1890-$10 Gold Carson City Coin of the Week- 10/9/2011

In 1890 the technological progress that would define the twentieth century was embarking on the front door of Carson City. In one form was electrical lights. Five electrical street lights were installed to brighten the night time streets and one of those lights was found at the location of the northeast corner of the mint block. Could this light be interpreted by the people of Carson as making for a brighter future for the Mint. In 1890 they could only hope. After all, the Sherman Silver Purchase Act was signed by President Harrison July 14th of that year, mandating the U.S. Treasury to buy 4,500,000 ounces of silver a month and should silver price reach $1.29 that silver would provide free coinage, giving the country more money for circulation. But although silver rose from $.86 per ounce to $1.20, that would be as high as it would get. By year’s end, silver would be at $.98 an ounce. That light of hope was only temporary as we know today how the events would unfold.

1890 also saw the beginnings of residential telephone service in Nevada. Francis Jardine (Frank) Bell was the cousin to telephone inventor Alexander Graham Bell. Ironically it was the telegraph that brought Frank Bell to Nevada. In 1858, Frank Bell came to Nevada to supervise the construction of the trans-continental telegraph line through Nevada working the project until 1860. He later became a telegraph operator in Carson City and in 1864 when Nevada became a state, he tapped out half of what would be the longest telegram in history when he telegraphed Nevada’s state constitution to Washington D.C. In 1889 he was appointed Lieutenant Governor, became Governor in September of 1890 when then Governor Charles C. Stevenson resigned due to illness. It would be a short term, Bell did not run for a new term and only served until the inauguration of Roswell K. Colcord following the November elections. In 1890 Frank’s more famous cousin Alexander Bell sent him new telephone equipment with instructions. After installations, Frank Bell made a phone call to C.C. Powning, editor of the Nevada State Journal, in Reno. This was the official beginning of residential phone service in Nevada.

After no production since 1885, in 1889 the Carson City got back to work making Morgan dollars and double eagles. In 1890 they would do the same along with half eagles and eagles. In June of that year, a shadow was cast on the mint’s integrity when charges were made that the mint had made secret agreements for fraudulent and illegal purposes with the mills of the Comstock. An investigation found nothing and the charges went no further and were dropped.

Production for the ten dollar gold eagle in Carson City resumed in 1890 after none had been made since 1884. With 17,500 eagles struck it would be the second highest mintage total for the eagle coin from C.C. up to this time. The 1881 issue had a higher total with 24,015 and the following years of 1891 and 1892 would produce more with 103,732 and 40,000 respectively. Philadelphia was the only other mint to make eagles of the year 1890 and their total, 57,980. Of the 17,500 C.C. eagles made in 1890, it is estimated that approximately 750 survive. Of the total survival numbers of the entire C.C. eagle series over half of them come from the 1890s. The 1890 C.C. eagle is not seen often in grades below EF-45 and not uncommon to be found in AU and lower mint state grades. This is probably due to many being exported to foreign countries and stowed away. Small hoards have returned to the U.S. from time to time in the last century. Others that remained in U.S. vaults probably found their way to the melting furnace.
The surface appearance of the 1890-C.C. eagle is, again as with most Carson City coins, found with heavy bag marks and at times found with clusters of deep marks throughout the surface of the coin. The luster is of a bit higher quality, most seen as frosty. Some simi proof like and even proof like coins exist, but if found will be very costly.

When considering the strike most are found with weaker struck obverses. Reverses are found with good detail with the exception of the eagle’s neck feathers which will show some weakness in this area.

There is only one die variety known and that has to do with positioning of the mint mark and it being tall and heavy. It is not so significant as to command any added premium.

What would you expect to pay for an 1890 Carson City eagle? Well as you all know, all price guides rarely hold true to the prices that all Carson City coins actually trade for, but as a guide you can consider a base line to start from and then go up from there. Here, I use the price guide from the PCGS website. And although not many C.C. 1890 eagles are found in grades below EF-45, PCGS has prices down to VF-30 and they are as follows:
VF30- $1,095 / EF40- $1,170 / AU55- $1,950 / MS60- $4,200

This concludes my article as well as my duties with the Coin of the Week program. It has been an interesting, educational as well as at times, trying experience these last two years. I am very fortunate to be among such fine people such as the other writers of this project. I thank them to be included with people of such dedication, diligence and compassion that they, each week have presented to this club through this project. Thank you all! I look forward to what the future has in store with them, and with this club, but for now, I bid you all, good night.
-R-

Randy,

You made good tie-ins to the electric light, the price of silver, the effect of the Sherman Silver Purchase Act, and Nevada's own Frank Bell and his role in bringing telephones to his state, in your article on 1890-CC $10 gold pieces.

You also provided pertinent information about your coin of the week.

You definitely completed your role as a COWboy on a high note.

Thanks for your participation in the project.

Rusty

Randy,

It does not take a professional editor to note how much your writing style has improved since our first COTW articles over a year ago. Coupled with your obvious interest in the history of our great country and your active experience as a knowledgeable Carson City coin and ephemera collector, your Coin of the Week articles are always highly educational and are never lacking social, economic and numismatic insight.

What a year 1890 must have been with all the technological changes you describe in your article about the 1890-CC Eagle. There is no question that I enjoy living in today's modern times, but sometimes I wish I could have been around back in the 19th country to witness the industrial and technological revolutions that our country embraced...not to mention the possibility of picking up a couple of brand new gold and silver coins with a tiny CC stamped on the reverse!


Your friend and fellow COWBOY,

Belay Off

Great article Randy!! Beautiful looking coin Belay. Randy I like the detail the you pointed out in your posts regarding the strike of the coin, you said:

When considering the strike most are found with weaker struck obverses. Reverses are found with good detail with the exception of the eagle’s neck feathers which will show some weakness in this area.

This is great when searching for the 1890-CC eagle for our collections, because of what I learned from you in this post is that a weak strike can be misconstrued as wear on the coin and may be priced as a circulated coin when in all reality it may be closer to an uncirculated example.

Great job to our fellow COWboy!

Loosechange

Carsonite, Belay and Loosechange,
Thank you all for all your encouragement and support throughout this project. Belay, you probably do me too much justice in commenting on my writing style. Though this project has been a great rewarding adventure, sometimes it was down right challenging and even work, just trying to fill the page with words. But the returns have been a hundred fold when compared to the efforts. It is very special to me to be considered a friend to all of you and you all, to me. I take much pride and honor in being considered a fellow COWboy.
Now, let us go forth together to expolre the new challenges ahead of this incredible orginization of Carson City Coin Collectors of America!
With respect, dedication and appreciation,
-Randy-

Hi Randysc

Thank you for a great COW post - your final - you covered all the points about the 1890-CC eagle: The historical "flavor" of the time, the mintages, comparison mintages, the strike, pricing and so much more.
Your writing has come a long way during the past couple of years of this fabulous 111 "CC" COW project....it has been an honor to have you as one of our fellow COWboys

the drummer