1873-CC $5 Gold CC Coin of the Week - 7/3/2011

1873: The Year of the “Crime”


Simply stated: "The Fourth Coinage Act was enacted by the U.S. Congress in 1873 and embraced the gold standard while demonetizing silver. Western mining interests and others who wanted silver in circulation years later labeled this measure the "Crime of '73". Gold became the only metallic standard in the United States, hence putting the United States de facto on the gold standard."


The above was borrowed from Wikepedia and explains in simple layman's terms the basis for this new law which impacted United States coinage in such a major way. As far as Carson City mint coinage is concerned, this new law created the "with and without arrows" small denomination silver issues and made possible eleven of the rarest coins in any single year date run in all of numismatics.

Here's a book that is a "must-read" for all numismatists which explains far better than I can the ramifications of this coinage law of 1873:



The Carson City "Super- Eleven"



Brought into being by "CC" mint superintendents Henry F. Rice and Frank D. Hetrich, the "Super-Eleven" I'm referring to are of course the eleven coins comprising a year set (1873) of Carson City coins, the rarest year-set run of coins ever! So rare in fact that only three people in all of history have ever owned all eleven at one time.

All of the silver issues are in the Top 25** list of "CC" coins with the exception of the 1873-CC arrows seated half dollar. Not one of the three gold denominations are on this prestigious list but in the case of the "CC" half eagle and eagle, they deserve an "honorable mention" spot.

The Lord of the "CC" Coins - The Two Towers


The "Two Towers" are of course the 1873-CC without arrows dime and quarter issues which are prohibitively rare; as mentioned only three collectors in all of history have owned this collection and of course, due to the unique status of the without arrows dime, only one collector at a time can have the honors.
(** Top 25 from The Mint on Carson Street by Rusty Goe)

The Carson City "Super-Eleven" are:

1873-CC SILVER ISSUES

1. 1873-CC without arrows dime (unique - Top 25)
2. 1873-CC with arrows dime (50-75 *survive in all grades-Top 25)
3. 1873-CC without arrows quarter (5 known - Top 25)
4. 1873-CC with arrows quarter (*30-35 - Top 25)
5. 1873-CC without arrows half dollar (*300-400 - Top 25)
6. 1873-CC with arrows half dollar (*500-700)
7. 1873-CC seated dollar (*80-100 - Top 25)
8. 1873-CC trade dollar (*750-1000 - Top 25)


1873-CC GOLD ISSUES

9. 1873-CC $5 gold (*80-85)
10. 1873-CC $10 gold (*75-85)
11. 1873-CC $20 gold (*425-475)



The "Magic" Three


Those fortunate collectors who owned all eleven 1873 "CC" coins at one time were:

Left - Louis Eliasberg: (only person in history to assemble a complete set of U.S. coins; every denomination, excepting varieties, from every mint)

Middle - Waldo Bolen: (noted Illinois collector) - (sorry about the hazy photo - the only one I could locate)

Right -"Battle Born" Collector(s): (wishes to remain anonymous)

My humble apologies to anyone who should be on this list that I remain unaware of...




1873-CC Half Eagle - Main Subject of this Post:


With an original mintage of 7,416, approximately 80 to 85 are known to survive today. Technically, this issue is in 2nd place rarity for this series, but more than a few Carson City coin experts feel that this issue is actually in a tie for first place with the more famous 1870-CC half eagle where 70 to 85 survivors are estimated to exist. At the present time, there are only three 1873-CC half eagles known in the uncirculated grades while its celebrated 1870 counterpart has about four to six known in that range.


A Heavy Hammer


On January 6 of 2011, the finest known example graded by PCGS (MS-62) sold for $161,000 at the Heritage Numismatic Auctions Platinum Night in Tampa Florida. (the coin shown at the top of this post)

Wow!! The lofty grade of MS-62 is not how these issues are generally found. When available at all, they are usually seen well worn. This is a difficult date to grade correctly as the line blurs between poor strike characteristics and good old fashion wear patterns. Rarely are strong strike issues seen for sale…when those do come to market, they realize prices like the one shown above.

