1873-CC $10 Carson City Coin of the Week June 26, 2011

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A few weeks ago, I wrote a Carson City Coin of the Week article about the 1873-CC Seated Liberty Dollar. One main theme of the article involved the controversy and the complexity of the Coinage Act of 1873 and how that legislation may have been affected ordinary citizens. Even though the subject of today's article is yet another Carson City coin minted in 1873, I will not revisit the infamous legislation or its fallout. Instead, I will simply focus on the elusive and very rare ten dollar gold piece minted in Carson City that year, the 1873-CC $10 Eagle, the June 26, 2011, Carson City Coin of the Week.

It wasn't that many years ago when this writer had never actually examined an 1873-CC Eagle in person. In fact, until my Carson City "silver" coin collection reached a stage where most of the "collectible" dates had been acquired, I had spent hardly any time at all pursuing the three denominations of gold coins from the little mint in the Sierra foothills. But like most enthusiastic CC coin collectors, I owned one or two coins from each of the three gold denominations...just enough to complete my Carson City ten piece type collection. Most of these were, unfortunately, of poor quality since I had acquired them many years before I was introduced to knowledge based collecting.

Having decided to seriously pursue a Carson City gold coin collection, the first thing I did was phone Rusty Goe to devise a strategy. I knew, of course, that the Double Eagle series contained the single most desired of all gold coins minted at Carson City, the 1870-CC $20 Double Eagle. However, I did not know until that phone call that it's actually the 19 dates of Carson City $10 Eagles which represent the key series within Carson City gold coins. I liked the idea of tackling the toughest series first and decided the Eagle series would be the next major goal for the Rian's Bequest Carson City Coin Collection.Miniscule Production Despite The New Gold Monetary Standard

In 1873, the nation adopted gold as its single monetary standard. In The Mint on Carson Street, Rusty Goe points out that this legislation led to increased gold production at every mint across the nation in 1873, except the beleaguered Carson City mint. Philadelphia's and San Francisco's production of gold $5, $10, and $20 dollar pieces reached approximately 2,000,000 coins that year, while a paltry 34,369 gold coins were minted in Carson City. Of this total, an anemic mintage of 4,543 1873-CC Eagles was recorded, the lowest level since the mint had opened for business.

Unfortunately, (or fortunately if you happen to own one) the lion's share of Carson City Eagles produced that year eventually found their way to the melting pot when gold prices began to increase in later years.

As I began my acquisition search for an example of this date, such facts underscored the reality that finding a worthy example of the 1873-CC Eagle was going to be very tough. Patience would be mandatory.

Existing Population of 1873-CC Eagles 2001, 2003 and 2011

Not everyone agrees on the number of examples remaining or, the order of overall rarity as the 1873-CC Eagle compares with other Carson City Eagle dates. For instance, even though Douglas Winter's Book, Gold Coins of the Carson City Mint was published in 2001, just two years before Rusty Goe published The Mint on Carson Street, the two experts' estimates of the extant population for the 1873-CC Eagle are quite dissimilar.

Winter's 2001 estimate of remaining examples was 55 to 65 while Rusty Goe's published figures in 2003 suggest 75 to 85 as a more likely number extant, not including problem coins. When expressed as a percentage, this 20 coin disparity shows up as a 30% difference in their opinions. At the end of the day, this writer is far too junior of a numismatist to state with any certainty why such a disparity existed between these two important references, published just 24 months apart.

However, if I were forced to speculate, I would point out that Douglas Winter very well may have drawn from an older census when estimating the 2001 extant population of 55 to 65 1873-CC Eagles. To wit, Winter had updated and published his own rarity census for Carson City gold coins back in 1998, a full three years before he published Gold Coins of the Carson City Mint. Had he used this older census as the source for his 2001 estimate, the pivotal data used by these two experts may have been separated by a total of five years, not two!

Today, most references agree that 75 to 85 examples of the 1873-CC Eagle remain, not including upgradable problem coins. Goe's higher estimate makes sense given the ever increasing interest in Carson City minted coins and their fast rising prices which have brought many more 1873-CC Eagles out from hiding in creaky old cabinets and long-stowed cigar boxes.

