....however, we must all keep in mind that there are still far less of these "CC" eagles than the fabled rarity 1909-S VDB Lincoln cent.
Bang for the buck says that the 1891-CC eagle has it all over the rare penny when it comes to investment value.
Some future day, when more collectors become aware of the discrepancy, this 1891 could soar in value. Until then, this is the one for the type set collectors.
I see by all the pictures accompanying your post here, there is a wide variance in eye-appeal despite grades....as you stated Belay, "carefully selected" will be the difference in future values.
I must again comment on how much I enjoy your COW posts

thedrummer