$414,000 For Rare Carson City $20 Gold Piece

Reno coin dealer and Carson City coin specialist Rusty Goe captured the NGC-graded MS-64 1871-CC gold double eagle for $414,000 in Heritage's Central States sale held in Chicago, IL on April 17. Goe, the author of two books on the Carson City Mint, and the president and founder of the Carson City Coin Collectors of America, reported that his purchase established a new price record for this specimen.

Goe said that he unsuccessfully bid on this coin at Heritage's Pittsburgh ANA (American Numismatic Association) sale in August 2004. At that time, the coin was in an NGC MS-63 holder, designating that its grade (or condition) rated 63 out of a possible 70 points. Thirteen months later, in September 2005, at an Ira and Larry Goldberg Pre-Long Beach (Calif.) auction, this same coin (now upgraded to 64 points on the grading scale by NGC) failed to meet the consignor's reserve price of approximately $400,000.

Market conditions have radically changed in the two-and-a-half-year period between the Goldberg's sale in 2005 and now, said Goe. "Carson City gold coins are on more want lists than ever," says Goe, "especially low-population examples."

The 1871-CC (mintage: 17,387) is the second rarest date in the "CC" gold double eagle series, and Goe estimates that no more than 260 - 270 examples (not including damaged pieces) have survived. The combined population in all grades (number of coins professionally certified) between PCGS and NGC is 264, although Goe points out that resubmissions (repeat submissions) of the same coins account for a least a small percentage of that total. Only the 1870-CC date (only 3,789 struck) is scarcer. Goe says that no more than 65 to 70 examples of the 1870-CC date exist, and that the minimum price for a low-grade piece is $225,000.

In Mint State (or Uncirculated) condition the 1871-CC is extremely scarce, with none in this range graded by PCGS, and only five specimens listed in NGC's census report. Of NGC's Mint State total, two are listed as MS-60; two are MS-61, and one is MS-64.

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