PCGS reports grading 50 examples of 1873-CC $10 as follows;

- Most are between VF and XF.
- AU-50 = 10
- AU-53 = 2
- AU-55 = 1
- Uncirculated = 0

NGC reports grading 34 examples of 1873-CC $10 as follows;

- Most are between VF and XF
- AU-50 = 4
- AU-53 = 5
- AU-55 = 2
- AU-58 = 1*
- Uncirculated = 0*

I found it interesting that the PCGS census report, which includes coins graded by other recognized certification companies, does not show any reference to the 1873-CC Eagle graded AU-58 by NGC. Moreover, I could not find any published reference material which recognized an AU-58 by any certification company as part of the census. Perhaps this coin was just recently resubmitted and upgraded from a lower grade to AU-58?

Extreme Conditional Rarity

Douglas Winter writes in Gold Coins of the Carson City Mint that while the 1873-CC Eagle is not the rarest of the 19 coin series, the date is nonetheless one of the most conditionally rare of all Carson City Eagles, in an Almost Uncirculated grade.

Like most coins issued by the Carson City mint, the 1873-CC Eagle was destined for daily commerce from the beginning. If any uncirculated examples were initially set aside by coin collectors or prescient bank officers back in 1873, none have yet to surface. Thus, today's extant population does not include even one mint state example of the 1873-CC Eagle. With only 25 known examples (or less when deducting for resubmissions) of the date certified as Almost Uncirculated, the 1873-CC Eagle is statistically one of the most conditionally rare dates of the entire Carson City $10 series!

Winter describes the 1873-CC Eagle as the 4th rarest date overall in the Carson City Eagle series. However, when adjusting by grade, the 1873-CC Eagle is tied for 2nd in conditional rarity with the 1872-CC Eagle. Between the dates 1870 and 1893, there are more than 2,000 Carson City Eagles certified as Almost Uncirculated. Approximately 20 (1%) are 1873-CC Eagles (discounting 4 or 5 as resubmissions).

The low population and extreme conditional rarity elevate the 1873-CC Eagle to semi-key status, and along with it, very high prices. PCGS Coin Facts reports the following values as of June 2011;

VF-30 = $7,000

XF-40 = $18,500

AU-55 = $65,000

The highest priced sale I could find for the 1873-CC Eagle occurred in July of 2009, when an AU-55 NGC "Star" designated example sold at a Heritage Signature Auction for $63,250. This fabulous coin is pictured below.


Despite the big price asked for the 1873-CC Eagle coin in almost any grade, one must be cautious when acquiring an example. It's worthwhile to repeat a warning from Douglas Winter. He cautions that a large number of certified Carson City gold coins in major holders are not accurately graded. He goes on to say, and i quote: "No known 1873-CC Eagles are even close to uncirculated", And "Even accurately graded EF's are quite scarce".

Considering the prices one must pay for an example of the any gold coin minted at the mint in Carson City, it behooves a collector to be very careful and to seek advice from a trusted professional numismatist, before writing a check. Without expertise in knowledge based collecting, the amateur and intermediate collector may be carelessly wandering through a very expensive mine field. Having figuratively lost both legs through mistakes made in my earlier coin collecting years, it should be no surprise to the reader that Rusty Goe quarterbacks my acquisition quest for Carson City gold Eagles.

1873-CC Eagle Characteristics

Every reference book describing the 1873-CC Eagle reports that most known examples have little or no remaining luster, materially abraded surfaces and relatively poor eye appeal. Most are found to have an average strike, though one can expect to see softness in the eagle's neck feathers and talons as well as weak definition on Liberty's face, ear and hairlines.

In November of 2009, I was very fortunate to purchase an above average example of the 1873-CC Eagle from Southgate Coins. The coin is graded AU-50 by PCGS. I kept Rusty's original description of the coin and have copied it below;


1873-CC Gold Eagle PCGS AU-50

"This is one of the most attractive examples of this date we have ever seen. Instead of the usual washed-out appearance, this one is fresh and semi-lustrous. The color is a lovely light golden-orange that defies anyone suggesting the coin has been messed with. There is minimal weakness on the eagle's breast, but Liberty's hair is remarkably bold in detail. Contact marks are essentially nonexistent, especially when considering the coin's 135-year journey from Carson City to 21st-century times. Few opportunities will arise to own an example of this date with eye appeal this striking."

