A rare $20 “double eagle” gold coin became the centerpiece of attention at a Southern California auction on Tuesday, where it fetched an astonishing $1.44 million. Only one lucky bidder secured the coin after an intense bidding war.
Historical Significance of the 1870 Carson City Double Eagle
The rare gold coin, minted in Carson City, Nevada, in 1870, stands out as a treasure for coin enthusiasts. With a limited production of just 3,789 coins, only an estimated 40 to 50 remain today, according to John Kraljevich, a coin history expert at Stack’s Bowers Galleries.
The Coin’s Origins and Its Auction History
Before 1849, the highest denomination gold coin in the United States was $10, referred to as the “eagle.” However, the California Gold Rush revolutionized gold minting, leading to the authorization of the $20 double eagle to accommodate the surplus gold supply.
The last known sale of this specific coin occurred at a Stack’s auction in 1986, where it sold for $23,100. Its reappearance after more than 25 years made headlines, with Kraljevich describing it as “almost like a new discovery” due to its long absence from the market.
Auction Highlights and Competitive Bidding
By the time the live auction reached the coin, the bidding price had already soared to $800,850, far exceeding other items in the catalogue. Despite being the finest-grade coin of its type, according to the Professional Coin Grading Service, the coin fell short of surpassing the predicted $2 million mark.
The piece, sold from the Bernard Richards Collection, is considered the finest example of its kind. The second-finest known specimen had previously sold for $1.62 million in November 2021, demonstrating the growing value of collector’s coins.
The Surge in Coin Collecting During the Pandemic
The COVID-19 pandemic witnessed a surge in interest in collector’s coins as many individuals began investing in hobbies. Kraljevich noted that the value of such coins increased significantly during this time.
The Intrinsic Value of the Gold
While the coin’s collector’s value far outweighs its intrinsic worth, the gold content in the coin, just under one ounce, is valued at approximately $2,600 in today’s market.
Key Details of the 1870 Carson City Double Eagle
| Feature | Details |
|---|---|
| Mint Location | Carson City, Nevada |
| Year Minted | 1870 |
| Total Coins Produced | 3,789 |
| Estimated Remaining Coins | 40–50 |
| Latest Auction Price | $1.44 million (including premium) |
| Intrinsic Gold Value | ~$2,600 |
| Previous Auction Sale Price | $23,100 (1986) |
FAQs
What is the significance of the 1870 Carson City double eagle?
The coin is highly rare, with only 3,789 minted and an estimated 40 to 50 still in existence. It represents a pivotal era in U.S. history when gold coin production expanded following the California Gold Rush.
Why is the coin referred to as a “double eagle”?
The term “double eagle” originates from its $20 denomination, which is double the value of the $10 “eagle” gold coin.
How much gold is in the coin?
The coin contains just under one ounce of gold, valued at roughly $2,600 based on current gold prices.
