"Wild West Carson City Double Eagles Gold Coins"
An Exclusive Introduction and Overview:
Carson City twenty dollar gold pieces, or double eagles, are the most available gold coins from this mint. Only one date in the series, the 1870-CC, can be called truly rare, although a number of other dates are very rare in high grades. Amassing a complete collection with an example of each date is an enjoyable pursuit. And if you decide not to include the 1870-CC because of its prohibitive cost, don’t despair; many collections do not include this date.
A collectors and investors of average means can put together a nice set of Carson City double eagles with the average coins in the Extremely Fine and About Uncirculated range.
The collector will soon learn that only the 1870-CC presents a great challenge in terms of availability. There are an estimated 40-50 examples known in all grades. This means that no more than four dozen or so complete collections of Carson City double eagles could possibly exist. In comparison, the maximum number of Carson City half eagles that could exist is around five dozen while around three dozen (or a few more) eagle sets from this mint might be formed. In each series, the 1870-CC is clearly the “stopper” or key date.
The completion of an average quality Carson City double eagle set is somewhat easier than a comparable half eagle or eagle set, provided that the collector is willing to accept coins that do not grade Mint State-60 or better. There are just 19 dates required to form a complete set. Carson City double eagles are without a doubt among the most popular United States gold coins. Their large size, combined with their romantic history, makes them irresistible to many collectors. This fervent collector base is most evident when one examines the great popularity of the 1870-CC. This issue has increased dramatically in price and popularity since the last edition of my Carson City gold coins book was published in 2001. As this is being written (2010) there are a few examples actually available to collectors but a few years back it was nearly impossible to locate an 1870-CC double eagle at any price.
The greatest challenge for the collector of these coins is not finding specific dates but, rather, locating clean problem-free coins.
As with the other Carson City gold series, it is very challenging to pursue the double eagles in higher grades; in this case About Uncirculated-55 and higher. It becomes even more of a challenge when the collector demands clean, original coins with a minimum of bagmarks and abrasions. As a rule, CC double eagles are less rare in high grades than their half eagle and eagle counterparts (at least the issues from the 1870’s and 1880’s). This means that locating really choice coins is not as difficult as with the half eagles and eagles from the first decade of this mint’s operation.
More than most other Liberty Head double eagles, the Carson City issues have tended to remain popular and increase in value over the course of time; regardless of their bullion value. One of the major reasons for this has to do with the great story behind these coins. CC double eagles are reasonably easy to promote due to their relative availability (especially in lower grades) and their wonderful history. These coins have long proven easy to sell to non-collectors and pure investors. Interestingly, the Japanese were major buyers of Carson City double eagles in the past and this is due to their interest in the legends and history of the Old West. I am aware of several American dealers who sold a number of Carson City double eagles to the Japanese and other Asians.
At the present time it remains impossible to assemble a complete set of Uncirculated Carson City double eagles. At least one of the nineteen dates is unknown in Uncirculated. However, more dates in the double eagle series exist in full Mint State than in the half eagle and eagle series, both of which contain a number of issues that are either unknown or excessively rare in Mint State.
The 1870-CC is unknown above the AU53 to AU55 range while the 1871-CC and 1872-CC has just three to five and five to six, respectively. The 1878-CC and 1879-CC are extremely rare in Uncirculated as well with fewer than ten pieces believed to exist. The 1873-CC and 1891-CC are very rare in Uncirculated and almost unobtainable above the MS60 to MS61 range. The 11874-CC, 1877-CC and 1885-CC are considered to be quite rare in full Uncirculated as well. Conversely, a few Carson City double eagles are very plentiful in Uncirculated. These dates include the 1875-CC, 1890-CC and 1893-CC of which hundreds are known in the MS60 to MS62 range. It should be stressed that well over 90% of all Uncirculated Carson City double eagles are in the MS60 to MS62 range and any date in extremely rare and desirable in properly graded MS63 or above. I have still never seen or heard of a Gem and have only seen one piece (an 1875-CC) that I regarded as being close to MS64.
