By Doug Winter – RareGoldCoins.com

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 collector 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…)

The decade between 1834 and 1844 was the beginning of the modern era at the United States mint. The second half of this decade was especially interesting. A number of experiments and acts of legislation provided some of most attractive and popular issues in the history of American coinage.

A combination of factors occurred in the early to mid 1830’s that led to these design changes and the introduction of new mints and new denominations. Large quantities of gold were discovered in North Georgia and western North Carolina in the early 1830’s. This led to the establishment, in 1834, of branch mints in Charlotte, New Orleans and Dahlonega. These mints opened in 1838 and by the end of the 1830’s, all three were producing gold coins.

An important technological advance was the introduction of the steam press in 1836. Coins were now able to be struck using a close collar which allowed for a thicker edge and a more precise diameter and sophisticated designs. It also meant that the quaint, “folk art” designs of John Reich were to be replaced with more modern, technologically savvy renderings.

Christian Gobrecht was named the new Mint Engraver in 1835, after the exodus of John Reich. Gobrecht was a talented artisan whose skill enabled the Mint to modernize its gold coinage. Beginning in 1838, he attempted to create a uniform Liberty Head design for all three of the current gold denominations. This design would remain, with minor changes, until 1907.

One of the first assignments that Gobrecht was given was to design a new gold dollar. A small number of experimental pieces were produced in gold (Judd-67) as well as in a gold alloy, silver and copper. Despite an attractive design, this experiment did not produce any immediate results and the gold dollar denomination was shelved until 1849.

As more and more gold was discovered in the south, the importance of the yellow metal in coinage increased. Conversely, large discoveries of silver in Mexico and South America meant that the price of gold bullion rose. The Classic Head quarter eagle was introduced in 1834 and it featured a design by William Kneass and John Reich. The weight of these quarter eagles was reduced to 258 grains (from 270) and the diameter was lessened from nineteen millimeters to 17.5. Most importantly, mintage figures rose dramatically. Between 1829 and 1834 around 25,000 quarter eagles were struck. In 1834 alone, over 112,000 of the new Classic Head pieces were produced.

Gobrecht’s experimentation with the Classic Head design began in 1835 when the head was made taller. In 1836, there are no less than three variations of the head: the original design of 1834, the taller head of 1835 (based on Kneass’ original design) and the head of 1837 (with the hair distant from the sixth star) which was actually executed by Gobrecht. (more…)

After decades and decades in the dumps, it looks like there are small signs of life in the San Francisco gold coin market. But the activity in this market area is sporadic, to say the least, and is being led by exactly the sort of coins that you wouldn’t think would be the pacesetters.

There are plenty of overgraded, unappealing high priced San Francisco gold coins on the market right now. You haven’t been able to give these away for years. You still can’t. San Francisco gold coins that are faux-rarities, uninteresting dates or processed with no eye appeal are impossible to sell.

The coins that are suddenly selling have three things in common:

1. They are genuinely rare dates and most are either from the Civil War era or the years right before the war (i.e., 1858 through 1860).

2. They are well-worn but problem-free coins in the VG to VF grade range. These are true collector coins and this little renaissance of interest is obviously collector-based.

3. They are in PCGS holders. There are a few exceptions to this rule but the people buying these coins seem to want PCGS graded coins. This may be because they are forming Registry Sets.

The denominations that seem to have generated the most interest are half eagles and eagles but from time to time a quarter eagle is included as well.

The recent Heritage Central States auction included a few early, rare San Francisco gold coins that nicely illustrate this new trend. Let’s take a quick look at each.

The first was Lot 3476, an 1862-S quarter eagle that was graded F15 by PCGS. This is a rare date in all grades with just 8,000 struck. It sold for $1,092.50 against a Trends value of $550 in F12. Why did it sell for double Trends? The reason is obvious: Trends is way too low for a coin as rare as this. I would have figured it was worth around $700-800 but even at a shade under $1,100 I think its great value. (more…)