1875-CC $20 Gold Carson City Coin of the Week 12-26-10

Forgive me my C.O.W. brothers for my posting late as the Holidays threw my scheduling all out of whack. Anyway, here it is.

The year of 1875 for the cities of Carson and Virginia could be called "a tale of two cities". In Carson City, the mint was being its most productive to date. Only in 1876, would its total output be greater. More on that in just a bit.

In Virginia City they were in their second year of the "Big Bonanza" and while the mines were producing rich numbers in bullion production, newspaper reports of over exaggeration of the total size and value of the Bonanza ore bodies, produced an unstable stock market. Even the Director of the United States Mint, H.A. Linderman, after a personal inspection with an expert, one Prof. R.E. Rogers of the University of Pennsylvania, stated that the Consolidated Virginia mine alone would produce $50,000,000 a year for the next ten years! He was way off, waaay off. Uncertainty in the market caused mining stocks to fall, fortunes that had been made were wiped out for those who had bought on margins. But the people of Virginia City were "mining camp people" who were used to fortunes coming and going but always looking for a brighter future. They still had their "Big Bonanza" and the market would correct itself. Then came the fire.

Just after six o'clock the morning of October 26 in 1875, a coal-oil lamp was knocked over and broke during a drunken romp by tenants at a boarding house up on "A" Street that was ran by Kate Shea, a.k.a. "Crazy Kate." There had been no rain for months and most of the buildings were constructed with wood that was extremely dry because of the lack of rain and couldn't be better fuel for fire. The fire spread quick, add the winds known as the "Washoe Zephyrs" sweeping down Mt. Davidson, and the city was soon under siege of a fire storm. The fire department and other volunteers worked feverishly to contain the flames and keep them from reaching the mines. They worked for nearly eight hours and the fire finally was out but not before destroying about a third of the town. A few hoisting houses of the mines were burned, but the mines themselves were saved. A lot of the business district and several residents houses were lost and about two thousand people were homeless, but the spirit would not be broken. After the fire, the debris was cleared and reconstruction began. Within a year's time, the city was rebuilt.

In Carson City, things were a little more plesant. The Mint was moving along steadily with a total face value coinage output of $4,963,168, the most productive since the mint opened in 1870 and only a face value production of $6,402,215 in 1876 would be more. But for 1875, mint personnel could be happy with their progress. Although silver coinage took most of the production totals in 1875 at the C.C. mint, gold production was steady with almost $2.4 million in face value produced, but it would be $277,127 less than the gold output of 1874. The half eagle and eagle made for most of the drop with those denominations numbers being far scarcer than the 1875-CC double eagle

The total mintage of 1875-CC double eagles was 111,151, real close to the totals of the previous year (which was 115,085). In contrast, mintage totals for double eagles in San Francisco were 1,230,000 and in Philadelphia was 295,720. Carson City still coming in third. The survival rates are higher for the 1875-CC double eagle, being approximately 35% more than the 1874-CC double eagle. About 3,600 1875 survive in all grades compared to around 2,500 for the 1874-CC double eagle. With approximately 800 in uncirculated grades, it is the most easily obtained CC double eagle in mint state grades from the 1870's, or for that matter, of the ninteen different dates of the CC double eagle series. About 2,500 estimated to survive in EF to AU making it easy to find in grades of Very Fine and above.

Of strikes, the 1875-CC double eagle is seen with good overall detail, with well defined hair and radial lines in the stars for the obverse. On the reverse, sharp feather definitions on both wings. Then there are others with weakness in the Liberty's hair, stars that appear flat on the obverse side, incomplete difinition of the shield and weakness in the feather tips on the reverse. Still it is considered overall to be the best struck type two double eagle minted in Carson City.

Luster is said to be the best of all Carson City double eagles ranging from very frosty to almost full prooflike.

The surfaces of most 1875-CC double eagles, notorious with CC coins, show numerous abrasions, but it is possible to find some with just a few small scattered marks. Many have also been seen with mint made copper spots that can be detracting.

Of die varieties, there are two types that have to do with date positioning and mint mark location which are not significant enough to command any kind of premiums. There are probably more minor varieties yet to be found.

So, what can you expect to pay for an 1875-CC double eagle? Well according to NumisMedia's Fair Market Value Guide, and again I stress that this is just a guide as the prices are most likely a bit on the low side of reality. Any way, a ball park estimate is as follows: VF- $2100, EF- $3200, AU50- $2600, AH55- $3300
MS60- $5400.

The 1875-CC double eagle is another CC double eagle that is of the easier to find and be purchased without mortgaging the farm to get one. It represents a time in the "Old West" that was the turning point when old ways were being pushed out and the new ways of technologies would force their ways in. Trans-continental railroads, telegraph comminication followed soon by the telephone and then electricity would becoming common in everyday life. But then that is why we collect coins, to hold on to the memories of yesteryear, to be part of their preservation, so that they may never die out and be forgotten. Enjoy your collection.

Excellent article Randy. I have been to Virginia City a couple of times and it is amazing how the fire did not destroy the whole town. I have seen a couple of 1875-CC twenties that exhibit proof like surfaces. It would make a great coin for a type set for sure.

Loosechange

Hi Randy

It looks like you've done your homework on this weeks' COW...the 1875-CC $20.
It's amazing that Virginia City even survived that fire of 1875. If the fire had happened perhaps 10 or so years later, the mine production was low enough that the town may have never rebuilt at all.
I hope one of our members will provide a nice picture (or 2) of this great coin.
Keep up the good work Randy.
Happy New Year to you and yours!

the drummer

Randy,

A terrific article evoking the spirit and excitement of the Comstock.
It really was the "wild west" wasn't it?

Belay Off

Randy,

You sure put a lot of effort in research for this posting. All I have to add to your posting is an image of 1875-CC $20 AU-58. How are you doing with imaging of coins? In March, 2011 in Sacramento, CA will be a course on "Fundamentals of Digital Photography". It is $178 for ANA members.

John Armonas

Randy,

You wrote:

But then that is why we collect coins, to hold on to the memories of yesteryear, to be part of their preservation, so that they may never die out and be forgotten.

Your COTW posting fortifies this statement. You provided many highlights of what was happening in 1875.

Many 10-piece "CC" coin type set collectors love 1875-CC double eagles, because as you pointed out, examples of this date are available and you can usually buy one

without mortgaging the farm....

You are correct when you say

I stress that this is just a guide as the prices are most likely a bit on the low side of reality....

Because prices realized for nice examples of 1875-CC twenties are higher than NumisMedia's (and other published price guides) estimates.

Good job!

Rusty