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1878-CC $5 Gold CC Coin of the Week - 11-21-2010
14 years 1 month ago - 14 years 1 month ago #1653
by coindrummer
1878-CC $5 Liberty Gold Piece
…from the drummer collection
1878: The end of the old, the beginning of the new…
The year 1878 was a transitional year for Carson City coinage. It was a year of old endings in simultaneous conjunction with new beginnings. It was the final year for small change coins (dimes, quarters and half dollars) bearing the “CC” mintmark…and the final year of the fairly short-lived Trade dollar series which ran from 1873 through 1878 with the exception of P-mint proof only issues which continued their run from 1879 through 1885.
It was also the year of new beginnings, namely the Bland-Allison coinage act that ushered in the now famous Morgan dollar. Named for the British engraver George T. Morgan, the dollars minted at the Carson City facilty (sometimes referred to as “cartwheels”) have gone on to become one of the most highly collectible coin types of our times. In an interesting side note, 1878 U.S. president Rutherford B. Hayes actually vetoed the Bland-Allison act. Thankfully for today’s coin collectors, especially Morgan dollar specialists, his veto was overturned by Congress.
The State of the Union in 1878
Many people refer to these times in our U.S. history (1869-1896) as the “gilded age.” The term is derived from a book published in 1873 by Mark Twain and Charles Dudley Warner entitled The Gilded Age: A Tale of Today. The term gilded refers to the process of gilding and was meant to poke fun of ostentatious display. But “gilded” times they were as Americans were enjoying a period of minimal government interference and were able to build and prosper. These U.S. post civil war times were abundant with opportunities in every field of endeavor and our country was clearly in an upwards boom trend. Highly respected Carson City mint superintendent James Crawford was in full stride in his 4th year as head of that institution.
The Carson City Mint Gold Issues of 1878
The Carson mint facility produced three gold issues in 1878:
Half eagles – Mintage: 9,054 of which there are an estimated 75-90 survivors in all grades today.
Eagles – Mintage: 3,244 of which there are an estimated 70-80 survivors in all grades today.
Double Eagles – Mintage: 13,180 of which there are an estimated 390-450 survivors in all grades today.
Clearly, the “CC” $10 gold pieces are the rarest of the three with the $5 gold pieces close behind in second place rarity. All three issues are considered rare and highly prized by collectors today. It is my guess that the production totals for all “CC” gold for the year 1878 this was lowered because of the Bland-Allison act and its resulting high volume of Morgan silver dollar production.
1878-CC Gold Half Eagle
The featured subject in this article is of course the 1878 “CC” half eagle. It is estimated that 1% or less from the total mintage figure of 9,054 are in existence today. In 2003, one specimen was graded MS-63 by NGC as the finest known. Until then, this date was unknown in the Uncirculated grades. There are three AU-58 examples tied for 2nd finest known. The 1878-CC half eagle is comparable in over-all rarity to the 1870-CC and 1873-CC half eagles. It is virtually in a 3-way tie with the 1872-CC and 1876-CC half eagles for rarity in Uncirculated condition. To further demonstrate the rarity of this date I will provide a mintage comparison for 1878 $5 gold issues from all the US mints: (Survivor figures show inaccuracies due to resubmissions)
Philadelphia Mint: Mintage – 131,720 (plus 20 proof issues)
Estimated Survivors – 600 plus*
San Francisco Mint: Mintage – 144,700
Estimated Survivors – 500 plus*
Carson City Mint: Mintage – 9,054
Estimated Survivors – under 100
*PCGS & NGC
Strike Characteristics
The 1878-CC half eagle is generally not a particularly well struck issue. There’s only one known die marriage for this date and thus one known variety. Most issues show a soft strike which can sometimes make the coin appear to be more worn than is the actual case. On the obverse the area’s most prone to weakness is the hair around Liberty’s face, ear, top of the hair and bun. As usual, the reverse strike tends to be a bit sharper with the exception of weakness on the eagle’s neck. As is the case for all rare Carson City mint gold issues, surfaces tend to be heavily abraded or “baggy” from the heavy commercial usage they were put through. It is most difficult to find one with exemplary eye-appeal. When a spectacular issue does come to market, the prices are off the scale.