This coin is correctly considered scarce in all grades; XF-40 is quite scarce and XF-45 is rare. In the AU ranges this coin is very rare with only around 6-10 known. As mentioned, there are currently 3 known in uncirculated: The PCGS MS-62 (explained above) and one example graded MS-61 by PCGS are the two finest known's. Whatever the case may be regarding the rarity stature of this piece, it is an extremely difficult issue to locate and well respected by numismatists today.
(Mintage/survivor figures courtesy of The Mint on Carson Street by Rusty Goe)


Pricing


Note: These following pricing figures should be considered “ballpark” only. In the real world, prices for rare and hard to find coins like this 1873-CC $5 are generally much higher than these shown. One such example is an 1873-CC Coronet half eagle (PCGS VG-10) that hammered for $3,737.50 at the Heritage F.U.N. show auction (Tampa FL) held January 5 -7, 2011. As you can see, that “real world” figure is far and away beyond the pricing guide as shown below. I very seriously doubt that one could ever find a genuine VF-20 PCGS or NGC graded 1873-CC $5 gold piece for $2,800.00.

(Courtesy of U.S. Coin Digest)

VF-20 2,800
XF-40 12,500
AU-50 28,000
MS-60 60,000 plus


1873 Half Eagles Mintage Comparisons:


Philadelphia:1873 (closed 3) 49,305 - 1873 (open 3) 63,200

San Francisco: 1873-S 31,000

Carson City: 1873-CC 7,416


My 1873-CC $5 Liberty Gold Piece – NGC VF-35 – Variety 2-B


My coin’s surfaces (both sides) are shaded a hard orange color with just a slight hint of a brighter than normal appearance that’s probably due to a light and long ago dipping. Still, my coin has an over-all pleasing look with no artificiality about it. When I originally purchased this coin it was housed in an NGC VF-30 holder. The following year I sent it in for resubmission and it came back upgraded to VF-35. The detail on this problem free specimen is more than acceptable for the grade and I personally believe that the NGC graders got it right the second time around. My purchase occurred (undisclosed price) in May 2004. Judging by the pricing gauge as shown above, I made a great buy! It’s a pleasing example of a very scarce date. Here's a "do-it-yourself" home photo of my coin...

"Birth of the Blues?...No..... Golds!"


One of my most personal and exciting aspects in collecting Carson City coins is their intriguing history...where they are from...who brought them into being...who manufactured them and the historically special era they were born in.

Whenever I travel to the northern Nevada area I usually stay in Virginia City or Gold Hill...the very heart of the Comstock. The idea that most of my "CC" coin(s) actually had their origins there fascinates me to no end. Here's a couple of pictures depicting the highly probable birthplace of my coin shown above - NV SR 342 (heading north) entrance to the Comstock near the Gold Hill town line... and the old head frame ruins of the famous Yellow Jacket mine:




Three known Die Varieties


Variety 1-A: “On this obverse, the date numerals appear somewhat closely spaced with the 8 and the 7 having some distance between them. The date is fairly even with a slight slant down to the right. The reverse is the same as that seen on 1870-CC half eagles, with the mintmark small and compact and placed close to the eagle. The first C is higher than the second and there is a die defect under the S in TRUST in the banner. This variety always shows a weakly struck reverse, especially on the breast feathers of the eagle. It appears to be the most common of the three varieties known.”

Variety 2-B (my coin): “On this obverse, the date appears more widely spaced than on Variety 1-A and with considerable space between the 8 and the 7. The date slants down to the right. This obverse is usually seen with considerably better detail at the center than on Variety 1-A. The reverse has a slightly lower mintmark with the two C’s being more or less level. This reverse was also used to strike the Variety 1-A 1872-CC half eagles. This is the best struck of the three varieties for this year but it is characterized by weakness on the reverse milling from 7:00 to 10:00.”