High grade Carson City double eagles are in very high demand by date collectors and type collectors. I doubt if there are as many as twenty Carson City double eagles that are true MS63 coins by today’s standards. CC double eagles are essentially unknown in high grades because of the rough way in which they were handled and if a Gem is to ever show up it is likely to be an Assay coin or a piece that was given special treatment by a VIP or prominent local family.
There was probably not a single coin collector alive in Nevada at the time these coins were produced. The few MS63 to MS64 coins that do exist were preserved by good fortune or sheer happenstance. Many were stored in the vaults of European, Central American and South American banks after they had been shipped there as payment for international debts. While stored in these banks they were protected from the American gold recall of 1933 and the wholesale meltings that took place during this period. Many of these coins have worked their way back to America since the 1960’s as their numismatic value increased. Despite the fact that literally thousands have been repatriated, more Carson City double eagles are still being found in Europe, Central America and South America.
An examination of the series reveals some interesting rarity trends. Survival statistics depend, to some extent, on the original mintage figures. But they vary widely according to the year of issue.
The rarity trends for CC double eagles do not break down as neatly as they do for the half eagles and eagles from this mint. Unlike these two other denominations, the double eagles do not always get characterized as “rare early dates” and “common late dates.” One of the rarest double eagles is the low mintage 1891-CC while the most common is the 1875-CC.
After studying the half eagles and eagles from this mint, I feel that the rarity of the Carson City double eagles are based less on mintages and actual use than on mintage values and subsequent shipment overseas. The collector who studies the rarity tables that I included in my 2001 book on CC gold will note the following very general trend: the lower a coin’s mintage and the older its date, the rarer it tends to be in terms of pieces known today.
The 1870-CC double eagle had the lowest mintage figure of any Carson City double eagle: a scant 3,789 coins. In the entire 57 coin Carson City gold series, only the mintages of the 1877-CC, 1878-CC and 1879-CC eagles were lower. As with the other 1870-CC gold issues, the comparably high survival rate of the double eagle (on a percentage basis) is most probably due to a few pieces being saved as first-year-of-issue keepsakes. The fact that no AU-55 or better specimens exist implies that these coins went directly into circulation and saw active use.
The next rarest dates are the 1871-CC and the 1891-CC. The 1871-CC is rare due to a low original mintage figure (just 17,387 coins) and the fact that this issue saw active commercial use. The 1891-CC is rare more because of the fact that only 5,000 were produced. It is also interesting to note that the similarly dated half eagle and eagle are extremely common by the standards of Carson City gold and can be found with no difficult even in the lower Uncirculated grades.
The next rarest issues are the 1885-CC, 1879-CC and 1878-CC. All three have low mintages and tend not to be found in groups of CC double eagles located in overseas sources.
The 1875-CC, 1876-CC, 1884-CC, 1892-CC and 1893-CC appear to have been saved and then shipped overseas. A decent number of these coins are still being brought back to the United States, including examples in the lower Uncirculated grades. The 1892-CC and 1893-CC, in particular, are less rare in Uncirculated than their comparatively low mintages would suggest.
As with other gold denominations, a general rule is that the older a coin is, the lower the average grade of surviving specimens. This intuitive statement is not nearly as easy to predict in the double eagle denomination. As an example, the 1872-CC is the third rarest Carson City double eagle when it comes to high grade rarity but it is only the eighth rarest in terms of overall rarity. This suggests that this coin was released into circulation and used in commerce; not stored in banks and shipped overseas like the 1892-CC and 1893-CC.