Pricing
Listed here are typical grade/price levels. Keep in mind that these are “ball-park” figures and prices can vary greatly. (Figures courtesy of U.S. Coin Digest)
VF-20 $3,100
XF-40 $7,200
AU-50 $20,000
MS-60 $60,000
My 1878-CC $5 Liberty Gold Piece
I only wish that I could provide you with a picture of a higher graded example. Mine is a PCGS graded VF-20 specimen. Yes, I would love to own one in a higher grade….wouldn’t we all! In fairness however, my piece presented here is an evenly worn coin with an over-all pleasing look and no problems worthy of mention. There’s still plenty of detail remaining and the coin portrays an attractive light-orange color. I wouldn’t think of resubmitting this particular coin as I believe it to be graded accurately. I have personally seen examples of this date with very poor eye-appeal sell for far more than I paid for mine. I’d have to fairly state that I have received much satisfaction as an owner considering the price I paid for it. The only known pedigree for my example shown here is the satisfying knowledge that it has obviously seen high use in the hands of its many previous pioneer owners during its long and historically rich life. The scratches you see in my picture belong to the surface of the PCGS slab and thankfully not the coin.
Die Variety 1-A
There’s only one known die variety
“The date is placed somewhat low in the field and it slants downwards from left to right. The mintmark is even and somewhat compact. The edge of the arrow feather is located over the right side of the first C.”
(Die Varieties courtesy of Gold Coins of the Carson City Mint by Douglas Winter, edited by James L. Halperin.
Mintage/survivor figures courtesy of The Mint on Carson Street by Rusty Goe)
1878 Historical Events
January American poet Carl Sandburg is born in Galesburg, Illinois on January 6th
February Frederick Thayer patents the baseball catcher’s mask (pat# 200,358)
April American actor Lionel Barrymore is born in Philadelphia Pennsylvania
May U.S. mints stops production of 20 cent coins
May Gilbert and Sullivan opera HMS Pinafore premieres in London
June Mexican Revolutionary Pancho Villa is born in Durango Mexico
August American Bar Association is organized in Sarasota, NY
September Cleopatra Needle installed in London
October Edison Light Co. incorporated and made available for household usage
December Joseph Pulitzer buys and begins publishing the St. Louis Dispatch newspaper
By Michael Parrott the drummer
C4OA Lifer!
1878-CC $5 Gold CC Coin of the Week - 11-21-2010 was created by coindrummer
1878-CC $5 Liberty Gold Piece
…from the drummer collection
1878: The end of the old, the beginning of the new…
The year 1878 was a transitional year for Carson City coinage. It was a year of old endings in simultaneous conjunction with new beginnings. It was the final year for small change coins (dimes, quarters and half dollars) bearing the “CC” mintmark…and the final year of the fairly short-lived Trade dollar series which ran from 1873 through 1878 with the exception of P-mint proof only issues which continued their run from 1879 through 1885.
It was also the year of new beginnings, namely the Bland-Allison coinage act that ushered in the now famous Morgan dollar. Named for the British engraver George T. Morgan, the dollars minted at the Carson City facilty (sometimes referred to as “cartwheels”) have gone on to become one of the most highly collectible coin types of our times. In an interesting side note, 1878 U.S. president Rutherford B. Hayes actually vetoed the Bland-Allison act. Thankfully for today’s coin collectors, especially Morgan dollar specialists, his veto was overturned by Congress.
The State of the Union in 1878
Many people refer to these times in our U.S. history (1869-1896) as the “gilded age.” The term is derived from a book published in 1873 by Mark Twain and Charles Dudley Warner entitled The Gilded Age: A Tale of Today. The term gilded refers to the process of gilding and was meant to poke fun of ostentatious display. But “gilded” times they were as Americans were enjoying a period of minimal government interference and were able to build and prosper. These U.S. post civil war times were abundant with opportunities in every field of endeavor and our country was clearly in an upwards boom trend. Highly respected Carson City mint superintendent James Crawford was in full stride in his 4th year as head of that institution.
The Carson City Mint Gold Issues of 1878
The Carson mint facility produced three gold issues in 1878:
Half eagles – Mintage: 9,054 of which there are an estimated 75-90 survivors in all grades today.
Eagles – Mintage: 3,244 of which there are an estimated 70-80 survivors in all grades today.
Double Eagles – Mintage: 13,180 of which there are an estimated 390-450 survivors in all grades today.
