1880-CC $10 Gold Carson City Coin of the Week 5/29/11

While researching the year 1880, I came across the 1880 census report which had a number of pages on mining of precious metals and included detailed information about mining operations in California, Nevada and Colorado. If able to decipher the metallurgic jargon, it wouol make for some interesting analysis for our readers of Curry's Chronicle.

The Carson City mint had been in operation for one decade. The 1880 census report stated: “The production of this state [Nevada] shows a considerable decline as compared with that of the preceding six years.” The report said that this was not due to any general falling off of the prosperity of the mining industry in the state, but due to the decrease in the yield of the leading source, the Comstock Lode. "From 1871 to 1879, Nevada had outranked all the other states and territories in its output of precious metals; but in the present census year, [June 1, 1879 thru May 31, 1880] it has fallen to the third place, having been passed by both California and Colorado.“ Further, “An important discovery of ore in the Comstock would perhaps raise Nevada again to the first rank. And even without any striking new developments, there is still a reserve of low grade ore and tallings remaining unworked, sufficient to give a large and steady product for many years to come.”

The numbers are startling. The report goes on to tally the yield of the Comstock in 1876 and 1880 according to “Mr. Del Mar’s careful analysis”.

.......................1876..........................1880

Gold.........$18,002,906............$3,100,156
Silver........$20,570,078............$3,813,174

Total.........$38,572,984............$6,913,330

These numbers show a decline of $31,650,654 or 82.06%. However, another interesting point made in the report was that even with the reduced output, Nevada remained the richest of the mining states and territories, per capita. This is because if the annual output were distributed equally, every man, woman and child would have received $278.14.

Another interesting fact was one that was not reported in the census. The mintage figures for Carson City certainly show a steep decline in 1880 as compared to 1876, but the total value of the output of Carson City in 1880 was only $957,958, representing $591,000 in silver and $366,958 in gold. Where did the other $6,000,000 go? San Francisco?

A total of 11,190 Eagles were minted in 1880. Eagle production was consistently the lowest of the three denominations of gold minted at Carson City. Half Eagles and Eagles were minted concurrently every year but 3 and Eagle production trailed Half Eagle production each time. Eagle production only exceeded Double Eagle production in one year, 1892, when both were minted in a year.

Survival rates for 1880 Eagles are predictably low. Rusty Goe estimates 295 to 325 in all grades, the majority of which, 224 to 260 are known in XF to AU. Only 17 to 25 are estimated in uncirculated. Like The finest known do not eclipse choice mint state. Two specimens graded MS-62 are the finest known.

According to Coinfacts.com, a PCGS AU58 example, Lot 732 was sold by Bowers and Merena Galleries in November, 2000 as part of the Harry Bass Collection Part IV. An NGC MS61 specimen, ex. Henry S. Lang, was sold as part of the July 2002 Bowers and Merena Rarities Sale.

Garry,

Comparisons make for interesting reading, and you have provided us with some astute comparisons in this week's COTW article.

The differences in Nevada between 1876 and 1880 are mind boggling. In the Centennial year, Nevada was on top of the world; four years later everything came crashing down.

Your observation that,

The mintage figures for Carson City certainly show a steep decline in 1880 as compared to 1876

shows how dramatically the Comstock's drop in production affected the Carson Mint's output.

You ask,

Where did the other $6,000,000 go? San Francisco?

It is revealing to note that the San Francisco Mint produced more of each of the three gold denominations ($5, $10, $20) in 1880 than did the Carson Mint in all its years of operation combined!

Just in 1880 alone, the San Francisco Mint delivered $37,427,000 in face value worth of coins—8,900,000 in Morgan silver dollars compared to 591,000 at Carson City (of which 96,000 "CC" pieces were later recalled and melted).

You have presented an interesting perspective for which we can view the 1880-CC gold eagles—It's amazing what a person can find by consulting obscure reference material (like the 1880 census report).

Good job all the way round.

You said,

I would like to include more of that information in a future article in Curry's Chronicle

I hope you follow through on this project. I know we would all like to hear more about what you have found.

Rusty

Garry,
Excellent article with some astounding facts. It seems even before 1880 that the San Francisco Mint was gobbling up the Nevada silver and gold. If the mines had kept all the silver and gold within the Carson City Mint's confines what a different story we would be telling. It just doesn't seem right to send metal further away for coining when a mint was right around the corner. As always I look forward to your next masterpiece.

Loosechange

I know, Loosechange, it seems that Carson City could have gone on indefinitely if they could have kept the lions share of the ore. Politics never changes

Thanks, Rusty for adding that information about San Francisco. The 1880 census report described in meticulous detail output at the mines in California, Nevada and Colorado. The scientific and metallurgic jargon they use is difficult to understand. It would make for interesting analysis if I could decipher it.

Hey Garry-
I have often wondered what was the incentive or motivation that made the mine owners want to send their metals over the Sierras to San Francisco when they had a facility just down the street, but then if the Carson City Mint recieved all the bullion from the Comstock then San Francisco coins might now have the allurement and the Western mystique that bestows Carson coinage. The "S.F.C.C.O.A."? Oh, I shiver at the thought! Not that there's anything wrong with that.
Nice job Garry on the 1880-CC Eagle. Looking forward to more.
-R-