Carson City double eagles served two primary functions. They were meant to circulate but they were also meant as a storehouse of value. The large $20 denomination was the most convenient form in which to coin, transport and trade the large quantities of gold that had recently been mined in Nevada. During the western gold rushes, paper money was viewed with suspicion. This made gold coins an important factor in daily commerce, which quickly became the accepted mode of payment in the Old West. Thus, it is not surprising to learn that Carson City double eagles can be found in comparatively low grades today. These low grade coins (Very Fine and Extremely Fine) are often heavily abraded from years of use in commerce. Conversely, most of the known Uncirculated coins are also heavily marked, the result of loose coins striking against each other while being transported in bags. It is not uncommon to see CC double eagles with no real wear but with such extensive abrasions that they are downgraded in the commercial marketplace to About Uncirculated.
The greatest challenge for the collector of these coins is not finding specific dates but, rather, locating clean problem-free coins. As mentioned above, the typical Carson City double eagle, whether it grades Very Fine-30 or Mint State-61, tends to have negative eye appeal due to excessive marks, scuffing or mint-made spotting. Coins which have truly good eye appeal are quite rare and deserve to sell for a strong premium over average quality specimens. The collector is always urged to “stretch” for exceptional pieces with high quality eye appeal.
Most of the pieces struck from 1870 through 1875 are not sharply impressed. This is most evident in the central portion of the coin where the greatest amount of pressure is needed to raise the metal of the planchet and bring out the details. On the obverse, the weakest area is usually on the hair. On the reverse, this weakness is most often seen on the neck feathers of the eagle, the radial lines in the shield and on E PLURIBUS in the motto. This weakness of strike is often confused with wear. Still, Carson City double eagles of this era tend to be sharper (and easier to grade) than their half eagle and eagle counterparts.
The survival estimates in my new book are based on information current as of 2010. Since the last edition of the book in 2001, a number of new coins have surfaced. This has included some reasonably significant hoards. Populations for Uncirculated have increased due to relaxed grading standards. Some coins that I considered to be About Uncirculated in 2001 and now Mint State.
Due to the sheer number of Carson City half eagles that exist, I have always found it difficult to estimate surviving populations; especially with the more common issues. I anticipate that my current overall population figures will prove to be conservative, just as they were in 2001 (and in 1994 when I wrote the very first Carson City gold book).
To reach these conclusions, I study auction data, population reports, dealer ads and websites as well as my own personal records of sale. In an average year, the number of 1870-CC double eagles might be as low as one or two coins. For other dates, such as the 1871-CC and 1891-CC, the number might be around one per month; possibly less. Obviously, the rarer the date and the higher the grade desired, the harder it will be for the collector to locate an acceptable example. Finest known or Condition Census examples may stay in specific collections for many decades.
As I mentioned earlier, the collector with a budget can form a complete (or near-complete) set of CC double eagles excluding the 1870-CC in the VF and EF grades. A number of the dates in the series can still be found in lower grades for less than $2,500 per coin and they would appear to have very little to none downside risk at these levels.
3 Very Important Facts For Investors:
1. Popularity levels have clearly risen. CC double eagles have always been popular with collectors. But they have become an investor favorite as well. We are aware of at least three large marketing firms who are selling CC double eagles and not just mundane common dates in VF and EF. This has pushed interest up for all dates in virtually all grades & price levels are always solid.
2. Prices have risen. Without a statistical study, We can say intuitively that prices for most CC double eagles have risen between 10 and 50% in the last five years. We used to be able to buy quantities of nice EF coins for less than $2,000; today, these same coins cost us closer to $3,500. This seems to be even more so with higher grades coins. As an example, an MS61 1875-CC was a $7,500 coin around five years ago and not always an easy sale at that level. Today, we get $12,000 or more for one and they disappear as soon as we list them.
3. Fewer coins seem available. Our intuition tells us this is true based on what we are able to buy. At a typical big show five years ago we would return with anywhere from five to ten nice CC double eagles. We would see them in dealer’s cases and see them offered not only by the usual suspects but by smaller mom-n-pop dealers. This is clearly not the case in now.
Today we might come back from a big show with no more than one or two CC double eagles in our possession.
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Victor Del Giorno
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