Variety 2-A: “This variety combines the obverse seen on the second variety of this year with the reverse from the first. Only one or two have been seen and it appears that it is very rare.

(Die varieties courtesy of Gold Coins of the Carson City Mint by Douglas Winter – Edited by David L. Halperin)


1873 HISTORICAL EVENTS


January 7: American film producer Adolph Zukor (1873-1976) is born in Ricse Hungary

February 20: The University of California opens its first medical school in San Francisco

March 3: U.S. Congress enacts the Comstock Law making it illegal to send obscene, lewd or lascivious books through the mail

April 1: British steamer RMS Atlantic sinks off the coast of Nova Scotia killing 547 people

May 1: Austrian Emperor Franz Joseph opens the 5th World’s Fair in Vienna

June 9: Alexandria Palace is destroyed by fire only a fortnight after its opening in London

July 21: Jesse James and the James-Younger Gang pull off first successful train robbery (Rock Island Express) in Adair, Iowa – the net was $3,000 US dollars

August 4: Indian Wars: Lieutenant Colonel George Armstrong Custer has first clash with the Sioux tribe while protecting a railroad survey crew in Montana – one man on each side was killed

September 18: NY Stock Market crash triggers the Panic of 1873 – part of the Long Depression

October 30: PT Barnum’s circus Greatest Show on Earth opens in NYC

November 4: San Francisco dentist John Beers patents the gold crown tooth

December 16: Beer: The Heinekin Brewery is founded in Amsterdam


By Michael Parrott the drummer

Excellent Post Drummer!! The 1873-CC half eagle is truly a rare coin, your example is amazing. I have also read "The Crime of 1873" as it is chocked full of information and great pictures of my favorite areas the "Comstock". If memory serves me correctly didn't our own Rusty Goe own both examples of the no arrows dime and quarter? I remember seeing A display he had made specifically for the two coins for display at the Nevada State Museum ( Carson City Mint ). I have learned much from your post.

Loosechange

Hi Loosechange

Thank you for your kind words!

The "Crime of 1873" sounds a bit like what the government is doing today doesn't it? In this case, they inadvertently created some spectacular coin rarities for us "CC" collectors to marvel over today...I'm sure that was not their intention at the time however!

You mentioned that you have learned much from my post(s)...as I have from yours and all the other COWposters and Curry's writers..heck I even learn just from doing my own posts. This whole project has been such a positive thing for all. Sometime, just for fun, take a look at the very first 3 or 4 COWposts and you will see how far everyone has come. Thank you for saying that Loosechange...that just "made" my whole week!

Rusty Goe would be able to answer this best, but I believe he has personally handled at least 3 of the 5 1873-cc without arrows quarters and we all know that he handled THEE dime. Yes, he did a spectacular presentation of THEE quarter and dime complete with newspaper coverage and the whole nine-yards, at the NV state museum several years back....it marked the first time in history that the museum's "Norm Biltz Collection" was complete...all 111 "CC" coins!
I could not be there due to work and I'll regret not attending that special event forever. If that event ever does happen again, this time I'll do everything in my power to be in attendance!

the drummer

Michael,

You and two other COWboy article contibutors to this monumental project (the 111-Week Carson City Coin of the Week Project) have been feasting on 1873-CC coins lately—Three weeks in a row. I think you brought the theme full circle with your posting on the 1873-CC half eagle.

By now, readers of these COTW articles can certainly grasp the significance of the year 1873 as it relates to coins from the Carson City Mint. The low mintage figures, the small survival populations, the socioeconomic and political landscape, and the values of these coins in the 21st century all add to these coins' appeal.

Your choice of providing a list of the 11 "CC" coins in a complete set from 1873, and your pointing out that only three collectors in history have ever owned all of them at one time shines a light on how special the sum total of these coins is.

You peppered your article, as usual, with all sorts of interesting facts about the featured coin, about the year in which it was made, and about your own example of it. You have become a master chef at writing your COTW articles, seasoning each one of them with just the right spices.