Clearly, the “CC” $10 gold pieces are the rarest of the three with the $5 gold pieces close behind in second place rarity. All three issues are considered rare and highly prized by collectors today. It is my guess that the production totals for all “CC” gold for the year 1878 this was lowered because of the Bland-Allison act and its resulting high volume of Morgan silver dollar production.
1878-CC Gold Half Eagle
The featured subject in this article is of course the 1878 “CC” half eagle. It is estimated that 1% or less from the total mintage figure of 9,054 are in existence today. In 2003, one specimen was graded MS-63 by NGC as the finest known. Until then, this date was unknown in the Uncirculated grades. There are three AU-58 examples tied for 2nd finest known. The 1878-CC half eagle is comparable in over-all rarity to the 1870-CC and 1873-CC half eagles. It is virtually in a 3-way tie with the 1872-CC and 1876-CC half eagles for rarity in Uncirculated condition. To further demonstrate the rarity of this date I will provide a mintage comparison for 1878 $5 gold issues from all the US mints: (Survivor figures show inaccuracies due to resubmissions)
Philadelphia Mint: Mintage – 131,720 (plus 20 proof issues)
Estimated Survivors – 600 plus*
San Francisco Mint: Mintage – 144,700
Estimated Survivors – 500 plus*
Carson City Mint: Mintage – 9,054
Estimated Survivors – under 100
*PCGS & NGC
Strike Characteristics
The 1878-CC half eagle is generally not a particularly well struck issue. There’s only one known die marriage for this date and thus one known variety. Most issues show a soft strike which can sometimes make the coin appear to be more worn than is the actual case. On the obverse the area’s most prone to weakness is the hair around Liberty’s face, ear, top of the hair and bun. As usual, the reverse strike tends to be a bit sharper with the exception of weakness on the eagle’s neck. As is the case for all rare Carson City mint gold issues, surfaces tend to be heavily abraded or “baggy” from the heavy commercial usage they were put through. It is most difficult to find one with exemplary eye-appeal. When a spectacular issue does come to market, the prices are off the scale.
Pricing
Listed here are typical grade/price levels. Keep in mind that these are “ball-park” figures and prices can vary greatly. (Figures courtesy of U.S. Coin Digest)
VF-20 $3,100
XF-40 $7,200
AU-50 $20,000
MS-60 $60,000
My 1878-CC $5 Liberty Gold Piece
I only wish that I could provide you with a picture of a higher graded example. Mine is a PCGS graded VF-20 specimen. Yes, I would love to own one in a higher grade….wouldn’t we all! In fairness however, my piece presented here is an evenly worn coin with an over-all pleasing look and no problems worthy of mention. There’s still plenty of detail remaining and the coin portrays an attractive light-orange color. I wouldn’t think of resubmitting this particular coin as I believe it to be graded accurately. I have personally seen examples of this date with very poor eye-appeal sell for far more than I paid for mine. I’d have to fairly state that I have received much satisfaction as an owner considering the price I paid for it. The only known pedigree for my example shown here is the satisfying knowledge that it has obviously seen high use in the hands of its many previous pioneer owners during its long and historically rich life. The scratches you see in my picture belong to the surface of the PCGS slab and thankfully not the coin.
Die Variety 1-A
There’s only one known die variety
“The date is placed somewhat low in the field and it slants downwards from left to right. The mintmark is even and somewhat compact. The edge of the arrow feather is located over the right side of the first C.”
(Die Varieties courtesy of Gold Coins of the Carson City Mint by Douglas Winter, edited by James L. Halperin.
Mintage/survivor figures courtesy of The Mint on Carson Street by Rusty Goe)
1878 Historical Events
January American poet Carl Sandburg is born in Galesburg, Illinois on January 6th
February Frederick Thayer patents the baseball catcher’s mask (pat# 200,358)
April American actor Lionel Barrymore is born in Philadelphia Pennsylvania
May U.S. mints stops production of 20 cent coins
May Gilbert and Sullivan opera HMS Pinafore premieres in London
June Mexican Revolutionary Pancho Villa is born in Durango Mexico
August American Bar Association is organized in Sarasota, NY
September Cleopatra Needle installed in London
October Edison Light Co. incorporated and made available for household usage
December Joseph Pulitzer buys and begins publishing the St. Louis Dispatch newspaper
By Michael Parrott the drummer
C4OA Lifer!
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