A rare “double eagle” gold coin took center stage at a recent auction in California. This $20 gold coin, minted in 1870 in Carson City, Nevada, sold for an impressive $1.44 million, including the buyer’s premium. The auction was organized by Stacks Bowers Galleries, bringing this historic heirloom back into the spotlight.
Only a few remain — a historic heirloom
The Double Eagle coin is not just about its price but also its rarity. When it was minted in 1870, only 3,789 coins were made. Today, experts believe that only 40 to 50 of these coins are in existence. According to renowned coin historian John Kraljevic, the coin is a priceless heirloom that has been seen again after decades.
Despite being so rare, the identity of the person who purchased it at the auction was not made public. This secrecy is common in the world of such historical items, where collectors often prefer to remain anonymous.
The origin and background of the “Double Eagle”
Before 1849, the largest denomination gold coin in the US was the $10 Eagle. But when the California Gold Rush took place and the country’s gold supply increased rapidly, the US Mint introduced the $20 Double Eagle coin. This coin not only simplified the transaction of large amounts of gold, but it also became a symbol of the economic power of that era.
According to Kraljevic, the particular coin that was auctioned was last sold in an auction by Stax in 1986 and then its price was just $23,100. After this, the coin did not appear in public for almost 30 years and when it appeared again, it was seen as if it were a new discovery.
Competition in the auction and a lower price than expected
When this coin was put up for auction, the opening bid reached $800,850, which was much higher than any other item listed in that auction list. This coin was part of Bernard Richards’ collection and, according to the Professional Coin Grading Service, it is the highest-graded coin of its kind.
Although this coin was extremely rare and historic, its final selling price was less than the expected $2 million. This may also have happened because collectors were already unaware of the existence of this coin and its auction happened suddenly.
Increase in collectors’ interest during the Covid period
According to Kraljevic, there was an unexpected increase in collectors’ interest during the Covid-19 pandemic. When the whole world was shut down, many people turned to their old hobbies—and that included collecting coins. As a result, the prices of rare coins started increasing rapidly.
For example, another similar Double Eagle coin, which was the second-best in grade, sold for $1.62 million in November 2021. This makes it clear that, given the right time, the right publicity, and the right circumstances, coins can reach new highs at auction.
The coin’s true gold value vs. historical value
This Double Eagle coin contains a little less than an ounce of pure gold, which has a current market value of around $2,600. But this figure is just the metal value—the coin’s true value lies in its history, rarity, and cultural significance. This is why some call it a ‘walking history book.’
1933 Double Eagle: The most expensive US gold coin
In this context, the 1933 Double Eagle coin, which was put up for auction in 2021 by luxury shoe designer Stuart Weitzman, is also noteworthy. This coin is considered to be a symbol of America’s last gold coining tradition. It was never released for public use and is associated with the point in American history when the country abandoned the gold standard.
The coin sold for $18.9 million and became the most expensive U.S. gold coin ever sold. According to a statement released by Sotheby’s, the coin has been the center of mystery and fascination in the numismatic world for the past 80 years.
Conclusion: From metal to history
Coins are not just currency—they are stories of times, documents of cultures, and reflections of history. From the 1870 Double Eagle to the 1933 restricted edition, every coin gives us a glimpse of the era in which it was minted. This 1870 coin, which sold for $1.44 million at auction, is proof that when history is etched into metal, its value is not just in weight but in the test of time.
If you are also fond of old coins, then perhaps the next rare gem is in your pocket – you just need to identify it in time.
FAQs
Q. What is the 1870-CC Double Eagle coin?
A. It’s a rare $20 gold coin minted in Carson City, Nevada, in 1870. Only a few dozen are known to exist today.
Q. Why did the coin sell for $1.44 million?
A. Because of its rarity, historical value, and high collector demand, it fetched a premium price at auction.
Q. How many 1870-CC Double Eagles still exist?
A. Experts estimate that only 40 to 50 of these coins are still in existence.
Q. What was the original face value of the coin?
A. The original face value was $20.
Q. Is the coin valuable just because of its gold content?
A. No, its value goes far beyond the gold—it’s prized for its rarity, condition, and historical significance.
