1870-CC $20 Liberty Head Double Eagle PCGS F15 - A Classic American Rarity-!

     Coins of the Carson City Mint have a special appeal for collectors. The distinctive CC mintmark conjures up images of the Wild West and the fabulous riches of the Comstock Lode. The appeal of the Old West has spread far beyond the borders of the United States. Douglas Winter reports that many of the most enthusiastic buyers of Carson City gold coins in the 1980s were Japanese businessmen. They often had no numismatic interest in the coins, and even the investment potential was a secondary consideration. They valued the coins as interesting historical objects from a fascinating period in history. Without question, the most evocative issue of the Carson City Mint is the 1870-CC double eagle.

     Considered numismatic treasures today, the coins were viewed only as instruments of commerce at the time they were issued. The first delivery of 1,322 double eagles took place on March 10, 1870. The coins were immediately released into commerce, and they circulated readily in the Nevada economy. The immersion into the local economy was so total that there is not one single uncirculated example of this date known to collectors today. In Gold Coins of the Carson City Mint, Winter relates, "Every 1870-CC double eagle that I have ever seen has excessive abrasions on the surfaces. These are usually very deep and conspicuous. In addition, the rims frequently have noticeable bumps or bruises. It is clear that this issue went directly into circulation." The first year mintage was a minuscule 3,789 pieces. Experts believe that only 35-50 examples survive today, making the issue the rarest Type II double eagle. In the context of Liberty double eagles as a whole, the 1870-CC is the premier condition rarity in the entire series.

     Collecting large denomination gold coins by date and mintmark did not become popular until the 1940s. It is doubtful that anyone was systematically collecting Carson City double eagles in the 1870s. John M. Clapp began collecting branch mint gold coins in the 1890s, but he was too late to secure an 1870-CC double eagle in Mint State. When Louis Eliasberg acquired the Clapp collection in 1942, it did not include an example of the issue. Eliasberg had to buy the specimen in the Atwater Collection (Mehl, 6/1946), lot 1313. Mehl's lot description reads in part, "1870 First year of issue and the rarest of the series. Only 3,789 specimens struck, the smallest coinage of any Double-Eagle of this Mint. Very fine to extremely fine with some mint luster. Rare." Note that even a collector of Eliasberg's stature had to settle for a circulated example of this date. In recent times, the grading services have certified a half dozen coins in the AU grades, with an AU55 piece being the finest. Noteworthy sales include a PCGS graded AU53 example in the Platinum Night sale (Heritage, 1/2004), lot 3129, realized $368,000; and an NGC graded AU50 specimen in another Platinum Night sale (Heritage, 8/2006), lot 5645, realized $359,375.

     Winter lists two die varieties for the date, 1-A and 2-B. The present coin is Variety 1-A. To quote Winter again, "The date is large but not quite as well impressed as on Variety 1-B. It is placed slightly lower in the field with more space noted between the top of the 1 and the neck. The first C in the mintmark is placed over the right upright stroke of the N in TWENTY while the second is over the top of the T in TWENTY. This variety was discovered by New York dealer Anthony Terranova in 1993."

     The present coin is softly struck, as is most examples seen. Ever so subtle traces of muted mint lustre are still evident within the deepest recesses of the legends and devices on both the obverse and reverse. As would be expected on a coin of this issue, there are circulation marks (the most notable of which are two in the field before Liberty's mouth on the obverse) that have been largely lessened as a result of the degree of wear present on this specimen. Altogether, an attractive specimen of the acknowledged key to the Carson City double eagle series, and quite possibly the most affordable in a seriously competitive market.