1892 $20 Gold Carson City Coin of the Week, 2/5/11

1892 was not the best year for the Carson City nor was it the worst, still things were not shaping well for the future. Grover Cleveland won the election beating out Benjamin Harrison for his second term as President, becoming the first and only president to serve two terms, but not successive. The repercussion to Cleveland's election would be felt in Carson after the next year.

Scandals were no stranger to the Carson City Mint, some had truths and some were invented maliciously as to bring about demise to the mint the people of Carson loved so much. One such was in March of 1892, the Mining Stock Association of San Francisco claimed that the mint was taking deposits of bullion larger than allowed by law and they were taking deposits after hours. By law a depositor could only deposit a maximum of 10,000 ounces at a time and the accusations were that the mint was taking more that the max and entering it as if it were made by more that one person by listing false names, though payment went to the original depositor.

Superintendent Samuel Wright answered these claims, that this was a practice done by all the mints in the country and nothing unique with just the Carson City mint, and that the mint in the past had been accepting deposits after hours. He explained that the Wells Fargo shipment came in around 7:00 PM and the mint was open ro take this arrival. He also stated that "not one ounce of metal could be stolen without conspiracy among all employees." After Superintendent Wright's explaination, there was no investigation made. In August 1, 1892, 61 year old Samuel Colman Wright died from dropsy. He was replaced by Theodore R. Hofer, who would be the last C.C. Mint superintendent while it minted coins.

On a brighter side, business at the mint was not too bad by Carson City production standards. Total production of coins was 1,502,233 for 1892 and of the 21 years the mint was coining, just seven other years had produced more. Those coins of 1892 had a face value of $2,712,140.00 of which nine other years totaled more. Carson City double eagles numbered a total of 27,265 examples for 1892.

Of the 27,265 1892 C.C. double eagles minted it is estimated that approximately 1,100 survuved in all grades placing it around ninth in rarity of the ninteen different dates of the Carson City double eagle series. A good number found their way overseas for payments and were stored for the most part from the time they were struck, so most examples can be found in grades of Extreamly Fine and above of which around 880 examples are in E.F. to A.U. and approximately 200 in uncirculated grades. MS-63 is the highest certified grade, no known examples grade higher that MS-63.

Eye appeal of a typical 1892-C.C.double eagle is considered slightly above average with most showing a good strike and having good luster, but like most C.C. coins, are moderately bag marked. The surfaces are often seen with deep dense abrasions and the ones with fewer marks will bring stronger primiums. Some even show light to moderate copper spots.

The luster most commonly seen is frosty but there are some nice prooflikes that exist with few having deep reflective surfaces on both the obverse and reverse sides. The quality of the luster on this date is said to be among the best of the C.C. double eagles.

The strike is reasonably well on this date. The obverse, sharp at the center with strong hair definition. It tends to be weaker towards the boarder of the coin with noticeable weakness in the detail of the stars. The denticles show random areas of weakness as well. The reverse shows better overall striking.

There is a single variety that deals with date placement and mintmark size, but it doesn't amount to anything drastic for a price difference. Other varieties may exist, but not known.

Pricing is as follows in according to the PCGS website price guide, and as with all price guides, the pricing is an estimate, not the rule.
VF30- $2,300 / EF40- $2750 / AU55- $4,750 / AU55+ $5,200
MS60- $9,500

The 1892 Carson City double eagles has had its overall rarity levels as well as its high grade rarity levels most affected by the discovery of hoards. It is today among the more available double eagle from the C.C. Mint. Enjoy.

Randy,

A very interesting report on the 1892-CC Double Eagle. It continually amazes me how much rancor and political bad will was aimed at this little mint in Nevada. Your article points out yet another instance of mud slinging with the aim of damaging the Carson City mint's credibility.

A well research piece...good work!

Belay Off

Randy,

You have provided a thorough profile of the 1892-CC $20 gold piece.

You included information on the following topics:

• U.S. history
• Carson City Mint history
• Carson Mint employees
• Mintage totals for 1892
• Survival population estimates
• Physical characteristics of 1892-CC double eagles
• Price estimates

And you sectioned off your paragraphs with good spacing.

Well done all around.

Rusty

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Thanks,

Rusty

Excellent job Randy, and very informative.

Loosechange

Nice Job Randy!

I do not own any "cc" Double Eagles "yet"
but I suppose a 92 may very well be a good choice to begin with.
(considering they can be found with a good strike and luster)
It is always nice to add the history and facts to the coin in hand
and you certainly have provided this here.
Seems like an affordable date through an XF grade, that is, if you can
find them anywhere even near the guide prices???
Anyone in the C4OA own one of these with a proof-like finish???

Tom DeFina