1870-CC $20 Gold Piece CC Coin of the Week - 11-6-2011

Just stunning, Rusty. I wish I had your sources of information at hand. Your summary of seventy years of sales history is very impressive and very interesting.

Thanks for posting a pic here of the stolen coin.

Rusty,

When the Carson City Coin of the Week project was first launched, the small group of participating C4OA members all agreed that you would be the one to write the articles on the key four coins in the Carson City series. We all recognized that no one but you had the appropriate level of expertise to author such essays. But, at least for this Coin of the Week participant, there was a little bit of a letdown as the challenge would have been enticing.

As the COTW project matured, I quickly came to my senses. After writing only a few Coin of the Week articles, it became clear that the subject of Carson City coins was many times more complex than I had supposed. The project, required a heck of a lot more than mere research. To author articles about the four rarest of the CC series would require far more experience, perspective and writing talent that this intermediate level coin collector could hope to develop over the term of this project. Who else, but our very own Carsonite, would introduced the big four with such literary style...

"Royalty graces the kingdom of Carson City coins."

Your first, of the four final Carson City Coin of the Week articles, drives home my point. The core of your methodology, Knowledge Based Collecting, is literally mirrored in your Knowledge Based Writing, producing a master essay on the Queen of Carson City coins, the 1870-CC Double Eagle.

I copied the article and added it to my ever-growing CC data base for future reference. But as is true with every interesting discussion of Carson City coins, the facts beget questions which,in turn, create more interest. For instance, in your discussions of the 1870-CC Double Eagle's rise in prominence and value, you describe the general lack of understanding about the subject coin's value and extant population. You wrote;

"One thing that had become crystal clear is that no one—not the Greysheet experts, not the coin dealers, not advanced collectors—recognized the true values of rare Carson City gold coins. Not just 1870-CC double eagles, but any rare “CC” gold pieces."

To make your point, you gave a couple examples where the hammer prices in Sotheby and Bowers & Morena auctions vastly outstripped the contemporary published pricing at that time for the 1870-CC Double Eagle. I immediately thought, that it takes two to tango. There appeared to be at least a couple of bidders who recognized the coin's value. How else would those prices have been pushed to where they ended up? My guess is that at least one of them was a certain CC expert from Reno Nevada? The other may have been Douglas Winter? If not they, who else?

Another question that popped up for me concerned the Bass specimen, which you describe as having been re-graded to ever increasing higher levels. Would this coin have retained its Bass pedigree, or would that have been purposely shielded from the grading services during its many resubmissions?

Thanks sincerely for this terrific article on the Queen of Carson City coins. I'm looking forward to the rest of the royal family's biographies and whatever further intrigue these monarchs of CC citizenry may present.

Belay Off

Carsonite, Thanks for the insight and history to such an historic coin from the Mint on Carson Street. Now after reading your post I can really appreciate the rarity of the 1870-CC double eagle and to hold one in my own hand just makes it that much more special. I look forward to the next three posts in the COWboy project.


Loosechange

Hi Rusty

Congratulations on a superb article on my favorite "CC" coin, the 1870-CC double eagle.

I have read many articles on this fave coin yet nothing as comprehensive as what you have written here. The article portrays an exhaustive research campaign on your part.
You've covered all the bases: History, the "Old West", the history of the US double eagle and the birth of the 1870-CC $20, the imperfect strike characteristics and the improving coining techniques responsible for the two "MM" varieties. This marks the first time that I've ever personally seen beautifully illustrated pictures fully describing these two important varieties. As much as I thought I already knew about this incredible coin, I learned even more this afternoon reading your article! What an eye-opener!


You truly put it into perspective about how money values were seen in those times of the 1870's - There are 4000 half cents (value) in a single gold double eagle! I never had thought of it that way before.
You also reminded us readers of the tantalizing prospect that there may be a large hoard of "mistake" "CC" double eagles hidden away somewhere by Abe Curry himself just waiting for some lucky discoverer (Page 495 - The Mint on Carson Street)

For future owners of this prestigious coin you aptly wrote;
Several things you must consider if you ever want to buy an 1870-CC $20 gold piece are, (1) there are maybe two really attractive examples, (2) you must be prepared to pay a hefty premium, and (3) there are more of them on the planet than many estimates suggest.

This is great advice for anyone considering acquisition of this piece.

I have printed this article for my own reference...it goes right into my special "CC" scrapbook for safekeeping.

I look forward to the next two "CC" monster coin articles in the C4OA blog site's 111 Coin of the Week project.
I look back at some of the early COW articles that were perhaps a few paragraphs long, contained some historical events, a bit of technical info and perhaps a picture or two. Then I view the more recent articles and see how far everyone's writing skills have developed, improved and blossomed.
Your article here (and the final two) put a cap on this most incredible project. from the bottom of my heart, I thank everyone for their participation.

In closing, I must mention my dismay about learning of the theft of the finest known example (NGC AU-58)...I hope and pray that somehow, someway this fab coin is returned intact. It is such an important historical treasure.
I have to ask..."how does one steal from a Brinks truck?" ....I'm not 100% certain, but it smacks of an inside job to me....

One million thanks for providing this reference level article with great photo images too.

the drummer

Loosechange,

In your recent comments on the 1870-CC Double Eagle article by Rusty,
you wrote the following;

"Now after reading your post I can really appreciate the rarity of the 1870-CC double eagle and to hold one in my own hand just makes it that much more special."

Did you mean to imply that you own one of these monsters?

Belay Off