The 1873-CC Eagle Rusty is describing is pictured at the top of this article and is today, one of the anchors of the Rian's Bequest Carson City Coin Collection.I hope you've enjoyed this brief article about the 1873-CC Eagle, the Carson City Coin of the Week for June 26, 2011

Belay Off

Belay Off,

You have given us a thorough analysis of this key "CC" gold eagle. Everything from population data, to rarity status, to condition census rarity information, to values, to surface characteristics.

You brought up a perplexing point:

... does not show any reference to the 1873-CC Eagle graded AU-58 by NGC. Moreover, I could not find any published reference material which recognized an AU-58 by any certification company as part of the census. Perhaps this coin was just recently resubmitted and upgraded from a lower grade to AU-58?

At the end of 2001, reports surfaced that the Harry W. Bass Jr. 1873-CC $10 gold piece, sold in Bowers & Merena's October 1999 sale, upgraded from PCGS AU-53 to NGC AU-58. Over the years, however, NGC wavered in reporting this piece in its census report. As of two years ago, NGC has consistently listed an AU-58 1873-CC gold eagle in its census report.

NGC's census report for April 2009, however, lists only one AU-55 1873-CC eagle, with none higher (no AU-58s, nada). For the past two years, it has listed two AU-55 pieces, and the AU-58 piece (Honestly, I have only seen one AU-55 specimen. It is the one NGC gave its STAR rating to. I bought the piece two years ago).

I have never seen the AU-58 specimen reportedly graded by NGC. The only time I could have seen it was when I viewed the Bass specimen in 1999, when it was graded PCGS AU-53. So I can't confirm or deny its existence.

It's interesting, too, because catalogers at rare coin auction companies waver in their reporting of any 1873-CC gold eagles graded higher than AU-55. You would think if it was a verifiable fact, auction catalogers would include a mention of the AU-58 piece in every description of a higher grade 1873-CC $10 gold piece.

Anyway, very good job on your COTW posting.

Rusty

Carsonite,

Your back story adds a ton of intrigue to the mystery of the 1873-CC AU-58 NGC piece. Harry Bass Jr.'s name added to the mix creates even more interest and speculation.

How in the world does an important, rare and highly visible CC Eagle jump two grades?

"Oh so sorry." said the grader when questioned about his huge upgrade. "I thought those scratches and discoloration were on the plastic holder not the coin. I guess I should have used my loop."

One's nose might not be faulted for detecting raticus numimaticus. NGC's wobbly stance on the coin seems to verify their odiferous machinations as well.

When writing the article, I suspected you were the purchaser of the NGC "Star designated" coin. I can only hope that it went to a fellow C4OA member!

Belay Off

Hi Belay

Congrats on yet another superb COWpost. You absolutely covered all the bases on this one in a very enjoyable read!


"the 1873-CC Eagle is statistically one of the most conditionally rare dates of the entire Carson City $10 series!" is what you wrote and indeed is true. When you come right down to it, all eleven 1873 "CC" denominations are scarce to ultra rare....1873 is THEE date.

All 3 gold denominations are scarce to rare and seven of the eight 1873 silver "CC" issues are rare with the exception of the 1873-CC without arrows seated half dollar...and of course the "two towers" - 1873-CC without arrows dime and without arrows seated quarter.

The more I read about coins from this date, the more I realize just what an important 'pivotal" date this was.

Outstanding article Belay!

the drummer

Very impressive article Belay! I must also say that is one beauty of a very important date that you have. What a year in coins 1873 was at Carson City. I like you , Belay have often wondered why as you stated " How in the world does an important,rare and highly visible CC eagle jump two grades? " How come this happens?

Oh so sorry." said the grader when questioned about his huge upgrade. "I thought those scratches and discoloration were on the plastic holder not the coin. I guess I should have used my loop."

You said it right there my friend. [color=][/color]It seems that the name attached to the coin can make all the difference in the world.

Great COW post!!

Loosechange

Great story and great photos as usual Belay.

1873 was a watershed year for coinage in general in this country.