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.

Goe says that “CC” gold double eagles in general are extremely scarce in the MS-64 grade. Only six examples have received this rating (none higher) between PCGS and NGC (1 – 1871-CC, 2 – 1875-CC, 1 – 1876-CC, 1 – 1889-CC, and 1 – 1893-CC).

A combined original mintage of 864,179 coins spanned 19 dates (1870 – 1893, with none minted in 1880, 1881, 1886, 1887, and 1888) in the “CC” double eagle series, and Goe estimates that no more than 25,000 to 27,000 of the original total have survived. “When you contemplate these quantities and you realize that only six coins from this series are rated as high as MS-64, the rarity of such pieces as the 1871-CC boggles your mind,” reflects Goe.

He believes that this special coin will easily top the $1 million mark some day. This “will probably occur sooner than later,” predicts Goe.

Goe and his wife Marie own and operate Southgate Coins on South Virginia Street in Reno. Rusty Goe is the author of The Mint on Carson Street, and James Crawford: Master of the Mint at Carson City. He is the founder and president of the Carson City Coin Collectors of America.

Rusty Goe (mariesgate@sbcglobal.net)
Southgate Coins
5032 South Virginia Street
Reno, NV 89502
Phone : (775) 322-4455
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