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FUN Signature US Coin Sale 1251 4-6 & 8-9 Jan 2017
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Liberty Eagles
1870-CC $10 AU50 NGC. Variety 1-B. Closely following the historic California Gold Rush, in 1859, veins of silver ore were discovered approximately 15 miles from Carson City, Nevada. Within a short period of the time, the Comstock Lode became the largest producer of silver and gold bullion in the United States. Mine shafts reached depths exceeding 3,200 feet, and large underground deposits of ore were located that left wide chasms in the shafts after being excavated.
The nearest federal mint to the mines of the Nevada Territory was San Francisco, which resided at the end of a long, expensive, and treacherous journey across the Sierra Nevada mountains of western California. Before the Central Pacific Railroad pass across the Sierra Nevada range was completed in 1867, transportation of mining supplies and ore across the "Snowy Mountains" was accomplished by teams of horses and mules. Establishing a branch mint in the Nevada Territory to service the Comstock Lode was considered as early as 1862, but construction of the facility in Carson City did not begin until after the Civil War, in 1866. The building was completed in 1869, and the first coins were struck in February 1870.
The lack of a bullion fund with which to pay depositors on demand was among several factors that contributed to small coinages at the new Carson City Mint in 1870, despite the large production of bullion in the area. What coins were struck typically went immediately into circulation, and, in the Nevada Territory of the 1870s, experienced extensive physical abuse in the forms of wear and abrasions. Large denomination gold pieces were particularly subject to these affects due to their weight, size, and softness in relation to silver and copper alloys.
Carson City coined only 5,908 eagles with 1870 dies, and fewer than 60 pieces are believed to survive today, all in circulated condition. Branch mint gold expert Doug Winter once considered the 1870-CC eagle "as the single rarest gold coin from this mint," although the double eagle of the same date is now recognized as marginally rarer. Nonetheless, if the two issues are compared, the ten dollar piece could be considered undervalued. One explanation of this is drawn from the greater challenge that exists in completing a CC-mint eagle set than a double eagle set. For double eagles, the 1870-CC is the only true "stopper," while for the eagles, there are numerous rarities that may discourage casual collectors and therefore reduce demand in comparison to double eagles.
This About Uncirculated coin not only represents the must-have 1870-CC date, it is also near the Condition Census. Lightly abraded surfaces exhibit partial luster in the protected regions of the fields, and each side has uniform yellow-gold color. Some lightness of strike appears on the hair curls around Liberty's brow as well as on the central portion of the eagle, as is characteristic of the issue. All-in-all, this is a quite pleasing example of the rare 1870-CC Liberty eagle. Census: 6 in 50, 6 finer (10/16).
From The Soluna Collection.
1870-CC $10 AU50 NGC. Variety 1-B. Closely following the historic California Gold Rush, in 1859, veins of silver ore were discovered approximately 15 miles from Carson City, Nevada. Within a short period of the time, the Comstock Lode became the largest producer of silver and gold bullion in the United States. Mine shafts reached depths exceeding 3,200 feet, and large underground deposits of ore were located that left wide chasms in the shafts after being excavated.
The nearest federal mint to the mines of the Nevada Territory was San Francisco, which resided at the end of a long, expensive, and treacherous journey across the Sierra Nevada mountains of western California. Before the Central Pacific Railroad pass across the Sierra Nevada range was completed in 1867, transportation of mining supplies and ore across the "Snowy Mountains" was accomplished by teams of horses and mules. Establishing a branch mint in the Nevada Territory to service the Comstock Lode was considered as early as 1862, but construction of the facility in Carson City did not begin until after the Civil War, in 1866. The building was completed in 1869, and the first coins were struck in February 1870.
The lack of a bullion fund with which to pay depositors on demand was among several factors that contributed to small coinages at the new Carson City Mint in 1870, despite the large production of bullion in the area. What coins were struck typically went immediately into circulation, and, in the Nevada Territory of the 1870s, experienced extensive physical abuse in the forms of wear and abrasions. Large denomination gold pieces were particularly subject to these affects due to their weight, size, and softness in relation to silver and copper alloys.
Carson City coined only 5,908 eagles with 1870 dies, and fewer than 60 pieces are believed to survive today, all in circulated condition. Branch mint gold expert Doug Winter once considered the 1870-CC eagle "as the single rarest gold coin from this mint," although the double eagle of the same date is now recognized as marginally rarer. Nonetheless, if the two issues are compared, the ten dollar piece could be considered undervalued. One explanation of this is drawn from the greater challenge that exists in completing a CC-mint eagle set than a double eagle set. For double eagles, the 1870-CC is the only true "stopper," while for the eagles, there are numerous rarities that may discourage casual collectors and therefore reduce demand in comparison to double eagles.
This About Uncirculated coin not only represents the must-have 1870-CC date, it is also near the Condition Census. Lightly abraded surfaces exhibit partial luster in the protected regions of the fields, and each side has uniform yellow-gold color. Some lightness of strike appears on the hair curls around Liberty's brow as well as on the central portion of the eagle, as is characteristic of the issue. All-in-all, this is a quite pleasing example of the rare 1870-CC Liberty eagle. Census: 6 in 50, 6 finer (10/16).
From The Soluna Collection.