On Tuesday afternoon, at an auction house in Southern California, passionate coin collectors eagerly participated in hopes of acquiring a rare $20 double eagle gold coin. Ultimately, one collector emerged victorious with a bid of $1.44 million.
According to reports from the Associated Press, this 1870-CC version of the double eagle gold coin was minted at the Carson City Mint in Nevada in 1870. John Kraljevich, an expert at the auction house specializing in coin history, mentioned that only 3,789 coins were produced at the time, and current estimates suggest that only 40 to 50 coins exist today.
The appearance of this rare coin became the highlight of the auction on November 19. Bidding started at $800,850 and eventually sold for $1.44 million, including the buyer’s fee paid to Stack’s Bowers Galleries.
The auction house did not disclose the buyer’s information.
Prior to 1849, the highest denomination for gold coins was $10, known as eagle coins. Kraljevich explained that it was only after the California Gold Rush brought a significant supply of gold that the United States began minting $20 double eagle gold coins.
The last time this rare coin was sold was at a Stack’s auction in 1986, fetching a price of $23,100.
“This thing (double eagle gold coin) didn’t even register in people’s minds,” Kraljevich said. “When something disappears from the market for 25 or 30 years and then reappears, it’s almost like a new discovery.”
According to Stack’s auction house, the 1870-CC double eagle gold coin is typically heavily worn and often has significant damage. However, the coin in this auction is particularly noteworthy as the portrait of Lady Liberty on the obverse is unusually clear. The clarity of the central portion on the reverse side and the inscriptions “UNITED STATES OF AMERICA” and “TWENTY D.” around the border are also distinct.
Based on industry grading standards for professional coin grading services, this coin is considered the best quality among known coins of its kind. However, it did not set a record for the highest auction price for a similar coin. In November 2021, a slightly lower-quality 1870-CC double eagle gold coin sold for $1.62 million. Kraljevich explained that during the COVID-19 pandemic, many people were investing in personal hobbies, causing coin prices to skyrocket at that time.
The weight of the coin sold at the November 19 auction is just under 1 ounce. Considering today’s gold prices, the coin’s gold value alone is approximately $2,600. However, its rarity and exceptional quality give it significant collectible value.