Congratulations on another fine, well-thought-out contribution to this time-capsule-worthy project.

Rusty

P.S. Harry X Boosel, known as "Mr. 1873," published a series of articles on 1873 coinage in the Numismatic Scrapbook Magazine from March 1957 through December 1958. In 1960 he published a revised limited edition of 500 copies in a booklet form titled "1873-1873". Harry X Boosel's main collection of 1873 coins was sold in the April 28, 1972 Central States sale by Rarcoa. Boosel did not just concentrate on Carson City coins, he wanted every coin dated 1873, regardless of the mintmark. He did not have a complete set of 1873-CC coins (He never owned the Without Arrows dime and quarter).

Hi Carsonite

Thank you for your insightful review and praise of my 1873-CC $5 COW post. Let it be known that you Rusty gave me all my pointers on how to do these posts. I then (like all the COW posters) merely applied my own style to it. what a gift! Thank you for that.

It's kind of funny that all these 1873 "CC" dates worked out in our COW program the past several weeks...It wasn't intended that way, merely happenstance that these dates all came together in a row....

It is true that the 1873 date is THEE date for Carson City coinage...the famous 1870 date would come in a close second place in importance (at least in my estimation)

Thank you also for providing the info on Harry X Boosel...I was not aware of him until now.....see what we all learn by doing (and reading all these posts!
If I never would've done this post...I would not have received a review from you mentioning Mr. Boosel, hence I would not have known about him! I will search the web for more info concerning him.

At present time, I only have one 1873-CC issue (of the "fab" eleven), the one I did this post on, the 1873-CC $5. It would be quite an accomplishment in and of itself just to collect at least 9 of those 11.

the drummer

Drummer,

Since its inception, the Carson City Coin of the Week program has given the COWBOYs (Coin Of the Week - boys) a unique opportunity to study the 111 date/denominations minted at Carson City from 1873 through 1893. Given our astute audience, the project has also provided the COWBOYs with important experience in authorship and a chance to hone our writing skills. All of the COWBOYS have benefited thusly as demonstrated by the enjoyable articles posted each Sunday.

I'm certain everyone would agree that the articles written by the Drummer have increased in their sophistication and presentation style over the past year, culminating in wonderfully-written, informative postings such as your current article on the 1873-CC Half Eagle. Additionally, you have developed your own unique way of phrasing and use of words which has become a recognizable style in itself. I take my hat off to you for your advancements as an author and for sharing your experience and CC knowledge with your fellow C4OA members.

I would also like to suggest to the Editor of Curry's Chronicle, that your July 3, 2011 posting about the 1873-CC Half Eagle deserves to be printed in the next issue of Curry's Chronicle.

Your article made one particular observation that I want to strongly second. The difference between published pricing for Carson City minted coins versus the prices one must pay for worthy, collectable examples can be very substantial. This reality is true for almost all rare coins, but is especially the case for almost every Carson City date.

An excellent example of this reality can be found this very day by logging on to the Southgate Coins web site ( SouthgateCoins.com ). Southgate is currently displaying two very fine examples of the 1873-CC $5 on the web site, one graded XF-45 and the other AU-55. Knowing Rusty Goe as I do, I would confidently suggest that these two coins are in the top 20% of all extant examples in their respective grades, with the AU-55 coin perhaps even leading all comers in its grade.

Per your article, the published pricing for an XF-45 example is $12,500. Southgate's XF-45 coin is being sold for $32,500.

The published pricing for an AU-50 example of the 1873-CC $5 is $28,500. Southgate's coin is priced at $42,500...and is a bargain at that!

For all of our readers who are choking at these high prices, just remember that rare Carson City coins are like prime waterfront property. 1. They don't make it anymore and 2. There are ALWAYS astute buyers who understand this reality and are willing to pay the price to own it.

Thank you and congratulations on your highly informative and most enjoyable, Carson City Coin of the Week article!

Belay Off